0000093410false2025FY361364364http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#ShortTermBorrowingshttp://fasb.org/us-gaap/2025#ShortTermBorrowingshttp://fasb.org/us-gaap/2025#DeferredIncomeTaxLiabilitiesNethttp://fasb.org/us-gaap/2025#DeferredIncomeTaxLiabilitiesNethttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitieshttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitieshttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://www.chevron.com/20251231#ContractWithCustomerLiabilityAndOtherNoncurrentLiabilityiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:purecvx:segmentcvx:lawsuitcvx:statecvx:tribecvx:parishcvx:projectcvx:well00000934102025-01-012025-12-3100000934102025-06-3000000934102026-02-060000093410cvx:EimearP.BonnerMember2025-10-012025-12-310000093410cvx:R.HewittPateMember2025-10-012025-12-310000093410cvx:MichaelKWirthMember2025-10-012025-12-3100000934102025-10-012025-12-310000093410cvx:MichaelKWirthMember2025-12-310000093410cvx:EimearP.BonnerMember2025-12-310000093410cvx:R.HewittPateMember2025-12-3100000934102024-01-012024-12-3100000934102023-01-012023-12-3100000934102025-12-3100000934102024-12-3100000934102023-12-3100000934102022-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310000093410us-gaap:RetainedEarningsMember2022-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000093410us-gaap:TreasuryStockCommonMember2022-12-310000093410us-gaap:ParentMember2022-12-310000093410us-gaap:NoncontrollingInterestMember2022-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-12-310000093410us-gaap:ParentMember2023-01-012023-12-310000093410us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000093410us-gaap:RetainedEarningsMember2023-01-012023-12-310000093410us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310000093410us-gaap:RetainedEarningsMember2023-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000093410us-gaap:TreasuryStockCommonMember2023-12-310000093410us-gaap:ParentMember2023-12-310000093410us-gaap:NoncontrollingInterestMember2023-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-12-310000093410us-gaap:ParentMember2024-01-012024-12-310000093410us-gaap:RetainedEarningsMember2024-01-012024-12-310000093410us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000093410us-gaap:TreasuryStockCommonMember2024-01-012024-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310000093410us-gaap:RetainedEarningsMember2024-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000093410us-gaap:TreasuryStockCommonMember2024-12-310000093410us-gaap:ParentMember2024-12-310000093410us-gaap:NoncontrollingInterestMember2024-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-12-310000093410us-gaap:ParentMember2025-01-012025-12-310000093410us-gaap:TreasuryStockCommonMember2025-01-012025-12-310000093410us-gaap:NoncontrollingInterestMember2025-01-012025-12-310000093410us-gaap:RetainedEarningsMember2025-01-012025-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000093410us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310000093410us-gaap:RetainedEarningsMember2025-12-310000093410us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000093410us-gaap:TreasuryStockCommonMember2025-12-310000093410us-gaap:ParentMember2025-12-310000093410us-gaap:NoncontrollingInterestMember2025-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-310000093410us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000093410us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310000093410us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000093410us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000093410us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-310000093410cvx:ChevronUsaIncMember2025-01-012025-12-310000093410cvx:ChevronUsaIncMember2024-01-012024-12-310000093410cvx:ChevronUsaIncMember2023-01-012023-12-310000093410cvx:ChevronUsaIncMember2025-12-310000093410cvx:ChevronUsaIncMember2024-12-310000093410cvx:TengizchevroilLlpMember2025-12-310000093410cvx:TengizchevroilLlpMember2025-12-310000093410cvx:TengizchevroilLlpMember2025-01-012025-12-310000093410cvx:TengizchevroilLlpMember2024-01-012024-12-310000093410cvx:TengizchevroilLlpMember2023-01-012023-12-310000093410cvx:TengizchevroilLlpMember2025-12-310000093410cvx:TengizchevroilLlpMember2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMember2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMember2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2024-12-310000093410us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMember2025-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-12-310000093410srt:MaximumMember2025-01-012025-12-310000093410us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000093410us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000093410us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000093410us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000093410us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000093410us-gaap:OtherLongTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310000093410us-gaap:CommodityContractMembercvx:AccountsAndNotesReceivableNetMember2025-12-310000093410us-gaap:CommodityContractMembercvx:AccountsAndNotesReceivableNetMember2024-12-310000093410us-gaap:CommodityContractMembercvx:LongTermReceivablesNetMember2025-12-310000093410us-gaap:CommodityContractMembercvx:LongTermReceivablesNetMember2024-12-310000093410us-gaap:CommodityContractMemberus-gaap:AccountsPayableMember2025-12-310000093410us-gaap:CommodityContractMemberus-gaap:AccountsPayableMember2024-12-310000093410us-gaap:CommodityContractMembercvx:DeferredCreditsAndOtherNoncurrentObligationsMember2025-12-310000093410us-gaap:CommodityContractMembercvx:DeferredCreditsAndOtherNoncurrentObligationsMember2024-12-310000093410us-gaap:CommodityContractMemberus-gaap:SalesMember2025-01-012025-12-310000093410us-gaap:CommodityContractMemberus-gaap:SalesMember2024-01-012024-12-310000093410us-gaap:CommodityContractMemberus-gaap:SalesMember2023-01-012023-12-310000093410us-gaap:CommodityContractMembercvx:PurchasedCrudeOilAndProductsMember2025-01-012025-12-310000093410us-gaap:CommodityContractMembercvx:PurchasedCrudeOilAndProductsMember2024-01-012024-12-310000093410us-gaap:CommodityContractMembercvx:PurchasedCrudeOilAndProductsMember2023-01-012023-12-310000093410us-gaap:CommodityContractMemberus-gaap:OtherIncomeMember2025-01-012025-12-310000093410us-gaap:CommodityContractMemberus-gaap:OtherIncomeMember2024-01-012024-12-310000093410us-gaap:CommodityContractMemberus-gaap:OtherIncomeMember2023-01-012023-12-310000093410us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-01-012025-12-310000093410us-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-01-012024-12-310000093410us-gaap:NondesignatedMember2025-12-310000093410us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000093410us-gaap:NondesignatedMember2024-12-310000093410us-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000093410cvx:ChevronLongTermIncentivePlanLTIPMember2025-12-310000093410cvx:ChevronLongTermIncentivePlanLTIPMembercvx:FromMay2022ThroughMay2032Member2025-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMembercountry:UScvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMembercountry:UScvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2025-01-012025-12-310000093410us-gaap:IntersegmentEliminationMember2025-01-012025-12-310000093410country:UScvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:NonUsMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410country:UScvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:NonUsMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-01-012025-12-310000093410us-gaap:AllOtherSegmentsMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMembercountry:UScvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMembercountry:UScvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2024-01-012024-12-310000093410us-gaap:IntersegmentEliminationMember2024-01-012024-12-310000093410country:UScvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:NonUsMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410country:UScvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:NonUsMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-01-012024-12-310000093410us-gaap:AllOtherSegmentsMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMembercountry:UScvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMembercountry:UScvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2023-01-012023-12-310000093410us-gaap:IntersegmentEliminationMember2023-01-012023-12-310000093410country:UScvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:NonUsMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410country:UScvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:NonUsMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2023-01-012023-12-310000093410us-gaap:AllOtherSegmentsMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMember2025-12-310000093410us-gaap:OperatingSegmentsMember2024-12-310000093410us-gaap:MaterialReconcilingItemsMembercountry:US2025-12-310000093410us-gaap:MaterialReconcilingItemsMembercountry:US2024-12-310000093410us-gaap:MaterialReconcilingItemsMemberus-gaap:NonUsMember2025-12-310000093410us-gaap:MaterialReconcilingItemsMemberus-gaap:NonUsMember2024-12-310000093410us-gaap:MaterialReconcilingItemsMember2025-12-310000093410us-gaap:MaterialReconcilingItemsMember2024-12-310000093410country:US2025-12-310000093410country:US2024-12-310000093410us-gaap:NonUsMember2025-12-310000093410us-gaap:NonUsMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:TengizchevroilLlpMembercvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:TengizchevroilLlpMembercvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:TengizchevroilLlpMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:TengizchevroilLlpMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:TengizchevroilLlpMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:CaspianPipelineConsortiumMembercvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:CaspianPipelineConsortiumMembercvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:CaspianPipelineConsortiumMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:CaspianPipelineConsortiumMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:CaspianPipelineConsortiumMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:AngolaLngLimitedMembercvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:AngolaLngLimitedMembercvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:AngolaLngLimitedMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:AngolaLngLimitedMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:AngolaLngLimitedMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:UpstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:UpstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:ChevronPhillipsChemicalCompanyLlcMembercvx:DownstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:ChevronPhillipsChemicalCompanyLlcMembercvx:DownstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:ChevronPhillipsChemicalCompanyLlcMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:ChevronPhillipsChemicalCompanyLlcMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:ChevronPhillipsChemicalCompanyLlcMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:GsCaltexCorporationMembercvx:DownstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:GsCaltexCorporationMembercvx:DownstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:GsCaltexCorporationMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:GsCaltexCorporationMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:GsCaltexCorporationMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:DownstreamSegmentMember2025-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:DownstreamSegmentMember2024-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:OtherVieMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamSegmentMember2025-01-012025-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamSegmentMember2024-01-012024-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamSegmentMember2023-01-012023-12-310000093410us-gaap:CorporateNonSegmentMember2025-12-310000093410us-gaap:CorporateNonSegmentMember2024-12-310000093410us-gaap:CorporateNonSegmentMember2025-01-012025-12-310000093410us-gaap:CorporateNonSegmentMember2024-01-012024-12-310000093410us-gaap:CorporateNonSegmentMember2023-01-012023-12-310000093410country:UScvx:InvestmentsAndAdvancesMember2025-12-310000093410country:UScvx:InvestmentsAndAdvancesMember2024-12-310000093410country:UScvx:EquityInEarningsMember2025-01-012025-12-310000093410country:UScvx:EquityInEarningsMember2024-01-012024-12-310000093410country:UScvx:EquityInEarningsMember2023-01-012023-12-310000093410us-gaap:NonUsMembercvx:InvestmentsAndAdvancesMember2025-12-310000093410us-gaap:NonUsMembercvx:InvestmentsAndAdvancesMember2024-12-310000093410us-gaap:NonUsMembercvx:EquityInEarningsMember2025-01-012025-12-310000093410us-gaap:NonUsMembercvx:EquityInEarningsMember2024-01-012024-12-310000093410us-gaap:NonUsMembercvx:EquityInEarningsMember2023-01-012023-12-310000093410cvx:CaspianPipelineConsortiumMember2025-12-310000093410cvx:AngolaLngLimitedMember2025-12-310000093410cvx:ChevronPhillipsChemicalCompanyLlcMember2025-12-310000093410cvx:ChevronPhillipsChemicalCompanyLlcMembersrt:AffiliatedEntityMember2025-12-310000093410cvx:GoldenTrianglePolymersProjectMembercvx:ChevronPhillipsChemicalCompanyLlcMember2025-12-310000093410cvx:GsCaltexCorporationMember2025-12-310000093410srt:AffiliatedEntityMember2025-01-012025-12-310000093410srt:AffiliatedEntityMember2024-01-012024-12-310000093410srt:AffiliatedEntityMember2023-01-012023-12-310000093410us-gaap:OilAndGasPurchasedMembersrt:AffiliatedEntityMember2025-01-012025-12-310000093410us-gaap:OilAndGasPurchasedMembersrt:AffiliatedEntityMember2024-01-012024-12-310000093410us-gaap:OilAndGasPurchasedMembersrt:AffiliatedEntityMember2023-01-012023-12-310000093410srt:AffiliatedEntityMember2025-12-310000093410srt:AffiliatedEntityMember2024-12-310000093410srt:AffiliatedEntityMember2023-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercvx:AffiliatesMember2025-01-012025-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercvx:AffiliatesMember2024-01-012024-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercvx:AffiliatesMember2023-01-012023-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembersrt:ParentCompanyMember2025-01-012025-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembersrt:ParentCompanyMember2024-01-012024-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembersrt:ParentCompanyMember2023-01-012023-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercvx:AffiliatesMember2025-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercvx:AffiliatesMember2024-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembercvx:AffiliatesMember2023-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembersrt:ParentCompanyMember2025-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembersrt:ParentCompanyMember2024-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembersrt:ParentCompanyMember2023-12-310000093410us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-01-012025-12-310000093410us-gaap:PendingLitigationMembercvx:ClimateChangeMember2025-12-310000093410us-gaap:PendingLitigationMembercvx:CoastalErosionMember2025-12-310000093410us-gaap:SettledLitigationMembercvx:CoastalErosionMember2025-04-012025-04-300000093410us-gaap:SettledLitigationMembercvx:CoastalErosionMember2025-04-300000093410country:AU2025-01-012025-12-310000093410country:KZ2025-01-012025-12-310000093410country:NG2025-01-012025-12-310000093410country:SA2025-01-012025-12-310000093410us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-12-310000093410country:CA2025-01-012025-12-310000093410country:GY2025-01-012025-12-310000093410us-gaap:DomesticCountryMember2025-01-012025-12-310000093410us-gaap:DomesticCountryMember2024-01-012024-12-310000093410us-gaap:DomesticCountryMember2023-01-012023-12-310000093410us-gaap:ForeignCountryMember2025-01-012025-12-310000093410us-gaap:ForeignCountryMember2024-01-012024-12-310000093410us-gaap:ForeignCountryMember2023-01-012023-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:UpstreamSegmentMember2023-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:UpstreamSegmentMember2023-12-310000093410us-gaap:OperatingSegmentsMembercvx:UpstreamSegmentMember2023-12-310000093410us-gaap:OperatingSegmentsMembercountry:UScvx:DownstreamSegmentMember2023-12-310000093410us-gaap:OperatingSegmentsMemberus-gaap:NonUsMembercvx:DownstreamSegmentMember2023-12-310000093410us-gaap:OperatingSegmentsMembercvx:DownstreamSegmentMember2023-12-310000093410us-gaap:MaterialReconcilingItemsMembercountry:US2023-12-310000093410us-gaap:MaterialReconcilingItemsMembercountry:US2025-01-012025-12-310000093410us-gaap:MaterialReconcilingItemsMembercountry:US2024-01-012024-12-310000093410us-gaap:MaterialReconcilingItemsMembercountry:US2023-01-012023-12-310000093410us-gaap:MaterialReconcilingItemsMemberus-gaap:NonUsMember2023-12-310000093410us-gaap:MaterialReconcilingItemsMemberus-gaap:NonUsMember2025-01-012025-12-310000093410us-gaap:MaterialReconcilingItemsMemberus-gaap:NonUsMember2024-01-012024-12-310000093410us-gaap:MaterialReconcilingItemsMemberus-gaap:NonUsMember2023-01-012023-12-310000093410us-gaap:MaterialReconcilingItemsMember2023-12-310000093410us-gaap:MaterialReconcilingItemsMember2025-01-012025-12-310000093410us-gaap:MaterialReconcilingItemsMember2024-01-012024-12-310000093410us-gaap:MaterialReconcilingItemsMember2023-01-012023-12-310000093410country:US2023-12-310000093410country:US2025-01-012025-12-310000093410country:US2024-01-012024-12-310000093410country:US2023-01-012023-12-310000093410us-gaap:NonUsMember2023-12-310000093410us-gaap:NonUsMember2025-01-012025-12-310000093410us-gaap:NonUsMember2024-01-012024-12-310000093410us-gaap:NonUsMember2023-01-012023-12-310000093410country:GY2025-12-310000093410country:AU2025-12-310000093410country:AU2024-12-310000093410country:AU2023-12-310000093410cvx:PDCEnergyIncMember2025-12-310000093410cvx:PDCEnergyIncMember2023-12-310000093410cvx:NotesDue2026Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2026Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2027Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2027Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2027Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2027Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2028Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2028Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2028Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2028Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2029Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2029Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2029Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2029Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2030Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2030Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2030Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2030Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesAndDebenturesDue2031Membercvx:NotesAndDebenturesMember2025-12-310000093410cvx:NotesAndDebenturesDue2031Membersrt:MinimumMembercvx:NotesAndDebenturesMember2025-12-310000093410cvx:NotesAndDebenturesDue2031Membersrt:MaximumMembercvx:NotesAndDebenturesMember2025-12-310000093410cvx:NotesAndDebenturesDue2031Membercvx:NotesAndDebenturesMember2024-12-310000093410cvx:NotesAndDebenturesDue2032Membercvx:NotesAndDebenturesMember2025-12-310000093410cvx:NotesAndDebenturesDue2032Membersrt:MinimumMembercvx:NotesAndDebenturesMember2025-12-310000093410cvx:NotesAndDebenturesDue2032Membersrt:MaximumMembercvx:NotesAndDebenturesMember2025-12-310000093410cvx:NotesAndDebenturesDue2032Membercvx:NotesAndDebenturesMember2024-12-310000093410cvx:NotesDue2033Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2033Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2035Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2035Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2035Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2035Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2040Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2040Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2040Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2040Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2041Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2041Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2041Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2041Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2043Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2043Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2044Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2044Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2047Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2047Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2047Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2047Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2049Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2049Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2050Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2050Membersrt:MinimumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2050Membersrt:MaximumMemberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2050Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:NotesDue2075Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2075Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:DebentureThreeMembercvx:DebenturesMember2025-12-310000093410cvx:DebentureThreeMembercvx:DebenturesMember2024-12-310000093410cvx:BankLoansDue2026To2028Memberus-gaap:LoansPayableMember2025-12-310000093410cvx:BankLoansDue2026To2028Membersrt:MinimumMemberus-gaap:LoansPayableMember2025-12-310000093410cvx:BankLoansDue2026To2028Membersrt:MaximumMemberus-gaap:LoansPayableMember2025-12-310000093410cvx:BankLoansDue2026To2028Memberus-gaap:LoansPayableMember2024-12-310000093410cvx:TermLoansAndCreditFacilityBorrowingsMemberus-gaap:LoansPayableMember2025-12-310000093410cvx:TermLoansAndCreditFacilityBorrowingsMembersrt:MinimumMemberus-gaap:LoansPayableMember2025-12-310000093410cvx:TermLoansAndCreditFacilityBorrowingsMembersrt:MaximumMemberus-gaap:LoansPayableMember2025-12-310000093410cvx:TermLoansAndCreditFacilityBorrowingsMemberus-gaap:LoansPayableMember2024-12-310000093410cvx:MediumTermNotesMaturingFrom2023To2038Memberus-gaap:MediumTermNotesMember2025-12-310000093410cvx:MediumTermNotesMaturingFrom2023To2038Membersrt:MinimumMemberus-gaap:MediumTermNotesMember2025-12-310000093410cvx:MediumTermNotesMaturingFrom2023To2038Membersrt:MaximumMemberus-gaap:MediumTermNotesMember2025-12-310000093410cvx:MediumTermNotesMaturingFrom2023To2038Memberus-gaap:MediumTermNotesMember2024-12-310000093410cvx:NotesDue2025Memberus-gaap:NotesPayableToBanksMember2025-12-310000093410cvx:NotesDue2025Memberus-gaap:NotesPayableToBanksMember2024-12-310000093410cvx:DrillingActivityMember2025-12-310000093410cvx:NoDrillingActivityMember2025-12-310000093410cvx:UndergoingFrontEndEngineeringAndDesignWithFinalInvestmentDecisionExpectedMember2025-12-310000093410cvx:UndergoingFrontEndEngineeringAndDesignWithFinalInvestmentDecisionExpectedMember2025-01-012025-12-310000093410cvx:ReviewingDevelopmentAlternativesMember2025-12-310000093410us-gaap:AgingOfCapitalizedExploratoryWellCostsPeriodOneMember2025-12-310000093410us-gaap:AgingOfCapitalizedExploratoryWellCostsPeriodTwoMember2025-12-310000093410us-gaap:AgingOfCapitalizedExploratoryWellCostsPeriodThreeMember2025-12-310000093410us-gaap:AgingOfCapitalizedExploratoryWellCostsPeriodFourMember2025-12-310000093410us-gaap:AgingOfCapitalizedExploratoryWellCostsPeriodFiveMember2025-12-310000093410cvx:AgingOfCapitalizedExploratoryWellCostsPeriodSixMember2025-12-310000093410cvx:ChevronLongTermIncentivePlanLTIP2017IssuanceMembercvx:PerformanceSharesandRestrictedStockUnitsRSUsMember2025-01-012025-12-310000093410cvx:ChevronLongTermIncentivePlanLTIP2017IssuanceMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310000093410cvx:ChevronLongTermIncentivePlanLTIP2017IssuanceMembercvx:StockOptionsAndStockAppreciationRightsMember2025-01-012025-12-310000093410cvx:ChevronLongTermIncentivePlanLTIP2023IssuanceMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310000093410us-gaap:PerformanceSharesMember2025-01-010000093410us-gaap:PerformanceSharesMember2025-01-012025-12-310000093410us-gaap:PerformanceSharesMember2025-12-310000093410cvx:PerformanceSharesPayableInCashMember2025-12-310000093410cvx:PerformanceSharesInSharesMember2025-12-310000093410us-gaap:RestrictedStockUnitsRSUMember2025-01-010000093410us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310000093410us-gaap:RestrictedStockUnitsRSUMember2025-12-310000093410cvx:RestrictedStockUnitsPayableInCashMember2025-12-310000093410cvx:RestrictedStockUnitsPayableInSharesMember2025-12-310000093410us-gaap:StockAppreciationRightsSARSMember2025-12-310000093410us-gaap:StockAppreciationRightsSARSMember2025-01-012025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMember2023-12-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000093410us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000093410us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000093410country:US2025-01-012025-12-310000093410country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000093410country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000093410country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000093410country:USus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410country:USus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000093410country:UScvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMembercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2024-12-310000093410country:USus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000093410country:USus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000093410country:USus-gaap:BankLoanObligationsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:BankLoanObligationsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:BankLoanObligationsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:BankLoanObligationsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:BankLoanObligationsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:BankLoanObligationsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:BankLoanObligationsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:BankLoanObligationsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:BankLoanObligationsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:BankLoanObligationsMember2024-12-310000093410country:USus-gaap:AssetBackedSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000093410country:UScvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMembercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2024-12-310000093410country:UScvx:MutualFundsPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:MutualFundsPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:MutualFundsPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:MutualFundsPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:MutualFundsPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMembercvx:MutualFundsPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:MutualFundsPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:MutualFundsPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:MutualFundsPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:MutualFundsPlanAssetsMember2024-12-310000093410country:USus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanRealEstateMember2024-12-310000093410country:UScvx:AlternativeInvestmentsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:AlternativeInvestmentsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:AlternativeInvestmentsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:AlternativeInvestmentsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:AlternativeInvestmentsMember2024-12-310000093410us-gaap:ForeignPlanMembercvx:AlternativeInvestmentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:AlternativeInvestmentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:AlternativeInvestmentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:AlternativeInvestmentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:AlternativeInvestmentsMember2024-12-310000093410country:USus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000093410country:UScvx:OtherPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:OtherPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:OtherPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:OtherPlanAssetsMember2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:OtherPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMembercvx:OtherPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:OtherPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:OtherPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:OtherPlanAssetsMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:OtherPlanAssetsMember2024-12-310000093410country:US2024-12-310000093410country:USus-gaap:FairValueInputsLevel1Member2024-12-310000093410country:USus-gaap:FairValueInputsLevel2Member2024-12-310000093410country:USus-gaap:FairValueInputsLevel3Member2024-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310000093410us-gaap:ForeignPlanMember2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310000093410country:USus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410country:USus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000093410country:UScvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMembercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsEquitySecuritiesMember2025-12-310000093410country:USus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000093410country:USus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000093410country:USus-gaap:BankLoanObligationsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:BankLoanObligationsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:BankLoanObligationsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:BankLoanObligationsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:BankLoanObligationsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:BankLoanObligationsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:BankLoanObligationsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:BankLoanObligationsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:BankLoanObligationsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:BankLoanObligationsMember2025-12-310000093410country:USus-gaap:AssetBackedSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000093410country:UScvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMembercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:CollectiveTrustsMutualFundsDebtSecuritiesMember2025-12-310000093410country:UScvx:MutualFundsPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:MutualFundsPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:MutualFundsPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:MutualFundsPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:MutualFundsPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMembercvx:MutualFundsPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:MutualFundsPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:MutualFundsPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:MutualFundsPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:MutualFundsPlanAssetsMember2025-12-310000093410country:USus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanRealEstateMember2025-12-310000093410country:UScvx:AlternativeInvestmentsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:AlternativeInvestmentsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:AlternativeInvestmentsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:AlternativeInvestmentsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:AlternativeInvestmentsMember2025-12-310000093410us-gaap:ForeignPlanMembercvx:AlternativeInvestmentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:AlternativeInvestmentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:AlternativeInvestmentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:AlternativeInvestmentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:AlternativeInvestmentsMember2025-12-310000093410country:USus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000093410country:UScvx:OtherPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Membercvx:OtherPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Membercvx:OtherPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Membercvx:OtherPlanAssetsMember2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:OtherPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMembercvx:OtherPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Membercvx:OtherPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Membercvx:OtherPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Membercvx:OtherPlanAssetsMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercvx:OtherPlanAssetsMember2025-12-310000093410country:US2025-12-310000093410country:USus-gaap:FairValueInputsLevel1Member2025-12-310000093410country:USus-gaap:FairValueInputsLevel2Member2025-12-310000093410country:USus-gaap:FairValueInputsLevel3Member2025-12-310000093410country:USus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310000093410us-gaap:ForeignPlanMember2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel1Member2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel2Member2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:ForeignPlanMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310000093410cvx:CompanysOwnStockMembercountry:USus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-12-310000093410cvx:CompanysOwnStockMembercountry:USus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000093410us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2023-12-310000093410cvx:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000093410us-gaap:FairValueInputsLevel3Member2023-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-12-310000093410us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-12-310000093410cvx:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-12-310000093410us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410cvx:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:FairValueInputsLevel3Member2024-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000093410us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000093410cvx:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000093410us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410cvx:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel3Member2025-12-310000093410us-gaap:FairValueInputsLevel3Member2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMembercvx:FixedIncomeAndCashAndCashEquivalentsMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMembercvx:FixedIncomeAndCashAndCashEquivalentsMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberus-gaap:RealEstateMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMemberus-gaap:RealEstateMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMembercvx:OtherPlanAssetsMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMembercvx:OtherPlanAssetsMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberus-gaap:DefinedBenefitPlanCashMember2025-12-310000093410country:USus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMemberus-gaap:DefinedBenefitPlanCashMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMembercvx:FixedIncomeAndCashAndCashEquivalentsMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMembercvx:FixedIncomeAndCashAndCashEquivalentsMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberus-gaap:RealEstateMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMemberus-gaap:RealEstateMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMemberus-gaap:DefinedBenefitPlanCashMember2025-12-310000093410country:GBus-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMemberus-gaap:DefinedBenefitPlanCashMember2025-12-310000093410us-gaap:ForeignPlanMember2025-01-012025-12-310000093410us-gaap:OtherPensionPlansDefinedBenefitMember2025-01-012025-12-310000093410us-gaap:OtherPensionPlansDefinedBenefitMember2024-01-012024-12-310000093410us-gaap:OtherPensionPlansDefinedBenefitMember2023-01-012023-12-310000093410cvx:OtherUnconditionalPurchaseObligationsMember2025-12-310000093410cvx:SitesWithPotentialRemediationActivitiesMember2025-12-310000093410cvx:EnvironmentalReserveLessEnvironmentalReserveForSitesWithPotentialRemediationActivitiesMember2025-12-310000093410country:UScvx:DownstreamSegmentMember2025-12-310000093410us-gaap:NonUsMembercvx:DownstreamSegmentMember2025-12-310000093410cvx:UpstreamSegmentMember2025-12-310000093410cvx:UpstreamSegmentMember2025-01-012025-12-310000093410cvx:DownstreamSegmentMember2025-01-012025-12-310000093410cvx:UpstreamSegmentMember2024-01-012024-12-310000093410cvx:DownstreamSegmentMember2024-01-012024-12-310000093410cvx:UpstreamSegmentMember2023-01-012023-12-310000093410cvx:DownstreamSegmentMember2023-01-012023-12-310000093410cvx:InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesMember2025-12-310000093410cvx:InvestmentsInAndAdvanceToAffiliatesSubsidiariesAssociatesAndJointVenturesMember2024-12-310000093410cvx:HessMidstreamLPMember2025-07-180000093410cvx:HessCorporationMember2025-01-012025-03-310000093410cvx:HessCorporationMemberus-gaap:CommonStockMember2025-01-012025-03-310000093410cvx:HessCorporationMemberus-gaap:CommonStockMember2025-07-182025-07-180000093410cvx:HessCorporationMember2025-07-1800000934102025-07-180000093410cvx:A4.300DueTwoThousandTwentySevenMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A7.875DueTwoThousandTwentyNineMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A7.300DueTwoThousandThirtyOneMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A7.125DueTwoThousandThirtyThreeMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A6.000DueTwoThousandFortyMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A5.600DueTwoThousandFortyOneMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A5.800DueTwoThousandFortySevenMembercvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:HessCorporationExcludingHessMidstreamOperationsLPMember2025-07-180000093410cvx:A5.125DueTwoThousandTwentyEightMembercvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:A5.875DueTwoThousandTwentyEightMembercvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:A6.500DueTwoThousandTwentyNineMembercvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:A4.2500DueTwoThousandThirtyMembercvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:A5.500DueTwoThousandThirtyMembercvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:TermLoanAndCreditFacilityBorrowingsMembercvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:HessMidstreamOperationsLPMember2025-07-180000093410cvx:HessCorporationMember2025-01-012025-12-310000093410cvx:HessCorporationMember2024-01-012024-12-310000093410us-gaap:BusinessRestructuringReservesMember2024-12-310000093410us-gaap:BusinessRestructuringReservesMember2023-12-310000093410us-gaap:BusinessRestructuringReservesMember2022-12-310000093410us-gaap:BusinessRestructuringReservesMember2025-01-012025-12-310000093410us-gaap:BusinessRestructuringReservesMember2024-01-012024-12-310000093410us-gaap:BusinessRestructuringReservesMember2023-01-012023-12-310000093410us-gaap:BusinessRestructuringReservesMember2025-12-310000093410us-gaap:AllowanceForCreditLossMember2024-12-310000093410us-gaap:AllowanceForCreditLossMember2023-12-310000093410us-gaap:AllowanceForCreditLossMember2022-12-310000093410us-gaap:AllowanceForCreditLossMember2025-01-012025-12-310000093410us-gaap:AllowanceForCreditLossMember2024-01-012024-12-310000093410us-gaap:AllowanceForCreditLossMember2023-01-012023-12-310000093410us-gaap:AllowanceForCreditLossMember2025-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-01-012025-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-310000093410us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-12-31

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 001-00368

Chevron Corporation

(Exact name of registrant as specified in its charter)

1400 Smith Street

Delaware

94-0890210

Houston, TX 77002-7327

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code (832) 854-1000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $.75 per share

CVX

New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes þ No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No þ

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter — $247.4 billion (As of June 30, 2025)

Number of Shares of Common Stock outstanding as of February 6, 2026 — 1,995,385,539

DOCUMENTS INCORPORATED BY REFERENCE

(To The Extent Indicated Herein)

Notice of the 2026 Annual Meeting and 2026 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s 2026 Annual Meeting of Stockholders (in Part III)

TABLE OF CONTENTS


ITEM		PAGE
PART I
1.	Business	3
	General Development of Business	3
	Description of Business and Properties	5
	Upstream	5
	Downstream	18
	Other Businesses	20
1A.	Risk Factors	21
1B.	Unresolved Staff Comments	27
1 C .	Cybersecurity	27
2.	Properties	29
3.	Legal Proceedings	29
4.	Mine Safety Disclosures	29
PART II
5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	30
6.	[Reserved]	30
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
7A.	Quantitative and Qualitative Disclosures About Market Risk	30
8.	Financial Statements and Supplementary Data	30
9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	30
9A.	Controls and Procedures	30
9B.	Other Information	31
9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	31
PART III
10.	Directors, Executive Officers and Corporate Governance	32
11.	Executive Compensation	33
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	33
13.	Certain Relationships and Related Transactions, and Director Independence	33
14.	Principal Accountant Fees and Services	33
PART IV
15.	Exhibit and Financial Statement Schedules	121
	Schedule II — Valuation and Qualifying Accounts	121
16.	Form 10-K Summary	121
	Signatures	125

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995

This Annual Report on Form 10-K of Chevron Corporation contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 in this report, and as updated in the future. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.


						Table of Contents

PART I

Item 1. Business

General Development of Business

Summary Description of Chevron

Chevron Corporation1, a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.

A list of the company’s significant subsidiaries is presented in Exhibit 21.1.

Overview of Petroleum Industry

Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, liquefied natural gas (LNG), petroleum products and petrochemicals are generally determined by supply and demand. Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part. Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their operations, select feedstocks, and formulate their products and, in some cases, limit their profits directly.

Strong competition exists in all sectors of the petroleum and petrochemical industries in supplying the energy, fuel and chemical needs of industry and individual consumers. In the upstream business, Chevron competes with fully integrated, major global petroleum companies, as well as independent and national petroleum companies, for the acquisition of crude oil and natural gas leases and other properties and for the equipment and labor required to develop and operate those properties. In its downstream business, Chevron competes with fully integrated, major petroleum companies, as well as independent refining and marketing, transportation and chemicals entities and national petroleum companies in the refining, manufacturing, sale and marketing of fuels, lubricants, additives and petrochemicals.

Operating Environment

Refer to Business Environment and Outlook of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s current business environment and outlook.

Chevron’s Strategic Direction

Chevron’s strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world. Our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. We are leveraging our capabilities, assets, partnerships and customer relationships as we aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses.

Information about the company is available on the company’s website at www.chevron.com. Information contained on the company’s website is not part of this Annual Report on Form 10-K. The company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon

1 Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole, but unless stated otherwise they do not include “affiliates” of Chevron — i.e., those companies accounted for by the equity method (generally owned 50 percent or less) or non-equity method investments. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.


						Table of Contents

after such reports are filed with or furnished to the U.S. Securities and Exchange Commission (SEC). The reports are also available on the SEC’s website at www.sec.gov.

Human Capital Management

The Chevron Way explains the company’s purpose, vision and values. It guides how the company’s employees work and establishes a common understanding of culture and aspirations.

Chevron leadership is accountable for investing in the company’s people and culture with the objective of engaging employees to develop their full potential to help deliver energy solutions and enable human progress.

The following table summarizes the number of Chevron employees by sex, where data is available, and by region as of December 31, 2025.


	At December 31, 2025
	Female			Male			Data not available*			Total Employees
	Number of Employees	Percentage		Number of Employees	Percentage		Number of Employees	Percentage		Number of Employees	Percentage
Non-Service Station Employees
U.S.	4,645	24	%	14,703	76	%	18	—	%	19,366	45	%
Other Americas	1,305	33	%	2,632	67	%	8	—	%	3,945	9	%
Africa	531	16	%	2,779	84	%	1	—	%	3,311	8	%
Asia	2,732	35	%	5,161	65	%	12	—	%	7,905	18	%
Australia	480	26	%	1,396	74	%	3	—	%	1,879	5	%
Europe	401	28	%	1,028	71	%	25	1	%	1,454	3	%
Total Non-Service Station Employees	10,094	27	%	27,699	73	%	67	—	%	37,860	88	%
Service Station Employees	2,344	45	%	2,314	45	%	521	10	%	5,179	12	%
Total Employees	12,438	29	%	30,013	70	%	588	1	%	43,039	100	%

* Includes employees where data was not collected or employee chose not to disclose.

Chevron’s approach to attracting, developing and retaining a skilled and diverse global workforce is grounded in creating an environment that supports growth, engagement and operational excellence.

The company’s philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance.

Chevron seeks to foster an inclusive work environment that values the uniqueness and diversity of individual talents, experiences and ideas. Chevron rejects the use of quotas, focuses on removing barriers to opportunity and makes selection decisions based on merit.

Leader accountability and employee engagement remain key indicators of organizational health. Regular employee surveys help monitor engagement, support operational excellence, and track progress in culture, competitive performance, and execution.

Chevron prioritizes the health, safety and well-being of its employees. The company’s safety culture empowers every member of its workforce to exercise stop-work authority without repercussion to address any potential unsafe work conditions. The company has set clear expectations for leaders to deliver operational excellence by prioritizing the safety and health of its workforce, and the protection of communities, the environment and the company’s assets.


						Table of Contents

Description of Business and Properties

The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects2 in North America, South America, Europe, Africa, Asia and Australia. These activities are managed by the Oil, Products and Gas organization. Tabulations of segment income statements for the three years ended December 31, 2025, and assets as of the end of 2025 and 2024 — for the United States and the company’s international geographic areas — are in Note 14 Operating Segments and Geographic Data to the Consolidated Financial Statements. Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in Note 15 Investments and Advances and Note 18 Property, Plant and Equipment. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s Capital Expenditures. Throughout the document, certain totals and percentages may not sum to their component parts due to rounding.

Upstream

Reserves

Refer to Table V for a tabulation of the company’s proved reserves by geographic area for each year-end from 2023 through 2025. Reserves governance, technologies used in establishing proved reserves additions, and major changes to proved reserves by geographic area for the three-year period ended December 31, 2025, are summarized in the discussion for Table V. Discussion is also provided regarding the nature of, status of, and planned future activities associated with the development of proved undeveloped reserves. The company recognizes reserves for projects with various development periods, sometimes exceeding five years. The external factors that impact the duration of a project include scope and complexity, remoteness or adverse operating conditions, infrastructure constraints, and contractual limitations.

The company’s proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), eight percent higher than 2024. The largest additions were from the acquisition of Hess Corporation (Hess) and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana. At December 31, 2025, 43 percent of the company’s net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 11 percent were located in Kazakhstan.

The net proved reserve balances at the end of each of the three years 2023 through 2025 are shown in the following table:


	At December 31
	2025	2024	2023
Crude Oil, Condensate and Synthetic Oil — Millions of barrels
Consolidated Companies	3,608	3,027	3,770
Affiliated Companies	761	889	1,007
Total Crude Oil, Condensate and Synthetic Oil	4,369	3,916	4,777
Natural Gas Liquids — Millions of barrels
Consolidated Companies	1,271	1,075	1,138
Affiliated Companies	77	84	91
Total Natural Gas Liquids	1,348	1,159	1,229
Natural Gas — Billions of cubic feet
Consolidated Companies	27,642	26,526	28,318
Affiliated Companies	1,603	1,849	2,063
Total Natural Gas	29,245	28,375	30,381
Oil-Equivalent — Millions of barrels*
Consolidated Companies	9,486	8,523	9,628
Affiliated Companies	1,105	1,281	1,441
Total Oil-Equivalent	10,591	9,804	11,069

* Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.

2 As used in this report, the term “project” may describe certain new upstream development activity, individual phases in a multiphase development, maintenance activities, existing assets, new investments in downstream and chemicals capacity, investments in emerging and lower carbon activities, and other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.


						Table of Contents

Average Sales Prices and Production Costs per Unit of Production

Refer to Table IV for the company’s average sales price per barrel of crude (including crude oil and condensate) and natural gas liquids (NGLs) and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for 2025, 2024 and 2023.

Gross and Net Productive Wells

The following table summarizes gross and net productive wells at year-end 2025 for the company and its affiliates:


	At December 31, 2025
	Productive Oil Wells1		Productive Gas Wells1
	Gross	Net	Gross	Net
United States	37,907	24,534	1,901	1,528
Other Americas	1,123	564	—	—
Africa	1,635	623	46	18
Asia	1,750	834	1,432	455
Australia	532	299	121	34
Europe	33	6	—	—
Total Consolidated Companies	42,980	26,860	3,500	2,035
Affiliates2	1,640	592	—	—
Total Including Affiliates	44,620	27,452	3,500	2,035
Multiple completion wells included above	703	395	147	115
1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.
2 Includes gross 1,396 and net 470 productive oil wells for interests accounted for by the non-equity method.

Production Outlook

The company estimates its average worldwide oil-equivalent production in 2026 to increase 7 to 10 percent over 2025, assuming a Brent crude oil price of $60 per barrel and excluding the impact of asset sales. This includes a full-year contribution from Hess assets. This estimate is subject to many factors and uncertainties, as described beginning on page 39. Refer to the Review of Ongoing Exploration and Production Activities in Key Areas for a discussion of the company’s major crude oil and natural gas development projects.

Acreage

At December 31, 2025, the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas properties throughout the world. The geographical distribution of the company’s acreage is shown in the following table:


	Undeveloped2		Developed		Developed and Undeveloped
Thousands of acres1	Gross	Net	Gross	Net	Gross	Net
United States	4,256	3,707	4,982	3,293	9,238	7,000
Other Americas	29,532	16,027	1,152	303	30,684	16,330
Africa	18,460	11,157	1,283	519	19,743	11,676
Asia	13,417	6,350	1,186	490	14,603	6,840
Australia	3,332	2,597	2,010	771	5,342	3,368
Europe	106	21	12	2	118	23
Total Consolidated Companies	69,103	39,859	10,625	5,378	79,728	45,237
Affiliates3	693	287	111	51	804	338
Total Including Affiliates	69,796	40,146	10,736	5,429	80,532	45,575
1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron’s ownership interest in gross acres.
2 The gross undeveloped acres that will expire in 2026, 2027 and 2028 if production is not established by certain required dates are 4,919, 12,250, and 2,968, respectively.
3 Includes gross 405 and net 143 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method.


						Table of Contents

Net Production of Crude Oil, Natural Gas Liquids and Natural Gas

The following table summarizes the net production of crude oil, NGLs and natural gas for 2025 and 2024 by the company and its affiliates. Worldwide oil-equivalent production of 3.7 million barrels per day in 2025 was up approximately 12 percent from 2024, mainly due to the acquisition of Hess, completion of the Future Growth Project at Tengizchevroil (TCO), record production in the Permian Basin, and ramp-up of production in the Gulf of America, partially offset by asset sales in Canada and the Republic of Congo. Refer to the Results of Operations section for a detailed discussion of the factors explaining the changes in production for liquids (including crude oil, condensate, NGLs and synthetic oil) and natural gas, and refer to Table V for information on annual production by geographical region.


			Components of Oil-Equivalent
	Oil-Equivalent		Crude Oil		Natural Gas Liquids		Natural Gas
Thousands of barrels per day (MBD)	(MBD)1		(MBD)2		(MBD)		(MMCFD)
Millions of cubic feet per day (MMCFD)	2025	2024	2025	2024	2025	2024	2025	2024
United States	1,858	1,599	906	782	436	370	3,099	2,684
Other Americas
Argentina	65	51	52	43		—	74	47

Canada3,4	48	132	46	104		6	10	131
Guyana5	120	—	119	—		—	10
Total Other Americas	233	183	217	147	—	6	94	178
Africa
Angola	58	64	47	52	4	4	45	48
Equatorial Guinea	37	46	7	9	4	5	155	191
Nigeria	134	129	92	96	5	3	220	183
Republic of Congo	—	28	—	26		—		10
Total Africa	229	267	146	183	13	12	420	432
Asia
Bangladesh	85	99	2	3		—	494	577
China	23	29		7		—	139	132
Israel	98	100	1	1		—	581	592
Kazakhstan	46	45	28	26		—	106	113
Malaysia / JDA6	17	—	2	—			92	—
Myanmar7	—	4	—	—		—	—	22
Partitioned Zone	65	61	65	60		—	2	5
Thailand	47	47	14	14		—	199	200
Total Asia	381	385	112	111	—	—	1,613	1,641
Australia
Australia	472	479	37	40	1	2	2,605	2,625
Total Australia	472	479	37	40	1	2	2,605	2,625
Europe
United Kingdom	12	12	11	11		—	7	7
Total Europe	12	12	11	11	—	—	7	7
Total Consolidated Companies	3,185	2,925	1,429	1,274	450	390	7,838	7,567
Affiliates8	538	413	398	286	27	25	677	611
Total Including Affiliates9	3,723	3,338	1,827	1,560	477	415	8,515	8,178

1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.
2 Includes crude oil, condensate and synthetic oil.
3 Includes synthetic oil:	—	46	—	46	—	—	—	—

4 Canada Duvernay shale and AOSP assets were sold in December 2024.
5 Chevron acquired Guyana assets as part of the acquisition of Hess in July 2025.
6 Chevron acquired assets in Malaysia and the Joint Development Area with Thailand (JDA) as part of the acquisition of Hess in July 2025. JDA was sold immediately following the acquisition.
7 Chevron withdrew from Myanmar in April 2024.
8 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan and Angola LNG in Angola.
9 Volumes include natural gas consumed in operations of 646 million and 609 million cubic feet per day in 2025 and 2024, respectively. Total “as sold” natural gas volumes were 7,869 million and 7,569 million cubic feet per day for 2025 and 2024, respectively.


						Table of Contents

Delivery Commitments

The company sells crude oil, natural gas, and NGLs from its producing operations under a variety of contractual obligations. Most contracts generally commit the company to sell quantities based on production from specified properties, but some NGLs and natural gas sales contracts specify delivery of fixed and determinable quantities.

In the United States, the company is contractually committed to deliver approximately 110 million barrels of NGLs and 830 billion cubic feet of natural gas to third parties and affiliates from 2026 through 2028. The company believes it can satisfy these contracts through a combination of equity production from the company’s proved developed U.S. reserves and third-party purchases. These commitments are primarily based on contracts with indexed pricing terms.

Outside the United States, the company is contractually committed to deliver a total of 3.2 trillion cubic feet of natural gas to third parties and affiliates from 2026 through 2028 mainly from operations in Australia and Israel. The Australia sales contracts contain variable pricing formulas that generally reference the prevailing market price for crude oil, natural gas or other petroleum products at the time of delivery. The sales contracts for Israel contain formulas that generally reflect an initial base price subject to price indexation, Brent-linked or other, over the life of the contract. The company believes it can satisfy these contracts from quantities available from production of the company’s proved developed reserves in these countries.

Development Activities

Refer to Table I for details associated with the company’s development expenditures and costs of proved property acquisitions for 2025, 2024 and 2023.

The following table summarizes the company’s net interest in productive and dry development wells completed in each of the past three years, and the status of the company’s development wells drilling at December 31, 2025. A “development well” is a well drilled within the known area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.


	Wells Drilling*		Net Wells Completed
	at 12/31/25		2025		2024		2023
	Gross	Net	Prod.	Dry	Prod.	Dry	Prod.	Dry
United States	300	131	927	—	630	3	697	2
Other Americas	54	20	46	—	64	—	39	—
Africa	6	2	8	—	6	—	7	—
Asia	25	8	78	—	72	1	58	2
Australia	—	—	—	—	2	—	3	—
Europe	1	—	—	—	—	—	—	—
Total Consolidated Companies	386	161	1,059	—	774	4	804	4
Affiliates	5	3	8	—	3	—	4	—
Total Including Affiliates	391	164	1,067	—	777	4	808	4
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.


						Table of Contents

Exploration Activities

Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2025, 2024 and 2023.

The following table summarizes the company’s net interests in productive and dry exploratory wells completed in each of the past three years, and the number of exploratory wells drilling at December 31, 2025. “Exploratory wells” are wells drilled to find and produce crude oil or natural gas in unknown areas and include delineation and appraisal wells, which are wells drilled to find a new reservoir in a field previously found to be productive of crude oil or natural gas in another reservoir or to extend a known reservoir.


	Wells Drilling*		Net Wells Completed
	at 12/31/25		2025		2024		2023
	Gross	Net	Prod.	Dry	Prod.	Dry	Prod.	Dry
United States	2	1	3	1	5	2	—	2
Other Americas	—	—	1	1	1	—	—	—
Africa	—	—	1	—	1	1	—	—
Asia	2	1	1	—	3	2	1	—
Australia	—	—	—	2	—	—	—	—
Europe	—	—	—	—	—	—	—	—
Total Consolidated Companies	4	2	6	4	10	5	1	2
Affiliates	—	—	—	—	—	—	—	—
Total Including Affiliates	4	2	6	4	10	5	1	2
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.


						Table of Contents

Review of Ongoing Activities in Key Areas

Chevron has exploration and production activities in many of the world’s major hydrocarbon basins. Chevron’s 2025 key upstream activities, some of which are also discussed in the section Management’s Discussion and Analysis of Financial Condition and Results of Operations, are presented below. The comments include references to “total production” and “net production,” which are defined under “Production” in Exhibit 99.1.

The discussion that follows references the status of proved reserves recognition for significant long lead time projects not on production as well as for projects recently placed on production. Reserves are not discussed for exploration activities or recent discoveries that have not advanced to a project stage, or for mature areas of production that do not have individual projects requiring significant levels of capital or exploratory investment. Projected start-up timing for nonoperated projects are per operator’s estimate.

United States

Upstream activities in the United States are primarily located in Texas, New Mexico, Colorado, North Dakota, California and the Gulf of America. Acreage for the United States can be found in the Acreage table. Net daily oil-equivalent production in the United States can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Texas/New Mexico As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of more than 1,750,000 net acres in the Delaware and Midland basins in West Texas and Southeast New Mexico. In 2025, production reached one million barrels of net oil-equivalent per day. The resource is comprised of stacked formations enabling production of multiple geologic zones from single surface locations, staging the development for optimized capacity utilization of facilities and infrastructure. The company has implemented a factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed using hydraulic fracture stimulation. This manufacturing-style process, combined with advantaged acreage holdings and technological advancements, have enabled productivity improvements across unique geological locations throughout the basin. Acreage transactions enabling longer laterals and the company’s diversified land assets via non-operated joint ventures and royalty positions have also contributed to higher returns. Chevron’s 2025 net daily production in the Permian Basin averaged 435,000 barrels of crude oil, 280,000 barrels of NGLs and 1.8 billion cubic feet of natural gas.

Chevron sold 70 percent of its working interest in Haynesville shale in East Texas in 2025 while retaining a 30 percent non-operated working interest and an approximately 12.5 percent overriding royalty interest in the newly formed joint venture. Chevron holds approximately 70,000 net acres and obtained a capital carry of $450 million for the development of this area through the sale transaction.

Colorado Chevron is the largest oil and natural gas producer in Colorado, where development is focused across approximately 580,000 net acres in the Denver-Julesburg (DJ) Basin. Chevron follows a factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed using hydraulic fracture stimulation. Net daily production in Colorado averaged 125,000 barrels of crude oil, 100,000 barrels of NGLs and 945 million cubic feet of natural gas during the year. Chevron also has operations in Colorado’s Piceance Basin.

North Dakota Chevron holds approximately 469,000 net acres in the Bakken shale play, located in the Williston Basin of North Dakota following its acquisition of Hess. During 2025, there were 121 wells drilled and 127 new wells brought online, bringing the total operated production wells to 1,967. In second-half 2025, net daily production in North Dakota averaged 99,000 barrels of crude oil, 62,000 barrels of NGLs and 260 million cubic feet of natural gas.

Chevron holds an approximately 38 percent consolidated ownership interest in Hess Midstream LP (HESM) following the acquisition of Hess. HESM provides fee-based services for Chevron and third-party customers in the Bakken. The midstream integrated infrastructure is primarily located in McKenzie, Williams, and Mountrail Counties, North Dakota, and Mentor, Minnesota. It includes a natural gas gathering and compression system, a crude oil gathering system and a produced water gathering and disposal system. Key facilities include the Tioga Gas Plant, 50 percent ownership of the Little Missouri 4 gas plant, the Mentor Propane Storage Terminal, the Ramberg Terminal crude oil facility, the Tioga Rail Terminal and a fleet of 550 crude oil rail cars. Additional infrastructure such as the Johnson’s Corner Header System and various connections to the Dakota Access Pipeline provide further crude oil export optionality.

California Chevron owns and operates between 87 and 100 percent interests in six fields in California including Kern River, Cymric/McKittrick, Midway Sunset, San Ardo, Coalinga and Lost Hills. In 2025, Chevron’s California average net


						Table of Contents

daily oil-equivalent production was 63,000 barrels. Following Kern County’s reinstatement of drilling permit approvals, Chevron plans to undertake limited development drilling in 2026.

Gulf of America Chevron is the largest acreage holder in the Gulf of America, following its acquisition of Hess. During 2025, Chevron’s net daily production in the Gulf of America averaged 235,000 barrels of crude oil, 19,000 barrels of NGLs and 150 million cubic feet of natural gas. Net daily production from Hess legacy assets in second-half 2025 averaged 29,000 barrels of crude oil, 4,000 barrels of NGLs, and 48 million cubic feet of natural gas. Chevron is engaged in various operated and nonoperated exploration, development and production activities in the deepwater Gulf of America. Chevron also holds nonoperated interests in several shelf fields.

Chevron holds a 62.9 percent-owned and operated interest in the unit areas containing the Anchor Field located in the Green Canyon area. In 2025, Chevron completed the first full year of production safely utilizing its industry-leading high-pressure subsea technology, which helps produce energy from deeper reservoirs at higher pressures. An additional well was brought online during the year as a part of the initial Stage 1, seven-well subsea development, and a debottlenecking project was sanctioned to increase production capacity. The field has an estimated remaining production life of more than 25 years.

Chevron has a 60 percent-owned and operated interest in the Ballymore Field, located in the Mississippi Canyon area. The field has been developed as a three well, subsea tieback to the upgraded 75 percent-owned and operated Blind Faith facility. First oil was achieved in April 2025 and production reached design capacity ahead of schedule. The field has an estimated remaining production life of 20 years.

Chevron has a 60 percent-owned and operated interest in the Big Foot Field, located in the deepwater Walker Ridge area. Its platform supports an onboard, full-capacity drilling rig for development well drilling and future interventions. Production wells are equipped with electric submersible pumps. First oil was achieved from two additional development wells in 2025, and further development is planned in 2026. The field has an estimated remaining production life of more than 20 years.

Chevron has a 50 percent-owned and operated interest in the Jack Field, a 51 percent-owned and operated interest in the St. Malo Field and a 40.6 percent-owned and operated interest in the production host facility used for the joint development of both fields, all located in the Walker Ridge area. In 2025, two Jack development wells delivered first oil, and the St. Malo Stage 4 water injection operations continued. The Jack/St. Malo Stage 5 Project achieved first oil in December 2025. The Jack and St. Malo fields have an estimated remaining production life of more than 20 years.

Chevron has a 50 percent-owned and operated interest in the Stampede Field, located in the Green Canyon area, an increase of 25 percent following its acquisition of Hess and assumption of operatorship. In July 2025, the Black Pearl development well achieved first oil. The Stampede Field has an estimated remaining production life of more than 25 years.

Chevron has a 58 percent-owned and operated interest in the deepwater Tahiti Field, located in the Green Canyon area. In 2025, a development well workover was executed to deliver first oil from a shallower reservoir as water injection operations continued. The Tahiti Field has an estimated remaining production life of more than 15 years.

Chevron has a 42.5 percent nonoperated working interest in Green Canyon Block 584. In 2025, the operator announced an oil discovery at the Far South prospect in this Block, with an initial well and sidetrack drilled to a total depth of 23,830 feet.

Chevron has a 15.6 percent nonoperated working interest in the deepwater Mad Dog Field, located in the Green Canyon area. The field consists of two production facilities: Spar A and Argos. In 2025, development at Spar A continued with the completion of the eleventh producing well, and development at Argos continued through the Mad Dog 2 project, which has completed 12 producing wells and five water injection wells to date. Argos development was further supported by the Argos Southwest Extension (ASWX) project, a three-well development with dual flowlines and a manifold tied back to the Argos subsea infrastructure, along with minor topside modifications to the Argos floating production unit. The ASWX project commenced production in 2025. The field has an estimated remaining production life of more than 40 years.

Chevron has a 37.5 percent nonoperated working interest in the Perdido Regional Host, which accommodates production from the Great White, Silvertip and Tobago fields in the Alaminos Canyon area. In 2025, four development wells and one water injection well in the Great White Field, where Chevron holds a 33.3 percent nonoperated working interest, were brought online. Also in 2025, development activities continued on the Silvertip Expansion Project, where Chevron has a 60 percent nonoperated working interest, with first oil expected in 2026. The Perdido asset has an estimated remaining production life of more than 15 years.


						Table of Contents

Chevron has a 41.5 percent nonoperated working interest in the deepwater Whale Field located in the Alaminos Canyon area. Whale consists of a 15-well subsea development and floating production unit. First production was achieved in January 2025, and nameplate capacity was reached in September as eight wells were brought online throughout the year. The field has an estimated remaining production life of more than 25 years.

In addition to Stampede, Chevron acquired further assets in the Gulf of America from Hess, including a 100 percent-owned and operated interest in the Pickerel Field, a 50 percent-owned and operated interest in the Baldpate and Penn State fields, a 38 percent-owned and operated interest in the Conger Field and an additional 57.1 percent-owned and operated interest in the Tubular Bells Field, taking its interest to 100 percent. Chevron also acquired a 50 percent nonoperated working interest in the Llano field, where a sidetrack well achieved first oil in 2025.

In 2025, Chevron was the apparent high bidder on 24 exploration blocks in the Gulf of America Big Beautiful Gulf 1 Lease Sale.

Other Chevron has a 50 percent interest in Bayou Bend CCS LLC, a carbon dioxide transportation and sequestration affiliate that holds approximately 140,000 acres for carbon dioxide storage in Texas.

Chevron also owns a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage Project in Delta, Utah. In 2025, hydrogen was produced and safely introduced into the salt cavern for storage at the ACES Delta site. Construction is complete, and the company is conducting final commissioning activities.

In 2025, Chevron advanced work on its first power project for data centers, which is expected to be supplied with gas from the Permian Basin in West Texas.

In 2025, Chevron also acquired approximately 135,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for the purpose of exploring lithium development.

Other Americas

“Other Americas” includes Argentina, Brazil, Canada, Colombia, Guyana, Mexico, Peru, Suriname, Uruguay and Venezuela. Acreage for “Other Americas” can be found in the Acreage table. Net daily oil-equivalent production from these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Argentina Chevron has a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta shale. At Loma Campana, 30 horizontal wells were drilled in 2025, including Argentina’s longest unconventional well that reached a total depth of approximately 27,480 feet and a record-setting 16,778 feet lateral; in total, 42 wells were put on production. The Loma Campana concession expires in 2048, while the Narambuena concession was extended in 2025 under a 35-year unconventional license, now expiring in 2060.

Chevron owns and operates a 100 percent interest in the El Trapial Field with focus on unconventional development in the Vaca Muerta formation and continuing conventional waterflood activities. The unconventional concession expires in 2057 and the conventional concession expires in 2032.

Chevron has a 14 percent interest in the Oldelval pipeline system that provides an important export route for Argentina’s crude oil. During 2025, a majority of the company’s exported crude oil was transported through this pipeline system. Additionally, in 2025, Chevron joined the Vaca Muerta Sur pipeline project as a shareholder. The project involves the construction of a 437-kilometer pipeline from the Vaca Muerta oil fields to a new export terminal in Punta Colorada, Río Negro, featuring monobuoy loading systems and storage facilities. The pipeline is expected to be operational in 2027 and provide additional export capacity for the country.

Brazil Chevron holds a 35 percent nonoperated interest in two blocks in the Campos Basin and has exploration rights in 15 blocks in the North and South Pelotas basins. In 2025, Chevron secured nine additional offshore exploration blocks, six blocks with a 65 percent-owned and operated interest and three blocks with a 50 percent-owned and operated interest, in the Foz do Amazonas Basin through a government-conducted auction, opening a new exploration frontier for the company. In 2025, the company commenced a 3D seismic campaign to evaluate opportunities to develop the blocks.

Canada Upstream interests in Canada are concentrated in the offshore Atlantic region of Newfoundland and Labrador. The company also has interests in the Northeast British Columbia and the Beaufort Sea region of the Northwest Territories.

Chevron has a 26.9 percent nonoperated working interest in the Hibernia Field and a 24.1 percent nonoperated working interest in the unitized Hibernia Southern Extension areas offshore Atlantic Canada. The company has a 29.6 percent nonoperated working interest in the Hebron Field, also offshore Atlantic Canada.


						Table of Contents

Colombia In 2025, Chevron relinquished a 40 percent-owned and operated interest in the offshore Colombia-3 Block.

Guyana Chevron has a 30 percent nonoperated interest in the Stabroek Block, offshore Guyana, covering approximately 6.6 million acres, following its acquisition of Hess. In August 2025, the One Guyana Floating Production, Storage and Offloading vessel (FPSO) with a production capacity of approximately 250,000 gross barrels of oil per day, achieved first production. This is the fourth producing FPSO on the Block, in addition to the existing Liza Destiny, Liza Unity and Prosperity vessels. It is expected that by 2030, eight FPSOs will be in production with an aggregate expected production capacity of approximately 1.7 million gross barrels of oil per day.

The fifth development, Uaru, sanctioned in April 2023, will utilize the Errea Wittu FPSO with a production capacity of approximately 250,000 gross barrels of oil per day with first production expected in 2026.

The sixth development, Whiptail, sanctioned in April 2024, will utilize the Jaguar FPSO with a production capacity of approximately 250,000 gross barrels of oil per day with first production expected in 2027.

The seventh development, Hammerhead, was sanctioned in September 2025 with an expected production capacity of approximately 150,000 gross barrels of oil per day with first production expected in 2029.

Chevron has a 30 percent nonoperated interest in the 130-mile pipeline from the Liza Field to shore. This pipeline is expected to transport approximately 50 million standard cubic feet of natural gas per day to a 300 megawatt onshore power plant which, when complete, will be operated by the Government of Guyana.

Mexico All blocks in which Chevron had a participating interest were relinquished in 2023, awaiting official release from the government.

Peru In 2025, Chevron acquired a 35 percent nonoperated interest in exploration Blocks Z-61, Z-62 and Z-63 in the Trujillo Basin, offshore Peru. Seismic data is being analyzed for possible future exploratory drilling investment.

Suriname Chevron has a 40 percent-owned and operated working interest in shallow water Block 5 and an 80 percent-owned and operated interest in the shallow water Block 7. Chevron also holds a 66.6 percent nonoperated working interest in deepwater Block 42 which increased by 33.3 percent in 2025 due to the acquisition of Hess.

Additionally in 2025, Chevron was awarded exploration acreage consisting of a 20 percent nonoperated interest in shallow water Block 9 and a 30 percent-owned and operated interest in shallow water Block 10.

Uruguay Chevron has a 60 percent-owned and operated interest in offshore exploration Block OFF-1.

Venezuela Chevron’s interests in Venezuela are located in western Venezuela, the Orinoco Belt and offshore Venezuela. As of December 31, 2025, no proved reserves are recognized for these interests. In 2025, the company conducted activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.

Chevron has a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela, as well as a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo with licenses that expire in 2041. Chevron has a 30 percent interest in Petropiar, which operates heavy oil production from Huyapari Field, processing output through its upgrader located in Anzoátegui that refines the oil to a lighter, high-quality synthetic crude oil or blends it with light oil to produce Merey crude, under an agreement expiring in 2047. Chevron has a 35.8 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt under a contract expiring in 2050.

Chevron also operates and holds a 60 percent interest in the Loran gas field offshore Venezuela. This is part of a cross- border field that includes the Manatee Field in Trinidad and Tobago. This license expires in 2039.

Africa

In Africa, the company is engaged in upstream activities in Angola, Cameroon, Egypt, Equatorial Guinea, Guinea-Bissau, Namibia and Nigeria. Acreage for Africa can be found in the Acreage table. Net daily oil-equivalent production from these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Angola The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline that expires in 2050. In 2025, first oil was reached at the South N’Dola project located in Block 0.

Chevron also operates and holds a 31 percent interest in a Production Sharing Agreement (PSA) for deepwater Block 14. In 2025, the Block 14 partners and National Concessionaire signed an extension for an additional 10 years.


						Table of Contents

In 2025, Chevron signed a Heads of Agreement for an owned and operated interest in Block 33 offshore Angola in the deepwater lower Congo Basin. The formalization of this acquisition through the execution of the Risk Service Contract is pending regulatory approval.

In 2025, Chevron completed a seismic survey for Blocks 33, 49 and 50 offshore Angola in the deepwater lower Congo Basin to assess geological potential.

Chevron has a 36.4 percent shareholding in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, Angola. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day. The natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators.

Chevron owns a 31 percent nonoperated working interest in the New Gas Consortium Project (NGC). NGC is an offshore gas concession in which the Quiluma and Maboqueiro (Q&M) fields will be the first to be developed, with first production expected in 2026. The Q&M development includes two wellhead platforms and an onshore gas treatment plant with connections to the Angola LNG plant. Proved reserves have been recognized for this project.

Angola-Democratic Republic of Congo (DRC) Joint Development Area Chevron has a 31 percent interest in a unitization and cross-border asset PSA with the Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established between the Republic of Angola and DRC maritime area.

Angola-Republic of Congo (ROC) Joint Development Area Chevron holds a 15.5 percent nonoperated interest in the Lianzi Unitization Zone (Lianzi), which is located in an area shared equally by Angola and the ROC. This interest expires in 2031. In January 2025, Chevron sold its interest in the ROC portion of Lianzi, while retaining the Angolan portion.

Republic of Congo In January 2025, the company sold its 31.5 percent nonoperated interest in the offshore Haute Mer permit area.

Cameroon Chevron has a 100 percent interest in the YoYo Block in the Douala Basin. Preliminary development plans include a possible joint development between the YoYo and Yolanda fields located in Equatorial Guinea Block I.

Egypt Chevron has interests in blocks in the Mediterranean Sea. Following a farmdown in 2025, Chevron holds a 40 percent-owned and operated interest in North El Dabaa (Block 4), as well as a 45 percent-owned and operated interest in the Nargis Block and a 27 percent nonoperated working interest in North Cleopatra (Block 7).

In 2025, the company relinquished its 45 percent-owned and operated interest in Block 1 in the Red Sea.

Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng Field and the Yolanda Field in Block I and a 45 percent-owned and operated interest in the Alen Field in Block O. The Yolanda field is a discovered natural gas field that straddles the Equatorial Guinea and Cameroon maritime border, for which development options are being reviewed with both governments.

The company also holds a 32.8 percent nonoperated interest in the Alba natural gas and condensate field that is located in shallow waters near Bioko Island.

Chevron holds interests in two processing facilities located in Punta Europa. These include a 28 percent nonoperated interest in the Alba LPG Plant and a 45 percent nonoperated interest in the Atlantic Methanol Production Company.

Chevron holds interests in two exploration acreage positions for Blocks EG-06 and EG-11, offshore Bioko Island.

Guinea-Bissau In 2025, Chevron was awarded a 90 percent working interest in frontier exploration Blocks 5B (Carapau) and 6B (Becuda), offshore Guinea-Bissau.

Libya In early 2026, Chevron was designated as the winning bidder for Contract Area 106 located in the Sirte Basin.

Namibia Following a farmdown in 2025, Chevron has a 52.5 percent-owned and operated interest in Petroleum Exploration License (PEL) 90 (Block 2813B) in the Orange Basin, offshore Namibia. In early 2025, Chevron acquired an 80 percent-owned and operated interest in PEL 82 (Blocks 2112B and 2212A) in the Walvis Basin.

Nigeria Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta. The company also holds acreage positions in five operated and six nonoperated deepwater blocks, with working interests ranging from 20 to 100 percent.

Chevron operates and holds a 67.3 percent working interest in the Agbami Field, which straddles deepwater Petroleum Mining Lease (PML) 52 and Oil Mining License (OML) 128. PML 52 expires in 2044, and OML 128 expires in 2042. Additionally, Chevron holds a 30 percent nonoperated working interest in the Usan Field in OML 138 that expires in 2042.


						Table of Contents

In deepwater exploration, Chevron operates and holds a 55 percent working interest in the Nsiko discovery in OML 140 and a 100 percent working interest in the Aparo discovery in OML 132. Chevron also holds a 27 percent nonoperated working interest in OML 139 and OML 154, and the company continues to work with the operator to evaluate development options for the multiple deepwater discoveries in the Usan area, including the Owowo Field, which straddles OML 139 and OML 154. The development plan for the Owowo Field involves a subsea tie-back to the existing Usan floating, production, storage and offloading vessel. At the end of 2025, no proved reserves were recognized for this project.

Also, in the deepwater area, the third-party-operated Bonga South West Aparo Field in OML 118 straddles both OML 132 and OML 140. Chevron holds a 16.6 percent nonoperated working interest in the unitized area. The development plan involves subsea wells tied back to a floating production, storage and offloading vessel. At the end of 2025, no proved reserves were recognized for this project.

In 2025, Chevron discovered hydrocarbons in two exploration and appraisal wells in the Delta South-AA in PML 46 and the Awodi-07 in Petroleum Prospecting License (PPL) 263 in shallow offshore Nigeria. These wells provided additional data to support ongoing evaluation of development options. Chevron also holds a 40 percent-owned and operated working interest in Oil Prospecting License (OPL) 215 that covers 256,000 net acres. Chevron signed agreements to acquire 40 percent nonoperated working interest in PPL 2000/2001, with close anticipated in 2026.

Chevron operates the Escravos Gas Plant, which has a total processing capacity of 680 million cubic feet per day of natural gas and liquefied petroleum gas and condensate export capacity of 58,000 barrels per day. The company operates the 33,000-barrel-per-day Escravos Gas to Liquids facility. In addition, the company holds a 36.9 percent interest in the West African Gas Pipeline Company Limited affiliate, which supplies Nigerian natural gas to customers in Benin, Togo and Ghana.

Asia

In Asia, the company is engaged in upstream activities in Bangladesh, China, Cyprus, Indonesia, Israel, Kazakhstan, the Partitioned Zone between Saudi Arabia and Kuwait, Malaysia, Russia and Thailand. Acreage for Asia can be found in the Acreage table. Net daily oil-equivalent production for these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Bangladesh Chevron Bangladesh operates and holds 100 percent interest in Block 12 (Bibiyana field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields) under two Production Sharing Contracts (PSCs). The rights to produce from Bibiyana and Jalalabad expire in 2034 and from Moulavi Bazar in 2038.

China Chevron has a 49 percent nonoperated working interest in the Chuandongbei project, including the Luojiazhai and Gunziping natural gas fields located onshore in the Sichuan Basin, with the PSC expiring in 2038. In the Pearl River Mouth Basin, the company previously held a 32.7 percent nonoperated working interest in Block 16/19, where production ceased in April 2025.

Cyprus The company holds a 35 percent-owned and operated interest in the Aphrodite gas field in Block 12 under a PSC, with an exploitation license that expires in 2044. In January 2026, the company successfully entered FEED (Front End Engineering Design) in alignment with the PSC project milestone in the approved development and production plan.

Indonesia Chevron is participating in an early phase exploration study managed by a joint venture at the Way Ratai geothermal working area in Lampung.

Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044. A third gathering pipeline is under construction and is expected to increase gas production capacity from approximately 1.2 to 1.4 billion cubic feet per day from the Leviathan reservoir. This pipeline is scheduled for completion in early 2026. In early 2026, Chevron reached final investment decision (FID) to invest in the Leviathan Expansion Phase 1 Project that is expected to increase Leviathan’s upstream production capacity to 2.1 billion cubic feet per day.

The company also holds a 25 percent-owned and operated interest in the Tamar gas field, which operates under a concession that expires in 2038. Phase 1 of the Tamar Optimization Project included installation of a new pipeline to increase delivery capacity to the processing platform, allowing for production capacity at the platform to increase from approximately 1.0 billion to 1.2 billion cubic feet per day. First gas was achieved in early 2026. Phase 2 of the Tamar Optimization Project, approved in February 2024, is expected to further increase capacity up to approximately 1.6 billion


						Table of Contents

cubic feet of gas per day and includes investment in additional midstream infrastructure. This project is scheduled for completion in the first half of 2026.

In 2025, Chevron signed an agreement to develop the Nitzana natural gas pipeline to transport gas from both Leviathan and Tamar fields to Egypt. The pipeline capacity is expected to reach 0.6 billion cubic feet per day and scheduled for completion in 2028.

Kazakhstan Chevron has a 50 percent interest in the TCO affiliate and an 18 percent nonoperated working interest in the Karachaganak field.

TCO operates the Tengiz and Korolev crude oil fields in western Kazakhstan under a concession agreement that expires in 2033. Most of TCO’s 2025 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline. In 2025, TCO completed the Future Growth Project (FGP) at the Tengiz oil field, which increased crude oil production by 260,000 barrels per day with a total gross output of one million barrels of oil-equivalent per day.

The Karachaganak field is located in Northwest Kazakhstan, and operations are conducted under a PSA that expires in 2038. During 2025, a majority of the exported liquids were transported through the CPC pipeline. In 2025, the Karachaganak Expansion Project Stage 1A facility scope was fully completed and Stage 1B development is expected to complete in the second half of 2026. Both projects are designed to increase gas re-injection capacity and extend stable field production. Proved reserves have been recognized for both projects.

Kazakhstan/Russia Chevron has a 15 percent interest in CPC. Through 2025, CPC transported an average of 1.5 million barrels of crude oil per day, composed of 1.4 million barrels per day from Kazakhstan and 0.1 million barrels per day from Russia.

Kurdistan Region of Iraq In 2025, Chevron completed exit agreements and withdrew from the country.

Malaysia Following the acquisition of Hess, Chevron has a 50 percent-owned and operated interest in Blocks PM302 and PM325 located in the North Malay Basin and a 50 percent interest in Block PM301, which has been unitized within the nonoperated Malaysia/Thailand Joint Development Area.

Malaysia/Thailand Joint Development Area (JDA) During 2025, the JDA Block A-18, acquired through the acquisition of Hess, was sold.

Partitioned Zone Chevron holds a concession to operate the Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon resources in the onshore and nearshore area of the Partitioned Zone between Saudi Arabia and Kuwait. The concession expires in 2046. In 2025, the NWWB-2 appraisal well was drilled and completed, helping further assess resources discovered in 2024, and making a new oil discovery north of the Wafra Field.

Thailand Chevron holds operated interests in the Pattani Basin, located in the Gulf of Thailand, with ownership ranging from 35 percent to 71.2 percent. Concessions for producing areas within this basin expire between 2030 and 2038. Chevron has a 35 percent-owned and operated interest in the Pailin Field in Block B12/27, and a 51.7 percent-owned and operated interest in the Benchamas and Maliwan field in Block B8/32. In December 2025, the government approved the 10-year extension of the Pailin Field (Block 12/27) to 2038. Chevron also has a 16 percent nonoperated working interest in the Arthit field located in the Malay Basin. Concessions for the producing areas within this basin expire between 2036 and 2040. Following a farmdown in 2025, Chevron also has a 70 percent-owned and operated exploration and production license for Block G2/65, which covers 2.6 million net acres.

Chevron holds between 16 to 80 percent operated and nonoperated working interests in the Thailand-Cambodia Overlapping Claims Area that are inactive, pending resolution of border issues between Thailand and Cambodia.

Australia

Chevron is the largest producer of LNG in Australia. Acreage can be found in the Acreage table. Net daily oil-equivalent production can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Upstream activities in Australia are concentrated offshore Western Australia, where the company is the operator of two major LNG projects, Gorgon and Wheatstone, and has a nonoperated working interest in the North West Shelf (NWS) Venture and exploration acreage in the Carnarvon Basin.

Chevron holds a 47.3 percent-owned and operated interest in Gorgon on Barrow Island, which includes the development of the Gorgon and Jansz-Io fields, a three-train 15.6 million-metric-ton-per-year LNG facility, a carbon capture and


						Table of Contents

underground storage facility and a domestic gas plant. Progress on the Jansz-Io Compression project continued during 2025, with first gas expected in 2028. In 2025, FID was reached on the Gorgon Stage 3 Project to develop additional backfill fields, Geryon and Eurytion, with first gas expected in 2029. As part of this decision, Chevron completed a farmdown for the permit area WA-22-R to 47.3 percent to align interests with the Gorgon Project partners. Proved reserves have been recognized for both of these projects. Gorgon’s estimated remaining economic life exceeds 40 years.

Chevron holds a 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone. Wheatstone includes the development of the Wheatstone and Iago fields, a two-train, 8.9 million-metric-ton-per-year LNG facility and a domestic gas plant. The onshore facilities are located at Ashburton North on the coast of Western Australia. In 2025, Wheatstone marked its 1,000th LNG shipment since commencement of the project in 2017. Wheatstone’s estimated remaining economic life exceeds 14 years.

Chevron holds a 16.7 percent nonoperated working interest in the NWS Venture in Western Australia. In 2024, the company agreed to an asset swap of its 16.7 percent interest in the NWS Project, NWS Oil Project and its 20 percent interest in Angel Carbon Capture and Storage Project with Woodside’s 13 percent nonoperated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello fields and related infrastructure, which is expected to close in 2026, subject to customary closing conditions and regulations.

Chevron holds a 57.1 percent-owned and operated interest in the Barrow Island Joint Venture (known as WA Oil). In May 2025, the Barrow Island oil field ceased production and entered the decommissioning phase.

The company continues to evaluate exploration and appraisal activity across the North Carnarvon Basin, in which it holds approximately 2.6 million net acres. Chevron owns and operates the Clio, Acme and Acme West fields. This activity includes the evaluation of opportunities to develop resources, such as Clio, Acme, and Acme West through existing infrastructure.

Chevron holds operated and nonoperated working interests ranging from 20 to 70 percent in five greenhouse gas assessment permits to evaluate the potential of carbon dioxide storage. The blocks, including four in the Carnarvon Basin off the northwestern coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total nearly 10.2 million gross acres. This acreage includes the Angel Carbon Capture and Storage Project, which is subject to the asset swap mentioned above.

Europe

In Europe, the company is engaged in upstream activities in Greece and the United Kingdom. Acreage can be found in the Acreage table. Net daily oil-equivalent production for these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Greece In early 2026, Chevron was awarded four deep-sea blocks off the Peloponnese peninsula and the island of Crete.

United Kingdom Chevron holds a 19.4 percent nonoperated working interest in the Clair Field, located west of the Shetland Islands. The Clair Field consists of two platform drilling centers: the original Clair Phase 1 and a later added Clair Ridge center. The company is assessing alternatives to develop further resources in the area. The Clair Field has an estimated remaining production life extending beyond 2050.

Sales of Natural Gas Liquids and Natural Gas

The company sells NGLs and natural gas from its producing operations under a variety of contractual arrangements. In addition, the company also makes third-party purchases and sales of NGLs and natural gas in connection with its supply and trading activities.

U.S. and international sales of NGLs averaged 562,000 and 249,000 barrels per day, respectively, in 2025.

During 2025, U.S. and international sales of natural gas averaged 5.7 billion and 5.5 billion cubic feet per day, respectively, which includes the company’s share of equity affiliates’ sales. Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Australia, Bangladesh, China, Equatorial Guinea, Israel, Kazakhstan, Malaysia, Nigeria and Thailand.

Refer to Selected Operating Data in Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information on the company’s sales volumes of NGLs and natural gas. Refer also to Delivery Commitments for information related to the company’s delivery commitments for the sale of crude oil and natural gas.


						Table of Contents

Downstream

Refining Operations

At the end of 2025, the company had a refining network capable of processing 1.8 million barrels per day. Operable capacity at December 31, 2025, and daily refinery inputs for the company and affiliate refineries for 2023 through 2025, are summarized in the table below. Average crude unit distillation capacity utilization was 92.9 percent in 2025 and 87.9 percent in 2024.

At U.S. refineries, crude unit distillation capacity utilization, which includes all crude oil and other inputs, averaged 94.5 percent in 2025, compared with 86.6 percent in 2024. Chevron processes both imported and domestic crude oil in its U.S. refining operations. Imported crude oil accounted for approximately 60 percent of Chevron’s U.S. refinery inputs in both 2025 and 2024.

In the United States, the company continued work on projects aimed at improving refinery flexibility and reliability. In 2025, the expansion of the Pasadena Refinery became fully operational, increasing light crude oil throughput capacity to 125,000 barrels per day. This project allowed the company to process more equity crude from the Permian Basin, supply more products to customers in the U.S. Gulf Coast and realize synergies with the company’s Pascagoula Refinery.

Outside the United States, the company has interests in three large refineries in Singapore, South Korea and Thailand. Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products. The 50 percent-owned GS Caltex (GSC) Yeosu Refinery in South Korea remains one of the world’s largest refineries with a total crude capacity of 800,000 barrels per day. The company’s 60.6 percent-owned refinery in Thailand, Star Petroleum Refining Public Company Limited (SPRC), continues to supply high-quality petroleum products into regional markets.


Petroleum Refineries: Locations, Capacities and Crude Unit Inputs
Capacities and inputs in thousands of barrels per day		December 31, 2025		Refinery Crude Unit Inputs*
Locations		Number	Operable Capacity	2025	2024	2023
Pascagoula	Mississippi	1	369	365	337	355
El Segundo	California	1	290	261	224	232
Richmond	California	1	257	253	242	236
Pasadena	Texas	1	125	110	65	84
Salt Lake City	Utah	1	58	49	49	55
Total Consolidated Companies — United States		5	1,099	1,038	917	962
Map Ta Phut	Thailand	1	175	163	160	153


Total Consolidated Companies — International		1	175	163	160	153
Yeosu	South Korea	1	400	365	369	367
Pulau Merlimau	Singapore	1	145	124	117	116
Total Affiliates		2	545	489	486	483
Total Including Affiliates — International		3	720	652	646	636
Total Including Affiliates — Worldwide		8	1,819	1,690	1,563	1,598
* Includes crude oil and all other feedstocks to the crude distillation units.

Renewable Fuels

The company develops, produces and sells renewable fuels, including but not limited to renewable diesel, biodiesel, renewable natural gas (RNG), and sustainable aviation fuel (SAF).

Chevron owns and operates 11 biofuel refineries located in the U.S. and Germany, including eight producing biodiesel, one producing renewable diesel and two others that remained idle in 2025. In 2025, the company began production and continues ramp-up at its Geismar renewable diesel plant in Louisiana, following an expansion to increase plant capacity from 7,000 to 22,000 barrels per day.

Chevron holds a 50 percent working interest in Bunge Chevron Ag Renewables LLC, which produces soybean oil from processing facilities in Destrehan, Louisiana, and Cairo, Illinois. Soybean oil can be used as a renewable feedstock to make renewable diesel, biodiesel and sustainable aviation fuel. A new oilseed processing plant in Louisiana is expected to begin operations in 2026.


						Table of Contents

In early 2025, Chevron acquired the remaining equity of Brightmark RNG Holdings LLC and renamed the company to Chevron RNG Holdings LLC (Chevron RNG). Chevron continues to advance its dairy biomethane activities through Chevron RNG and investments in CalBioGas LLC and CalBioGas Hilmar LLC (collectively, CalBioGas investments). Chevron’s wholly-owned and operated renewable gas assets include 26 anaerobic digester facilities (25 operational, one under construction) in nine U.S. states that capture methane from manure at dairy farms and process it into natural gas. CalBioGas investments have 29 anaerobic digester projects at dairy farms in California producing natural gas or directly supplying electricity.

Chevron sells RNG to third parties and through Chevron’s network of 67 compressed natural gas (CNG) stations under the Chevron and Beyond6 brands.

Chevron has successfully demonstrated the ability to produce both renewable diesel and SAF at its El Segundo Refinery, with the flexibility to switch between traditional fuels and renewables dependent upon market conditions.

Marketing Operations

The company markets petroleum products under the principal brands of “Chevron,” “Texaco” and “Caltex” throughout many parts of the world. The following table identifies the company’s and its affiliates’ refined products sales volumes, excluding intercompany sales, for the three years ended December 31, 2025.


Refined Products Sales Volumes
Thousands of barrels per day	2025	2024	2023
United States
Gasoline1	685	667	642
Jet Fuel	278	255	260
Diesel/Gas Oil1	216	213	227
Fuel Oil	41	54	44
Other Petroleum Products2	97	97	114
Total United States	1,317	1,286	1,287
International3
Gasoline	388	382	353
Jet Fuel	223	229	234
Diesel/Gas Oil1	483	479	472
Fuel Oil	174	182	161
Other Petroleum Products2	216	223	225
Total International	1,484	1,495	1,445
Total Worldwide3	2,801	2,781	2,732
1 Includes renewable fuel sales:	23	40	44
2 Principally naphtha, lubricants, asphalt and coke.
3 Includes share of affiliates’ sales:	384	386	389

In the United States, the company markets primarily under the principal brands of “Chevron” and “Texaco.” At year-end 2025, the company supplied directly or through retailers and marketers approximately 8,600 Chevron- and Texaco-branded service stations, primarily in the southern and western states. Approximately 380 of these outlets are company-owned or company-leased stations.

Outside the United States, Chevron supplied directly or through retailers and marketers approximately 5,200 branded service stations, including affiliates. The company markets using the Chevron and Texaco brands in Latin America and the Caltex brand in the Asia-Pacific region. In South Korea, the company operates through its 50 percent-owned affiliate, GSC.

Chevron markets commercial aviation fuel to 58 airports worldwide. The company markets base oil globally under the Chevron and Nexbase brands and markets lubricant and coolant products under the Chevron, Texaco and Caltex brands.

Chemicals Operations

Chevron Oronite Company develops, manufactures and markets performance additives for lubricating oils and fuels and conducts research and development for additive component and blended packages. At the end of 2025, the company manufactured, blended or conducted research at 11 locations around the world.

Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC (CPChem). CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the


						Table of Contents

specialty chemical and specialty plastics markets. At the end of 2025, CPChem owned or had joint-venture interests in 29 manufacturing facilities and two research and development centers around the world.

CPChem has two major integrated polymer projects under construction, the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent-owned and operated interest and the Ras Laffan Petrochemical Project in Ras Laffan, Qatar, for which CPChem holds a 30 percent nonoperated working interest. Start-up for both projects is expected in the first half of 2027. CPChem completed the Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site in 2025.

Chevron is also involved in the petrochemical business through the operations of GSC, the company’s 50 percent-owned affiliate in South Korea. GSC manufactures aromatics, including benzene, toluene and xylene. These base chemicals are used to produce a range of products, including adhesives, plastics and textile fibers. GSC also produces olefins, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint and textiles.

Transportation

Pipelines Chevron owns and operates a network of crude oil, natural gas and product pipelines and other infrastructure assets in the United States. In 2025, Chevron acquired further pipeline infrastructure through its acquisition of Hess. Refer to the United States - Hess Midstream in the Upstream section above for more information related to these assets. In addition, Chevron operates pipelines for its 50 percent-owned CPChem affiliate. The company also has direct and indirect interests in other U.S. and international pipelines.

Refer to Nigeria and Kazakhstan/Russia in the Upstream section for information on the West African Gas Pipeline and the CPC.

Shipping The company’s marine fleet includes both U.S. and foreign flagged vessels. The operated fleet consists of conventional crude tankers, product carriers and LNG vessels. These vessels transport crude oil, LNG, refined products and feedstock in support of the company’s global upstream and downstream businesses. In 2025, Chevron completed upgrades to four LNG vessels aimed at reducing emissions.

Other Businesses

Technology, Projects and Execution (TPE) Chevron’s TPE organization centralizes technical expertise to drive innovation, ensure disciplined project execution, and promote operational excellence across the company, supporting the delivery of more affordable, reliable and cleaner energy solutions. Areas of expertise include advanced technology development and deployment, digital and data science, facilities engineering, reserve governance and reporting, capital projects execution and global procurement. TPE specializes in maintaining a strong safety culture and environmental stewardship by proactively managing risks, sustaining compliance, and protecting people, assets and communities.

TPE also includes the company’s information technology organization, which integrates computing, data management and analytics, cybersecurity and other key infrastructure technologies to provide a digital foundation to enable Chevron’s global operations, projects and business processes.

The organization is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its oil, natural gas and products and new energies businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture, utilization and storage, hydrogen and geothermal energy.

Chevron leverages its expertise to undertake research and development to advance energy solutions. The company holds more than 4,000 patents for new technologies, with nearly 3,400 additional patents pending, making Chevron one of the leading U.S. patent holders in the industry.

Collaboration is increasingly important to close innovation gaps and integrate emerging technologies into existing energy value chains. Chevron works with startups, universities, national laboratories, joint ventures and service companies to explore, evaluate and scale solutions. The Chevron Technology Ventures (CTV) unit identifies and invests in externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable and lower carbon energy. CTV has more than 26 years of being the primary on-ramp for early-stage, external innovation into Chevron, including venture investing, with 10 funds that have supported more than 140 startups. Chevron also makes investments indirectly through a few select limited partnership funds.


						Table of Contents

Chevron is applying artificial intelligence (AI) to drive productivity, efficiency and value to its global operations. The company is building high-impact use cases leveraging its extensive data and insights and collaborating with others to access AI solutions to help unlock value. In an effort to ensure its AI systems are reliable and effective, the company is employing processes to assess its capabilities, limitations and readiness. Chevron is a member of the Responsible AI institute, a consortium focused on integrating AI responsibly while safeguarding human values.

Some of the investments the company makes in the areas described above are in new or unproven technologies and business processes; therefore, the ultimate technical or commercial successes of these investments are not certain. Refer to Note 27 Other Financial Information for quantification of the company’s research and development expenses.

New Energies The new energies organization is focused on developing new businesses with the aim to support the company’s objectives to lower the carbon intensity of its operations and enable growth opportunities with the potential to generate competitive returns. These include additional fuel solutions utilizing hydrogen and its derivatives such as ammonia, carbon emissions management through carbon capture and storage and offsets, and power generation for data centers. The company is also pursuing opportunities in other emerging areas, including enhanced geothermal to deliver non-intermittent lower carbon power, and lithium extraction primarily for energy storage applications.

Environmental Protection The company designs, operates and maintains its facilities to avoid potential spills or leaks and to minimize the impact of those that may occur. Chevron requires its facilities and operations to have operating processes and emergency response plans that address significant risks identified through site-specific risk and impact assessments. Chevron also requires that sufficient resources be available to execute these plans. In the unlikely event that a major spill or leak occurs, Chevron also maintains a Worldwide Emergency Response Team comprised of employees who are trained in various aspects of emergency response, including post-incident remediation.

To complement the company’s capabilities, Chevron maintains active membership in international oil spill response cooperatives, including the Marine Spill Response Corporation, which operates in U.S. territorial waters, and Oil Spill Response, Ltd., which operates globally. The company is a founding member of the Marine Well Containment Company, whose primary mission is to expediently deploy containment equipment and systems to capture and contain crude oil in the unlikely event of a future loss of control of a deepwater well in the Gulf of America. In addition, the company is a member of the Subsea Well Response Project, which has the objective to further develop the industry’s capability to contain and shut in subsea well control incidents in different regions of the world.

The company aims to lower the carbon intensity of its oil and gas operations and comply with the related laws and regulations to which it is subject. Refer to Item 1A. Risk Factors for further discussion of government action with respect to greenhouse gas and climate change and the associated risks to Chevron’s business. Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations in Business Environment and Outlook on pages 35 through 37 for further discussion of climate change related trends and uncertainties.

Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations on page 55 for additional information on environmental matters and their impact on Chevron, and on the company’s 2025 environmental expenditures. Refer to page 54 and Note 24 Other Contingencies and Commitments for a discussion of environmental remediation provisions and year-end reserves.

Item 1A. Risk Factors

As a global energy company, Chevron is subject to a variety of risks. The following disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future.

BUSINESS AND OPERATIONAL RISK FACTORS

Chevron is exposed to the effects of changing commodity prices Chevron is primarily in a commodities business that has a history of price volatility. The most significant factor that affects the company’s results of operations are the prices of crude oil, natural gas, and natural gas liquids, which can be influenced by general economic conditions and level of economic growth, including low or negative growth; industry production and inventory levels; technology advancements, including those in pursuit of a lower carbon economy; production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries or other producers; weather-related damage and disruptions due to other natural or human causes beyond our control; competing fuel prices; geopolitical risks; the pace of energy transition; customer and


						Table of Contents

consumer preferences and the use of substitutes; and governmental regulations, policies and other actions regarding the development of oil and gas reserves, as well as greenhouse gas emissions and climate change. Chevron evaluates the risk of changing commodity prices as a core part of its business planning process. An investment in the company carries significant exposure to fluctuations in global prices of crude oil, natural gas, and natural gas liquids.

Extended periods of low prices or demand for crude oil, natural gas, and natural gas liquids have had, and in the future can have, a material adverse impact on the company’s results of operations, financial condition and liquidity. Among other things, the company’s upstream earnings, cash flows, and capital expenditure programs could be negatively affected, as could its production and proved reserves. Upstream assets may also become impaired. Downstream earnings could be negatively affected because they depend upon the supply and demand for refined products and the associated margins on refined product sales. A significant or sustained decline in liquidity could adversely affect the company’s credit ratings, potentially increase financing costs and reduce access to capital markets. The company may be unable to realize anticipated cost savings, expenditure reductions and asset sales that are intended to compensate for such downturns, and such downturns may also slow the pace and scale at which we are able to invest in our business, including our New Energies businesses. In some cases, transferred liabilities, including for decommissioning of previously divested assets, have returned and may continue to return to the company when an acquirer of those assets subsequently defaults on the assumed transferred liabilities (e.g., bankruptcy). In addition, extended periods of low commodity prices can have a material adverse impact on the results of operations, financial condition and liquidity of the company’s suppliers, vendors, partners and equity affiliates upon which the company’s own results of operations and financial condition depend.

The scope of Chevron’s business will decline if the company does not successfully develop resources The company is in an extractive business; therefore, if it is not successful in replacing the crude oil and natural gas it produces with good prospects for future organic opportunities or through acquisitions, exploration or technology, the company’s business will decline. Creating and maintaining an inventory of economic projects depends on many factors, including obtaining and renewing rights to explore, develop and produce hydrocarbons; drilling success; reservoir optimization; technology advancements; ability to bring long-lead-time, capital-intensive projects to completion on budget and on schedule; partner alignment, including strategic support; and efficient and profitable operation of mature properties.

The company’s operations could be disrupted by natural or human causes beyond its control Chevron operates in both urban areas and remote and sometimes inhospitable regions. The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, and other forms of severe weather; wildfires; ambient temperature increases; sea level rise; war or other military conflicts such as the conflict between Russia and Ukraine and in the Middle East; accidents; civil unrest; political events such as current geopolitical tensions in Venezuela; fires; earthquakes; system failures; cyber threats; terrorist acts; and epidemic or pandemic diseases, some of which may be impacted by climate change and any of which could result in suspension of operations or harm to people or the natural environment.

Chevron’s risk management systems are designed to assess potential physical and other risks to its operations and assets and to plan for their resiliency. While capital investment reviews and decisions incorporate potential ranges of physical risks such as storm severity and frequency, sea level rise, air and water temperature, precipitation, fresh water access, wind speed, and earthquake severity, among other factors, it is difficult to predict with certainty the timing, frequency or severity of such events, any of which could have a material adverse effect on the company's results of operations or financial condition.

Cyberattacks and events affecting Chevron’s operational technology networks or other digital infrastructure could have a material adverse impact on the company’s business and results of operations There are numerous and evolving risks to Chevron’s cybersecurity and privacy from cyber threat actors, including criminal hackers, state-sponsored intrusions, industrial espionage and employee malfeasance. These cyber threat actors, whether internal or external to Chevron, are becoming more sophisticated and coordinated in their attempts to access the company’s information technology (IT) systems and data, including the IT systems of cloud providers and other third parties with whom the company conducts business through, without limitation, malicious software; data breaches by employees, insiders or others with authorized access; cyber or phishing-attacks; ransomware; attempts to gain unauthorized access to our data and systems; and other electronic security breaches. The cyber risk landscape changes over time due to a variety of internal and external factors, including during organizational changes, relocating work to international geographies, or other corporate transactions; political tensions; war or other military conflicts; or civil unrest. Although Chevron devotes significant resources to prevent unwanted intrusions and to protect its systems and data, whether such data is housed internally or by external third parties, the company has experienced and will continue to experience cyber incidents of varying degrees in the conduct of its


						Table of Contents

business. Cyber threat actors could compromise the company’s operational technology networks or other critical systems and infrastructure, resulting in disruptions to its business operations, injury to people, harm to the environment or its assets, disruptions in access to its financial reporting systems, or loss, misuse or corruption of its critical data and proprietary information, including without limitation its intellectual property and business information and that of its employees, customers, partners and other third parties. Any of the foregoing can be exacerbated by a delay or failure to detect a cyber incident or the full extent of such incident. Further, the company is increasingly experiencing cyber incidents related to its third-party vendors. Some third-party vendors house the company’s critical data and proprietary information on their IT systems, including the cloud; others have access to Chevron’s IT systems or provide software through which threat actors could gain access or introduce malware to Chevron’s IT systems. Our use of third-party software, services and support may also result in unintentional, non-malicious events or outages that affect our ability to operate critical business systems. Regardless of the precise method or form, events affecting our networks or digital infrastructure could result in significant financial losses, legal or regulatory violations, reputational harm, and legal liability and could ultimately have a material adverse effect on the company’s business and results of operations.

Chevron is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance, and reputational risks The company is increasingly utilizing artificial intelligence (“AI”) technologies in certain of its processes, information systems and various operations, and expects that AI will assume a more critical role in its operations over time. The use of AI technologies introduces certain risks to the company, including potential dependency on biased or incorrect AI outputs, new or enhanced regulatory requirements, litigation, privacy risks, cybersecurity risks, reputational harm, liability or other adverse consequences, any of which could adversely affect its business, financial condition and results of operations. Additionally, other unforeseen risks stemming from either the company’s or third-party service providers’ use and development of AI tools and technologies, or the company’s inability to adopt such technologies at the same pace as its competitors, may arise in the future that could adversely affect its business and results of operations.

The company’s operations have inherent risks and hazards that require significant and continuous oversight Chevron’s results depend on its ability to identify and mitigate the risks and hazards inherent to operating in the energy industry. The company seeks to minimize these operational risks by carefully designing and building its facilities and conducting its operations in a safe and reliable manner. However, failure to manage these risks effectively could impair our ability to operate and result in unexpected incidents, including releases, explosions or mechanical failures resulting in personal injury, loss of life, environmental damage, loss of revenues, legal liability and/or disruption to operations. Chevron has implemented and maintains a system of corporate policies, standards, processes and systems, behaviors and compliance mechanisms to manage safety, health, environmental, reliability and efficiency risks; to verify compliance with applicable laws and policies; and to respond to and learn from unexpected incidents. In certain situations where Chevron is not the operator, the company may have limited influence and control over third parties, which may limit its ability to manage and control such risks.

The company does not insure against all potential losses, which could result in significant financial exposure The company does not have commercial insurance or third-party indemnities to fully cover all operational risks or potential liability in the event of a significant incident or series of incidents causing catastrophic loss. As a result, the company is, to a substantial extent, self-insured for such events. The company relies on existing liquidity, financial resources and borrowing capacity to meet short-term obligations that would arise from such an event or series of events. The occurrence of a significant incident, series of events, or unforeseen liability for which the company is self-insured, not fully insured or for which insurance recovery is significantly delayed could have a material adverse effect on the company’s results of operations or financial condition.

The acquisition of Hess may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations The success of the acquisition of Hess, which closed in July 2025, will depend, in part, on Chevron’s ability to realize the anticipated benefits, including the anticipated run-rate cost synergies, estimated five-year production and free cash flow growth rates, and anticipated higher returns to shareholders over the long-term. Failure to realize anticipated synergies in the expected timeframe, operational challenges, the diversion of management’s attention from ongoing business concerns, and unforeseen expenses associated with the acquisition may have an adverse impact on our financial results.


						Table of Contents

One of our subsidiaries acts as the general partner of a publicly traded limited partnership, Hess Midstream LP, which may involve a potential legal liability One of our subsidiaries acts as the general partner of Hess Midstream, a publicly traded limited partnership. Our control of the general partner of Hess Midstream may increase the possibility that we could be subject to claims of breach of duties owed to Hess Midstream, including claims of conflict of interest. Any liability resulting from such claims could have an adverse impact on our future business, financial condition, results of operations and cash flows.

LEGAL, REGULATORY AND ESG-RELATED RISK FACTORS

Chevron’s business subjects the company to liability risks from litigation or government action The company produces, transports, refines and markets potentially hazardous materials, and it purchases, handles and disposes of other potentially hazardous materials in the course of its business. Chevron’s operations also produce byproducts, which may be considered pollutants. Often these operations are conducted through joint ventures over which the company may have limited influence and control. Any of these activities could result in liability or significant delays in operations arising from private litigation or government action. For example, liability or delays could result from an accidental, unlawful discharge or from new conclusions about the effects of the company’s current or former operations or products on human health or the environment. It is also possible that such liability could be imposed without regard to the company’s causation of or contribution to the asserted damage, or to other mitigating factors.

For information concerning some of the litigation in which the company is involved, see Note 16 Litigation.

Political instability and significant changes in the legal and regulatory environment could harm Chevron’s business The company’s operations, particularly exploration and production, can be affected by changing political, regulatory and economic environments in the various countries in which it operates. As has occurred in the past, actions could be taken by governments to increase public ownership of the company’s partially or wholly owned businesses, to force contract renegotiations, or to impose additional taxes, tariffs, royalties, fees, penalties or other costs. In a number of locations, including the European Union, governments have proposed or imposed direct and indirect obligations with respect to the company’s activities, trade, taxes, and public disclosures, as well as currency exchange controls that might harm the company’s competitiveness, return on investments, or relations with other governments or third parties. In other countries, political conditions have existed that may threaten the safety of employees and the company’s continued presence in those countries, and internal unrest, acts of violence or strained relations between a government and the company or other governments may adversely affect the company’s operations. Those developments have, at times, significantly affected the company’s operations and results and are carefully considered by management when evaluating the level of current and future activity in such countries. Further, Chevron is required to comply with sanctions and other trade laws and regulations of the United States and other jurisdictions where we operate, such as sanctions imposed in Venezuela and Russia, which, depending upon their scope, could adversely impact the company’s operations and financial results in these countries. In addition, litigation or changes in national, state or local environmental regulations or laws, including those designed to stop or impede the development or production of oil and gas, such as those related to the use of hydraulic fracturing or bans on drilling, or any law or regulation that impacts the demand for our products, could adversely affect the company’s current or anticipated future operations and profitability.

Legislative or regulatory changes in tax laws may expose Chevron to additional tax liabilities Changes in tax laws and regulations around the world are regularly enacted due to political or economic factors beyond the company’s control. Chevron’s taxes in the jurisdictions where the company conducts business activities have been and may be adversely affected by changes in tax laws or regulations, including but not limited to, substantive changes in, reductions in, or the repeal or expiration of, tax incentives. Furthermore, Chevron’s tax returns are subject to audit by taxing authorities around the world. There is no assurance that taxing authorities or courts will agree with the positions that Chevron has reflected on the company’s tax returns, in which case interest and penalties could be imposed that may have a material adverse effect on the company’s results of operations or financial condition.

During periods of high profitability for certain companies or industries, there are often calls for increased taxes on profits, often called “windfall profit” taxes. Governments in various jurisdictions, including California and Australia, have announced, proposed, or implemented windfall profit taxes for companies operating in the energy and oil and gas sectors. Such taxes may be imposed on us or may be increased in the future in these or other jurisdictions. The imposition of, or increase in, such windfall profit taxes could adversely affect the company’s current or anticipated future operations and profitability.


						Table of Contents

For information concerning the company’s tax liabilities, see Note 17 Taxes and Note 24 Other Contingencies and Commitments.

Legislation, regulation, and other government actions and shifting customer and consumer preferences and other private efforts related to greenhouse gas (GHG) emissions and climate change could continue to increase Chevron’s operational costs and reduce demand for Chevron’s hydrocarbon and other products, resulting in a material adverse effect on the company’s results of operations and financial condition Chevron has experienced and may be further challenged by increases in the impacts of international and domestic legislation, regulation, or other government actions relating to GHG emissions (e.g., carbon dioxide and methane) and climate change. International agreements and national, regional, and state legislation and regulatory measures that aim to directly or indirectly limit or reduce GHG emissions are in various stages of implementation.

Legislation, regulation, and other government actions related to GHG emissions and climate change could reduce demand for Chevron’s hydrocarbon and other products and/or continue to increase Chevron’s operational costs and reduce its return on investment. Globally, multiple jurisdictions are considering adopting or are in the process of implementing laws or regulations to directly regulate GHG emissions through a carbon tax, a cap-and-trade program, performance standards or other mechanisms, or to attempt to indirectly advance reduction of GHG emissions through restrictive permitting, procurement standards, trade barriers, minimum renewable usage requirements, financing standards, standards or requirements for environmental benefit claims, increased GHG reporting and climate-related disclosure requirements, or tax advantages or other incentives to promote the use of alternative energy, fuel sources or lower-carbon technologies. For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products. GHG emissions that may be directly regulated through such efforts include, among others, those associated with the company’s exploration and production of hydrocarbons; power generation; the conversion of crude oil, natural gas and biofeedstocks into refined hydrocarbon products; the processing, liquefaction, and regasification of natural gas; the transportation of crude oil, natural gas, and other products; and customers’ and consumers’ use of the company’s hydrocarbon products. Many of these actions, as well as customers’ and consumers’ preferences and use of the company’s products or substitute products, and actions taken by the company’s competitors in response to legislation and regulations, are beyond the company’s control.

Similar to any significant changes in the regulatory environment, climate change-related legislation, regulation, or other government actions may curtail profitability, as well as render the extraction of the company’s hydrocarbon resources economically infeasible. In particular, GHG emissions-related legislation, regulations, and other government actions, and shifting customer and consumer preferences and other private efforts aimed at reducing GHG emissions may result in increased and substantial capital, compliance, operating, and maintenance costs and could, among other things, reduce demand for hydrocarbons and the company’s hydrocarbon-based products; increase demand for lower carbon products and alternative energy sources; make the company’s products more expensive; adversely affect the economic feasibility of the company’s resources; impact or limit our business plans; and adversely affect the company’s sales volumes, revenues, margins and reputation. For example, some jurisdictions are in various stages of design, adoption, and implementation of policies and programs that cap emissions and/or require short-, medium-, and long-term GHG reductions by operators at the asset or facility level, which may not be technologically feasible, or which could require significant capital expenditure, increase costs of or limit production, result in impairment of assets and limit Chevron’s ability to cost-effectively reduce GHG emissions across its global portfolio. Additionally, some jurisdictions are in various stages of enacting or implementing legislation that imposes retroactive liability on estimated past GHG emissions by certain energy producers and refiners.

The ultimate effect of international agreements; national, regional, and state legislation and regulation; and government and private actions related to GHG emissions and climate change on the company’s financial performance, and the timing of these effects, will depend on a number of factors. Such factors include, among others, the sectors covered, the GHG emissions reductions required, the use of standardized carbon accounting, the extent to which Chevron would be able to receive, generate, purchase, or retire credits, the price and availability of credits and the extent to which the company is able to recover, or continue to recover, the costs incurred through the pricing of the company’s products in the competitive marketplace. Further, the ultimate impact of GHG emissions and climate change-related agreements, legislation, regulation, and government actions on the company’s financial performance is highly uncertain because the company is unable to predict with certainty, for a multitude of individual jurisdictions, the outcome of political decision-making processes and


						Table of Contents

legal challenges, including the actual laws and regulations enacted, the variables and trade-offs that inevitably occur in connection with such processes, and market conditions, including the responses of consumers to such changes.

Attention to environmental, social, and governance (ESG) matters impacts our company Attention to ESG matters, including those related to climate change and sustainability, evolving societal, investor and governmental pressure on companies to address ESG matters, and potential customer and consumer use of substitutes to Chevron’s products have resulted and may continue to result in changes to the portfolio and company activities, increased costs, reduced demand for our products, reduced profits, increased investigations and litigation or threats thereof, negative impacts on our stock price and access to capital markets, impaired participation in public discourse and debate by the company relating to mandatory and voluntary standards and regulations, and damage to our reputation. For example, trends in attention to ESG matters, including climate change, have resulted and may result in the future in shifting demand for our hydrocarbon products, additional litigation and governmental investigations, and/or threats thereof, against the company. For instance, we have received investigative requests and demands from the U.S. Congress for information relating to climate change, methane leak detection and repair, and other topics, and further requests and/or demands are possible. At this time, Chevron cannot predict the ultimate impact any Congressional or other investigations may have on the company. Information related to climate-change related litigation matters is included in Note 16 Litigation under the heading “Climate Change.”

Some stakeholders, including but not limited to sovereign wealth, pension, and endowment funds, have been divesting and promoting divestment of, or screening out, fossil fuel equities and urging lenders to limit funding to companies engaged in the extraction of fossil fuel reserves. Further, voluntary carbon-related and target-setting frameworks have been developed that may limit the ability of certain sectors, including the oil and gas sector, from accessing capital, and may result in exclusion of the company’s equity or debt from being included as an investment option in portfolios. In addition, some stakeholders, including some of our investors, have divergent and evolving views on our ESG-related strategies and priorities, vis-à-vis our lines of business, calling for focus on increased production of oil and gas products rather than lower carbon business lines and climate-related targets. These circumstances, among others, may result in pressure from activists on production; unfavorable reputational impacts, including inaccurate perceptions or a misrepresentation of our actual ESG policies, practices and performance; diversion of management’s attention and resources; and proxy fights, among other material adverse impacts on our businesses.

In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters, including climate change and climate-related risks (including entities commonly referred to as “raters and rankers”). Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ESG ratings and investment community divestment initiatives, among other actions, may lead to negative investor sentiment toward Chevron and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital. Additionally, evolving expectations on various ESG matters, including human rights, biodiversity, waste and water, have increased, and may continue to increase costs, require changes in how we operate and lead to negative stakeholder sentiment.

Our ambitions and disclosures related to ESG matters subject us to numerous risks that may negatively impact our reputation and stock price or result in other material adverse impacts to the company Chevron has set a number of lower carbon-related ambitions, which may include aspirations, targets, guidance, objectives, metrics, and/or goals. Chevron regularly evaluates its ambitions. The company has changed and/or eliminated some of these aspirations, targets, and other ambitions and may continue to do so in the future for various reasons, including market conditions; its strategy or portfolio; and financial, operational, policy, reputational, legal and other factors.

Our ability to achieve any ambition, including those related to GHG emissions or climate-related initiatives, such as those outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, on pages 36 through 37, as well as efforts concerning new businesses, is subject to numerous risks and contingencies, many of which are outside of Chevron’s control and persist. Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) successful generation, acquisition, retirement and accounting of cost-effective, verifiable carbon offsets from nature-based solutions or carbon capture and storage; (4) the availability of suppliers that can meet sustainability-related standards; (5) evolving regulatory requirements affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on


						Table of Contents

emissions and emission reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; and (8) actions taken by the company’s competitors.

The standards and regulations for tracking, reporting, disclosing, marketing and advertising related to ESG matters are relatively new, have not been harmonized and continue to evolve. Further, our selection of disclosure frameworks that seek to align with various voluntary reporting standards may change from time to time. Either of these circumstances may result in a lack of comparative data from period to period.

Our existing processes and controls may not align with evolving voluntary and mandatory standards for identifying, measuring, and reporting ESG metrics. Our interpretation of reporting standards may differ from those of others, and such standards may change over time, including through non-public processes, any of which could result in significant revisions to our goals or reported progress in achieving such goals. In addition, Chevron participates, along with other companies, institutes, universities, trade associations and other organizations, in various initiatives, campaigns, and other projects that express various ambitions, aspirations and goals related to climate change, emissions and energy transition. Chevron’s individual ambitions, future performance or policies may differ from the ambitions of such organizations or the individual ambitions of other participants in these various initiatives, campaigns, and other projects, and Chevron may unilaterally change its individual ambitions. Achievement of or efforts to achieve ambitions such as the foregoing and future internal climate-related initiatives has, and may continue to, increase costs, and, in addition, may require purchase of carbon credits, or limit or impact the company’s business plans, operations and financial results, potentially resulting in reduction to the economic end-of-life of certain assets, impairing the associated net book value, among other material adverse impacts. Our failure or perceived failure to pursue or fulfill such ambitions within the timelines we announce, or at all, or to satisfy various reporting standards and regulations could have a negative impact on the company’s reputation, investor sentiment, ratings outcomes for evaluating the company’s approach to ESG matters, stock price, and cost of capital and expose us to government enforcement actions and private litigation, among other material adverse impacts.

GENERAL RISK FACTORS

Changes in management’s estimates and assumptions may have a material impact on the company’s consolidated financial statements and financial or operational performance in any given period In preparing the company’s periodic reports under the Securities Exchange Act of 1934, including its financial statements, Chevron’s management is required under applicable rules and regulations to make estimates and assumptions as of a specified date. These estimates and assumptions are based on management’s best estimates and experience as of that date and are subject to substantial risk and uncertainty. Materially different results may occur as circumstances change and additional information becomes known. Areas requiring significant estimates and assumptions by management include impairments to property, plant and equipment and investments in affiliates; estimates of crude oil and natural gas recoverable reserves; accruals for estimated liabilities, including litigation reserves; estimates for decommissioning obligations, including for previously divested assets; and measurement of benefit obligations for pension and other post-employment benefit plans. Changes in estimates or assumptions or the information underlying the assumptions, such as changes in the company’s business plans, general market conditions, the pace of energy transition, or changes in the company’s outlook on commodity prices, could affect reported amounts of assets, liabilities or expenses.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Chevron’s business and proprietary information, information technology (IT) and operational technology (OT) networks are essential to its success. The company’s cybersecurity program is designed to protect its information assets and operations from external and internal cyber threats by identifying and appropriately managing and mitigating risks while ensuring business resiliency. This program is integrated within the company’s Enterprise Risk Management (ERM) process, which is the company’s systematic approach to identifying, managing and assessing major risks and safeguards, including cybersecurity risks. Chevron uses a risk-based information security process aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework to identify, prioritize and mitigate cyber risks.

The company’s worldwide team of cybersecurity professionals undertakes a range of preemptive activities to protect its people, assets and reputation globally. The company also leverages internal and external resources to monitor cybersecurity threats to its systems and networks and to understand the broader threat environment. The company seeks to remove exploitable weaknesses in its systems or devices before they become a threat. Chevron security experts use automated


						Table of Contents

threat intelligence feeds to increase vulnerability awareness, taking action to mitigate the highest risks. The company’s cybersecurity guardrails, which are high-level design requirements expected to be built into any new digital solutions being deployed, are also updated on an ongoing basis to align with changes in industry standards and the evolving threat environment.

Chevron’s cyber risk management process includes testing and risk assessments of technologies, third-party suppliers, and its IT and OT networks. These assessments ensure that our focus is on the highest priorities to maintain the security of our company’s assets. To further protect the company’s systems and data, Chevron’s cybersecurity organization has threat intelligence capabilities to monitor security breaches impacting third-party suppliers. As third-party risks increase, the company’s approach to third-party supplier risk management and qualification continues to evolve, including the ongoing expansion of its current supplier risk management program beyond IT vendors to other high-risk, third-party vendors.

Chevron’s Chief Information Officer (CIO) oversees Chevron’s broader IT program, which includes the company’s cybersecurity program and its ability to remediate and recover from a cybersecurity incident to minimize business and operational impacts. Chevron’s CIO joined Chevron in 2024, bringing more than 20 years of experience leading global innovation initiatives in digital, data, full supply chains, vehicle commerce, energy, and IT operations for technology and automotive companies. Chevron’s Chief Information Security Officer (CISO) reports to the CIO and leads a global cybersecurity team. Chevron’s CISO has 20 years of cybersecurity experience and is responsible for providing a single and consolidated view of the company’s enterprise cybersecurity risk. Before joining Chevron, he held senior leadership roles, including that of CISO, at other multinational, publicly traded companies.

Chevron operates four Cyber Intelligence Centers around the world, some co-located with critical assets, with cyber professionals who monitor and respond to cyber threats 24 hours a day, 365 days a year, to limit the scope and impact of cyber incidents in its networks. The cybersecurity organization provides the IT leadership, which includes Chevron’s CIO, with regular cybersecurity operations reports detailing prevention, detection, mitigation and remediation efforts associated with cyber incidents, both on Chevron’s networks and third-party supplier networks. The leadership of the cybersecurity organization has authority to mobilize a cross-functional cyber incident response team, including outside cybersecurity experts, to drive mitigation and remediation actions. Status updates on incidents are provided to senior management and to the Board, as appropriate.

The company’s dedicated cyber risk organization meets regularly with business units to raise cyber risk awareness and keep diverse cybersecurity skill sets connected across the enterprise. Chevron has invested in broad cybersecurity awareness and required training to educate those with access to Chevron’s networks on company policy and best practices. The company conducts regular phishing tests to train and assess its workforce’s ability to identify malicious emails.

Chevron’s Corporate Audit Department has a dedicated team responsible for IT and information security (including cybersecurity) audits. Chevron also leverages external resources to reinforce its cybersecurity capabilities. On a regular basis, external consultants provide a maturity assessment of the company’s cybersecurity program.

The company’s approach to managing risks, including cybersecurity risks, is embedded within the enterprise Operational Excellence (OE) Management System (OEMS). The OEMS provides a systematic process that enables the company to manage risk and implement safeguards and foster a culture of learning across different focus areas for Chevron’s business, including cybersecurity. The company’s Business Continuity Planning OE Process, a component of the OEMS, is designed to prepare Chevron to continue operations during an unplanned event or disruption, which aligns with its OE objective to prevent high-consequence security and cybersecurity incidents. Chevron works to identify critical business processes and dependent IT applications and document the processes for continuing operations without IT systems. Cross-functional teams also conduct regular multidisciplinary exercises to test and improve response plans.

The Board provides oversight of Chevron’s cybersecurity program, receives reports from management on cybersecurity risks in connection with Chevron’s operations and projects, and also reviews cybersecurity risks as part of the company’s broader annual ERM process. In support of the Board’s oversight of the company’s policies and processes with respect to risk management and the company’s major financial risk exposures, including cybersecurity, the Audit Committee meets with Chevron’s CISO and CIO at least twice a year to review cybersecurity risks and implications, including the results of independent third-party assessments. The CISO and CIO present cybersecurity matters to the Board of Directors at least annually. The CISO and CIO also provide new Board members with a cybersecurity briefing as part of the onboarding process.

To date, the company has not experienced a cybersecurity threat or incident that has materially affected or is reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition;


						Table of Contents

however, the company has experienced and will continue to experience cyber incidents of varying degrees. Despite the cybersecurity measures that the company is taking to mitigate such risks, there can be no guarantee that such measures will be sufficient to protect the company’s systems, information, intellectual property and other assets from significant harm and that future cybersecurity incidents will not have a material adverse effect on the company or its results of operations or financial condition or cause reputational or other harm to the company. Refer to Item 1A. Risk Factors on pages 21 through 24 for further discussion of cyberattacks and the associated risks to Chevron’s business.

Item 2. Properties

The location and character of the company’s crude oil and natural gas properties and its refining, marketing, transportation, and chemicals facilities are described beginning on page 3 under Item 1. Business. Information required by Subpart 1200 of Regulation S-K (“Disclosure by Registrants Engaged in Oil and Gas Producing Activities”) is also contained in Item 1 and in Tables I through VII on pages 108 through 120 and Note 18 Properties, Plant and Equipment.

Item 3. Legal Proceedings

The following is a description of legal proceedings that involve governmental authorities as a party and that the company reasonably believes would result in $1.0 million or more of monetary sanctions, exclusive of interest and costs, under federal, state and local laws that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment.

As previously disclosed, on May 20, 2024, the New Mexico Environment Department issued a Notice of Violation (NOV) for alleged violations of state and federal regulations of air quality between October 2022 and September 2023 at different Chevron facilities in New Mexico. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

As previously disclosed, on May 26, 2023, Chevron’s refinery in El Segundo, California notified the U.S. EPA that it had inadvertently overstated the number of biofuel credits generated by co-processing in 2022 in violation of the Renewable Fuel Standard program. The parties began negotiating a resolution of the violation in October 2024. Resolution of the violation will result in the payment of a civil penalty of $1.0 million or more.

As previously disclosed, on October 31, 2024, California’s Bay Area Air District (formerly Bay Area Air Quality Management District) issued two NOVs for the alleged noncompliance with permit conditions that governed operation of certain equipment associated with low-NOx burners at the thermal oxidizers and stack gas heaters for sulfur recovery units 1 & 2 at Chevron’s refinery in Richmond, California. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

As previously disclosed, in February 2025, the United States Department of Justice notified Hess of alleged Clean Water Act violations relating to Hess’s National Pollutant Discharge Elimination System permit covering operations in Hess facilities in the Gulf of America. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

As previously disclosed, on June 26, 2025, the Colorado Energy & Carbon Management Commission (ECMC) issued a notice alleging violations of certain ECMC rules following the loss of well control incident that occurred in Galeton, Colorado, on April 6, 2025. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

On July 22, 2025, ECMC issued a notice alleging various violations of reporting rules associated with environmental remediation data. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

Please see information related to other legal proceedings in Note 16 Litigation.

Item 4. Mine Safety Disclosures

Not applicable.


						Table of Contents

PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The company’s common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 6, 2026, stockholders of record numbered approximately 91,000. There are no restrictions on the company’s ability to pay dividends. The information on Chevron’s dividends are contained in the Quarterly Results tabulation.

Chevron Corporation Issuer Purchases of Equity Securities for Quarter Ended December 31, 2025


	Total Number	Average		Total Number of Shares	Approximate Dollar Values of Shares that
	of Shares	Price Paid		Purchased as Part of Publicly	May Yet be Purchased Under the Program
Period	Purchased 1, 2	per Share		Announced Program	(Billions of dollars) 2
October 1 - October 31, 2025	6,121,636	$	153.55	6,121,482	$38.6
November 1 - November 30, 2025	5,583,177	$	152.49	5,583,177	$37.7
December 1 - December 31, 2025	8,036,375	$	150.08	8,034,641	$36.5
Total October 1 - December 31, 2025	19,741,188	$	151.84	19,739,300

1 Includes common shares repurchased from participants in the company’s deferred compensation plans for personal income tax withholdings.

2 Refer to Liquidity and Capital Resources for additional detail regarding the company's authorized stock repurchase program.

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The index to Management’s Discussion and Analysis of Financial Condition and Results of Operations is presented in the Financial Table of Contents.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The company’s discussion of interest rate, foreign currency and commodity price market risk is contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial and Derivative Instruments and in Note 10 Financial and Derivative Instruments.

Item 8. Financial Statements and Supplementary Data

The index to Financial Statements and Supplementary Data is presented in the Financial Table of Contents.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures The company’s management has evaluated, with the participation of the Chief Executive Officer and the Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)) as of the end of the period covered by this report. Based on this evaluation, management concluded that the company’s disclosure controls and procedures were effective as of December 31, 2025.

(b) Management’s Report on Internal Control Over Financial Reporting The company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f). The company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s internal control over financial reporting based on the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this evaluation, the company’s management concluded that internal control over financial reporting was effective as of December 31, 2025.

The company excluded Hess from our assessment of internal control over financial reporting as of December 31, 2025, because it was acquired by the company in a business combination during 2025. Total assets and total revenues of Hess, a


						Table of Contents

wholly-owned subsidiary of Chevron Corporation, represent 24 percent and 3 percent, respectively, of the related consolidated financial statement amounts as of and for the period ended December 31, 2025.

The effectiveness of the company’s internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein.

(c) Changes in Internal Control Over Financial Reporting During the quarter ended December 31, 2025, there were no changes in the company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.

Item 9B. Other Information

Rule 10b5-1 Plan Elections

Michael K. Wirth, Chairman of the Board and Chief Executive Officer, entered into a pre-arranged stock trading plan on November 26, 2025. Mr. Wirth’s plan provides for the potential exercise of vested stock options and the associated sale of up to 262,900 shares of Chevron common stock between March 2, 2026 and February 26, 2027.

Eimear P. Bonner, Chief Financial Officer, entered into a pre-arranged stock trading plan on November 22, 2025. Ms. Bonner’s plan provides for the potential exercise of vested stock options and the associated sale of up to 132,768 shares of Chevron common stock between February 27, 2026 and February 26, 2027.

R. Hewitt Pate, Chief Legal Officer, entered into a pre-arranged stock trading plan on November 26, 2025. Mr. Pate’s plan provides for the potential exercise of vested stock options and the associated sale of up to 335,509 shares of Chevron common stock between February 27, 2026 and February 26, 2027.

The trading plans were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Chevron’s policies regarding transactions in Chevron securities.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.


						Table of Contents

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information about our Executive Officers at February 24, 2026

The Corporation’s executive officers are shown in the table below:


Name	Age	Current and Prior Positions (up to five years)	Primary Areas of Responsibility
Michael K. Wirth*	65	Chairman of the Board and Chief Executive Officer (since Feb 2018)	Chairman of the Board and Chief Executive Officer
Eimear P. Bonner*	51	Chief Financial Officer (since Mar 2024) President and Chief Technology Officer, Chevron Technical Center (Feb 2021 - Dec 2023) General Director, Tengizchevroil (Dec 2018 - Jan 2021)	Finance; Investor Relations
Mark A. Nelson*	62	Vice Chairman (since Feb 2023); Executive Vice President, Oil, Products & Gas (since Oct 2024) Executive Vice President, Strategy, Policy & Development (Oct 2022 - Sep 2023) Executive Vice President, Downstream (Mar 2019 - Sep 2022)	Upstream - Worldwide Exploration and Production; Subsurface; Wells; Downstream - Worldwide Manufacturing, Marketing, Lubricants, and Chemicals; Midstream; Asset Performance and Process Safety
T. Ryder Booth*	57	Chief Technology and Engineering Officer (since Jul 2025) Vice President, Midcontinent (Aug 2021 - Jun 2025)	Reserves and Storage; Facilities Engineering; Capital Projects; Technology Strategy Execution and Performance; Information Technology; Operations and Turnarounds; Asset Retirement; Environmental Management; Innovation; Health, Safety and Environment; Supply Chain Management
Jeff B. Gustavson*	53	President, New Energies (since Aug 2021) Vice President, Midcontinent (Feb 2018 - Jul 2021)	Lower Carbon Solutions; Power for Data Centers; Artificial Intelligence

R. Hewitt Pate*	63	Chief Legal Officer (since Aug 2009)	Law, Governance and Compliance
Robert Clay Neff	63	President, Upstream (since Jul 2025) President, Chevron International Exploration and Production (Oct 2022 - Jul 2025) President, Chevron Middle East, Africa, South America Exploration and Production Company (Nov 2019 - Oct 2022)	Upstream - Worldwide Exploration and Production; Subsurface; Wells
Andy Walz	58	President, Downstream, Midstream & Chemicals (since Oct 2024) President, Americas Products (Oct 2019 - Oct 2024)	Downstream - Worldwide Manufacturing, Marketing, Lubricants, and Chemicals; Midstream

*Member of the Corporation’s Executive Committee

The information about directors required by Item 401(a), (d), (e) and (f) of Regulation S-K and contained under the heading “Election of Directors” in the Notice of the 2026 Annual Meeting of Stockholders and 2026 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Exchange Act in connection with the company’s 2026 Annual Meeting (the 2026 Proxy Statement), is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 406 of Regulation S-K and contained under the heading “Business Conduct and Ethics Code” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(d)(4) and (5) of Regulation S-K and contained under the heading “Corporate Governance — Board Committees” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.


						Table of Contents

The information required by Item 408(b) of Regulation S-K and contained under the heading “Insider Trading and Prohibited Transactions Involving Chevron Securities” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

Item 11. Executive Compensation

The information required by Item 402 of Regulation S-K and contained under the headings “Executive Compensation,” “Director Compensation” and “CEO Pay Ratio” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(e)(5) of Regulation S-K and contained under the heading “Corporate Governance — Management Compensation Committee Report” in the 2026 Proxy Statement is incorporated herein by reference into this Annual Report on Form 10-K. Pursuant to the rules and regulations of the SEC under the Exchange Act, the information under such caption incorporated by reference from the 2026 Proxy Statement shall not be deemed to be “soliciting material,” or to be “filed” with the Commission, or subject to Regulation 14A or 14C or the liabilities of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by Item 403 of Regulation S-K and contained under the heading “Stock Ownership Information — Security Ownership of Certain Beneficial Owners and Management” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 201(d) of Regulation S-K and contained under the heading “Equity Compensation Plan Information” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by Item 404 of Regulation S-K and contained under the heading “Related Person Transactions” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(a) of Regulation S-K and contained under the heading “Corporate Governance — Director Independence” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

Item 14. Principal Accountant Fees and Services

The information required by Item 9(e) of Schedule 14A and contained under the heading “Board Proposal to Ratify PricewaterhouseCoopers LLP as the Independent Registered Public Accounting Firm for 2026” in the 2026 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.


Financial Table of Contents						Table of Contents





			Management’s Discussion and Analysis of Financial Condition and Results of Operations
			Key Financial Results			35
			Earnings by Major Operating Area			35
			Business Environment and Outlook			35
			Noteworthy Developments			41
			Results of Operations			42
			Consolidated Statement of Income			44
			Selected Operating Data			46
			Liquidity and Capital Resources			47
			Financial Ratios and Metrics			51

			Financial and Derivative Instrument Market Risk			53
			Transactions With Related Parties			54
			Litigation and Other Contingencies			54
			Environmental Matters			55
			Critical Accounting Estimates and Assumptions			55
			New Accounting Standards			59
			Quarterly Results			60

			Consolidated Financial Statements
			Reports of Management			61
			Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)			62
			Consolidated Statement of Income			65
			Consolidated Statement of Comprehensive Income			66
			Consolidated Balance Sheet			67
			Consolidated Statement of Cash Flows			68
			Consolidated Statement of Equity			69





Notes to the Consolidated Financial Statements
Note 1	Summary of Significant Accounting Policies	70
Note 2	Changes in Accumulated Other Comprehensive Losses	73

Note 3	Information Relating to the Consolidated Statement of Cash Flows	74
Note 4	New Accounting Standards	75
Note 5	Lease Commitments	75
Note 6	Summarized Financial Data - Chevron U.S.A. Inc.	77


Note 7	Summarized Financial Data - Tengizchevroil LLP	77
Note 8	Restructuring and Reorganization Costs	77
Note 9	Fair Value Measurements	78
Note 10	Financial and Derivative Instruments	79
Note 11	Assets Held for Sale	80
Note 12	Equity	80
Note 13	Earnings Per Sha re	80
Note 14	Operating Segments and Geographic Data	81
Note 15	Investments and Advances	84
Note 16	Litigation	86
Note 17	Taxes	88
Note 18	Properties, Plant and Equipment	92
Note 19	Short-Term Debt	92
Note 20	Long-Term Debt	94
Note 21	Accounting for Suspended Exploratory Wells	94
Note 22	Stock Options and Other Share-Based Compensation	95
Note 23	Employee Benefit Plans	97
Note 24	Other Contingencies and Commitments	102
Note 25	Asset Retirement Obligations	103

Note 26	Revenue	104
Note 27	Other Financial Information	104
Note 28	Financial Instruments - Credit Losses	105
Note 29	Acquisition of Hess Corporation	105

Supplemental Information on Oil and Gas Producing Activities		108


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

Key Financial Results


Millions of dollars, except per-share amounts	2025			2024			2023
Net Income (Loss) Attributable to Chevron Corporation	$	12,299		$	17,661		$	21,369
Per Share Amounts:
Net Income (Loss) Attributable to Chevron Corporation
– Basic	$	6.65		$	9.76		$	11.41
– Diluted	$	6.63		$	9.72		$	11.36
Dividends	$	6.84		$	6.52		$	6.04
Sales and Other Operating Revenues	$	184,432		$	193,414		$	196,913
Return on:
Capital Employed	6.6		%	10.1		%	11.9		%
Stockholders’ Equity	7.3		%	11.3		%	13.3		%
Earnings by Major Operating Area
Millions of dollars	2025			2024			2023
Upstream
United States	$	5,815		$	7,602		$	4,148
International	7,007			11,000			13,290
Total Upstream	12,822			18,602			17,438
Downstream
United States	1,375			531			3,904
International	1,647			1,196			2,233
Total Downstream	3,022			1,727			6,137
All Other	(3,545)			(2,668)			(2,206)
Net Income (Loss) Attributable to Chevron Corporation1,2	$	12,299		$	17,661		$	21,369
1 Includes foreign currency effects:	$	(469)		$	520		$	(224)
2 Income net of tax, also referred to as “earnings” in the discussions that follow.

Refer to the Results of Operations section for a discussion of financial results by major operating area for the three years ended December 31, 2025. Throughout the document, certain totals and percentages may not sum to their component parts due to rounding.

Business Environment and Outlook

Chevron Corporation is a global energy company with direct and indirect subsidiaries and affiliates that conduct substantial business activities in the following countries: Angola, Argentina, Australia, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Guyana, Israel, Kazakhstan, Malaysia, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Singapore, South Korea, Thailand, the United Kingdom, the United States and Venezuela.

The company’s objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. Earnings of the company depend mostly on the profitability of its upstream business segment. The most significant factor affecting the results of operations for the upstream segment is the price of crude oil, which is determined in global markets outside of the company’s control. In the company’s downstream business, crude oil is the largest cost component of refined products. Periods of sustained lower commodity prices could result in the impairment or write-off of specific assets in future periods and cause the company to adjust operating expenses, including employee reductions, and capital expenditures, along with other measures intended to improve financial performance.

Some governments, companies, communities and other stakeholders are supporting efforts to address climate change. International initiatives and national, regional and state legislation and regulations that aim to directly or indirectly reduce GHG emissions are in various stages of design, adoption and implementation. Some of these policies and programs include renewable and low carbon fuel standards; programs that price GHG emissions; performance standards; and measures that provide various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel. Requirements for these and other similar policies and programs are complex, ever changing, program specific and encompass: (1) the blending of renewable fuels into transportation fuels; (2) the purchasing, selling, utilizing and retiring of allowances and carbon credits; and (3) other emissions reduction measures including efficiency improvements and capturing GHG emissions. These compliance policies and programs have had and may continue to have negative impacts on the company now and in the future including, but not limited to, the displacement of hydrocarbon and other products and/or the impairment of assets. These policies have the potential to enable opportunities for Chevron in its oil and gas and lower carbon business lines. Although we expect the company’s costs to comply with these policies and


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

programs to continue to increase, these costs currently do not have a material impact on the company’s financial condition or results of operations.

Significant uncertainty remains as to the pace and extent to which a lower carbon future progresses, which is dependent, in part, on substantial advancements and changes in policy, technology, and customer and consumer preferences. The level of expenditure required to comply with new or potential climate change-related laws and regulations and the amount of additional investments needed in new or existing technology or facilities, such as carbon capture and storage, is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted, available technology options, customer and consumer preferences, the company’s activities and market conditions. Although the future is uncertain, many published outlooks conclude that fossil fuels will remain a significant part of an energy system that increasingly incorporates lower carbon sources of supply for many years to come.

Chevron supports a global approach to governments addressing climate change and continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy. Chevron believes that broad, market-based mechanisms are the most efficient approach to addressing GHG emission reductions. Chevron integrates climate change-related issues and the regulatory and other responses to these issues into its strategy and planning, capital investment reviews and risk management tools and processes, where it believes they are applicable. They are also factored into the company’s long-range supply, demand and energy price forecasts. These forecasts reflect estimates of long-range effects from climate change-related policy actions, such as electric vehicle and renewable fuel penetration, energy efficiency standards and demand response to oil and natural gas prices.

The company will continue to develop oil and gas resources to meet customers’ and consumers’ demand for energy. At the same time, Chevron believes that the future of energy is lower carbon. The company will continue to maintain flexibility in its portfolio to be responsive to changes in policy, technology, and customer and consumer preferences. Chevron aims to grow its oil and gas business, lower the carbon intensity of operations and grow new energies businesses. To grow new energies businesses, Chevron plans to leverage the company’s capabilities, assets, partnerships and customer relationships. The company’s oil and gas business may increase or decrease depending upon market, economic, legislative and regulatory forces, among other factors.

In 2021, Chevron announced aspirations and targets that align with its strategy. Chevron uses emissions intensity targets, which enable the company to assess, quantify and transparently communicate its own carbon performance in a standardized way. Chevron regularly evaluates its aspirations, targets and goals. The company has changed and/or eliminated some of these aspirations, targets and goals and may continue to do so in the future for various reasons, including market conditions; its strategy or portfolio; and financial, operational, policy, reputational, legal and other factors. For its aspiration to achieve net zero for upstream production Scope 1 and 2 GHG emissions on an equity basis by 2050, many of the necessary advancements in technology, policy and collective action have not occurred. As a result, Chevron is not on track to achieve the aspiration by 2050. While Chevron continues to have the aspiration, it will no longer use 2050 as a timeline.

The company’s ability to achieve any aspiration, target or goal is subject to numerous risks and contingencies, many of which are outside of Chevron’s control and persist. Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) successful generation, acquisition, retirement and accounting of cost-effective, verifiable carbon offsets from nature-based solutions or carbon capture and storage; (4) the availability of suppliers that can meet sustainability-related standards; (5) evolving regulatory requirements affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emission reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; and (8) actions taken by the company’s competitors. Please refer to “Risk Factors” in Part I, Item 1A, on pages 25 through 27 for further discussion of GHG regulation and climate change and the associated risks to Chevron’s business, including the risks impacting Chevron’s strategy, aspirations, targets and disclosures related to environmental, social, and governance matters.

2028 Upstream Production GHG Intensity Targets These metrics include Scope 1 (direct emissions) and Scope 2 (indirect emissions associated with imported electricity and steam) and are net of emissions from exported electricity and steam. The 2028 GHG emissions intensity targets on an equity ownership basis include:


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

•Oil production GHG intensity of 24 kilograms (kg) carbon dioxide equivalent per barrel of oil-equivalent (CO2e/boe),

•Gas production GHG intensity of 24 kg CO2e/boe,

•Methane intensity of 2 kg CO2e/boe, and

•Flaring GHG intensity of 3 kg CO2e/boe.

The company also targets zero routine flaring by 2030 as outlined in the World Bank’s “Zero Routine Flaring by 2030” initiative.

2028 Portfolio Carbon Intensity Target The company also introduced a portfolio carbon intensity (PCI) metric, which is a measure of the carbon intensity across the full value chain of Chevron’s entire business. This metric encompasses the company’s upstream and downstream business and includes Scope 1 (direct emissions), Scope 2 (indirect emissions from imported electricity and steam), and certain Scope 3 (primarily emissions from use of sold products) emissions. The company’s PCI target is 71 grams (g) carbon dioxide equivalent (CO2e) per megajoule (MJ) by 2028.

Income Taxes The effective tax rate for the company can change substantially during periods of significant earnings volatility. This is due to the mix effects that are impacted by both the absolute level of earnings or losses and whether they arise in higher or lower tax rate jurisdictions. As a result, a decline or increase in the effective income tax rate in one period may not be indicative of expected results in future periods. Additional information related to the company’s effective income tax rate is included in Note 17 Taxes to the Consolidated Financial Statements.

Supply Chain and Inflation Impacts The company is actively managing its contracting, procurement and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company’s operational goals. Third party costs for capital and operating expenses can be subject to external factors beyond the company’s control including, but not limited to: severe weather or civil unrest, delays in construction, global and local supply chain distribution issues, inflation, tariffs or other taxes imposed on goods or services, and market-based prices charged by the industry’s material and service providers. Chevron utilizes contracts with various pricing mechanisms, which may result in a lag before the company’s costs reflect changes in market trends.

Trends in the costs of goods and services vary by spend category. Chevron has applied inflation mitigation strategies to temper cost increases, including fixed price and index-based contracts. Lead times for key capital equipment remain long due to strong demand levels. Chevron has addressed equipment cost increases and long lead times by partnering with suppliers on demand planning, volume commitments, standardization, and scope optimization. The offshore market remains competitive for vessels and subsea equipment. In the United States, cost pressures for onshore drilling and completion equipment continue to ease.

In 2025, the U.S. announced the imposition of various changing tariffs on imports from our trade partners. The tariff impact in 2025 was less than one percent of the company’s third party spend and was not material to the company’s financial results. In first quarter 2026, the company continued to work with partners across its supply chain to identify alternative sourcing options and mitigate the impact of the tariffs. Although the U.S. Supreme Court struck down some global tariffs in February 2026, there remains significant uncertainty as to the duration and magnitude of any future tariffs that may be imposed as permitted under U.S. laws and, accordingly, as to the resultant impacts these tariffs could have on the company and its suppliers and the company’s future results of operations.

Acquisition and Disposition of Assets The company continually evaluates opportunities to dispose of assets that are not expected to provide sufficient long-term value and to acquire assets or operations complementary to its asset base to help augment the company’s financial performance and value growth. The company was targeting $10-15 billion of asset sales over the five-year period ending in 2028. From 2024 through January 2026, the company has generated approximately $9 billion of asset sales proceeds. Looking ahead, the company expects $1-2 billion in annual asset sale proceeds through 2030. Asset dispositions and restructurings may result in significant gains or losses in future periods.

In addition, some assets are divested along with their related liabilities, such as decommissioning obligations. In certain instances, such transferred obligations have returned and may continue to return to the company and result in losses that could be significant. For example, in fourth quarter 2023, the company recognized charges for decommissioning obligations from certain previously divested assets in the Gulf of America. In 2025, the company spent $297 million related to these obligations and anticipates spending an additional $200-300 million annually through 2033. To the extent the current owners of the company’s previously divested assets default on their decommissioning obligations, regulators


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

may require that Chevron assume such obligations. The company could have additional significant obligations revert, primarily in the United States. The company is not currently aware of any such obligations that are reasonably possible to be material. Refer to Note 24. Other Contingencies and Commitments for additional information.

In July 2025, the company completed its acquisition of Hess Corporation (Hess). Refer to Note 29. Acquisition of Hess Corporation for additional information.

Other Impacts The company closely monitors developments in the financial and credit markets, the level of worldwide economic activity, and the implications for the company of movements in prices for crude oil, natural gas and natural gas liquids (NGLs). Management takes these developments into account in the conduct of daily operations and for business planning.

The company has announced plans to achieve $3-4 billion in structural cost reductions by the end of 2026. These cost savings will largely come from optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including expanded use of global capability centers. In 2025, the company delivered $1.5 billion in structural cost savings, with $2 billion achieved in the annual run rate.

Comments related to earnings trends for the company’s major business areas are as follows:

Upstream Earnings for the upstream segment are closely aligned with industry prices for crude oil, natural gas and NGLs. These prices are subject to external factors over which the company has no control, including product demand connected with global economic conditions, industry production and inventory levels, technology advancements, production quotas or other actions imposed by OPEC+ countries, actions of regulators, weather-related damage and disruptions, competing fuel prices, natural and human causes beyond the company’s control, and regional supply interruptions or fears thereof that may be caused by military conflicts, civil unrest or political uncertainty. Any of these factors could also inhibit the company’s production capacity in an affected region. The company closely monitors developments in the countries in which it operates and holds investments and seeks to manage risks in operating its facilities and businesses.

The longer-term trend in earnings for the upstream segment is also a function of other factors, including the company’s ability to efficiently find, acquire and produce crude oil, natural gas and NGLs, changes in fiscal terms of contracts, the pace of energy transition, and changes in tax, environmental and other applicable laws and regulations.

Chevron has interests in Venezuelan assets operated by independent affiliates. Chevron has been conducting limited activities in Venezuela consistent with authorizations issued by the United States government. The financial results for Chevron’s business in Venezuela have been recorded as non-equity investments since 2020, where income is only recognized when cash is received, and production and reserves are not included in the company’s results. Following the issuance of a general license and other authorizations, crude oil liftings in Venezuela restarted in 2023. Chevron maintained its presence in Venezuela consistent with the U.S. government sanctions policy, and pursuant to this policy, continued delivering limited crude oil to the U.S. from these affiliates through January 2026. Based on recently revised authorizations that align with current U.S. sanctions policy for Venezuela, Chevron will continue delivery of crude oil produced from its Venezuelan assets to the U.S. and to the international market. Current geopolitical developments relating to Venezuela could have an impact on the company’s operations in Venezuela and, as a result, impact the company’s future results of operations.

Chevron maintains an equity interest in the Caspian Pipeline Consortium (CPC) which provides a primary export route for Tengiz field production in Kazakhstan. An adverse event or incident affecting CPC operations, which CPC has experienced from time to time, such as recent drone attacks, could have a negative impact on the Tengiz field and the company’s future results of operations and financial position. The financial impacts of such risks remain uncertain.

Governments (including Russia) have imposed and may impose additional sanctions and other trade laws, restrictions and regulations that could lead to disruption in our ability to produce, transport and/or export crude in the region around Russia.

Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in the Tamar field in Israel. The conflict between Israel and various regional adversaries has not significantly impacted the company’s operations, with the company continuing to maintain safe and reliable operations while meeting its contractual commitments. The company continues to monitor the potential for further conflict in the region, and any future impacts on the company’s results of operations and financial condition remain uncertain.

Commodity Prices The following chart shows the trend in benchmark prices for Brent crude oil, West Texas Intermediate (WTI) crude oil, and U.S. Henry Hub natural gas. The Brent price averaged $69 per barrel for the full-year 2025, compared


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

to $81 in 2024. As of mid-February 2026, the Brent price was $70 per barrel. The WTI price averaged $65 per barrel for the full-year 2025, compared to $76 in 2024. As of mid-February 2026, the WTI price was $63 per barrel. The majority of the company’s equity crude production is priced based on the Brent benchmark. Crude prices were lower in 2025 driven by supply growth in non-OPEC countries and slowing demand despite impacts from geopolitical conflicts and OPEC+ supply decisions.

Sources: Platts (crude) & Energy Intelligence (natural gas)

The U.S. Henry Hub natural gas price averaged $3.53 per thousand cubic feet (MCF) for the full-year 2025, compared to $2.25 in 2024. As of mid-February 2026, the Henry Hub price was $3.43 per MCF. In the U.S., higher Henry Hub prices were driven by higher weather-driven demand in the U.S. and increasing liquefied natural gas (LNG) export demand.

Outside the United States, prices for natural gas also depend on regional supply and demand, regulatory circumstances and infrastructure conditions in local markets. The company’s long-term contract prices for LNG are typically linked to crude oil prices. Most of the equity LNG offtake from the operated Australian LNG projects is committed under binding long-term contracts, with some sold in the Asian spot LNG market.

See page 46 for the company’s U.S. and international average realizations for each of the past three years.

Production The company’s worldwide net oil-equivalent production in 2025 was 3.7 million barrels per day, 12 percent higher than in 2024 primarily due to the acquisition of Hess and growth in TCO, the Permian Basin and the Gulf of America, which were partly offset by the impacts of asset sales. About 21 percent of the company’s net oil-equivalent production in 2025 occurred in OPEC+ member countries of Equatorial Guinea, Kazakhstan, Malaysia, Nigeria and the Partitioned Zone between Saudi Arabia and Kuwait.

The company estimates its net oil-equivalent production in 2026 to increase 7 to 10 percent over 2025, assuming a Brent crude oil price of $60 per barrel and excluding expected asset sales. This includes a full year contribution from Hess assets. This estimate is subject to many factors and uncertainties, including quotas or other actions that may be imposed by OPEC+; price effects on entitlement volumes; changes in fiscal terms or restrictions on the scope of company operations; delays in construction; reservoir performance; greater-than-expected declines in production from mature fields; start-up or ramp-up of projects; acquisition and divestment of assets; fluctuations in demand for crude oil and natural gas in various markets; weather conditions that may shut in production; civil unrest; changing geopolitics; delays in completion of maintenance turnarounds; storage constraints or economic conditions that could lead to shut-in production; or other disruptions to operations. The outlook for future production levels is also affected by the size and number of economic investment opportunities and the time lag between initial exploration and the beginning of production.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents


Net crude oil production Thousands of barrels per day


									Affiliates

									Europe

									Australia

									Asia

									Africa

									Other Americas

									United States


Net natural gas liquids production Thousands of barrels per day


									Affiliates

									Europe

									Australia

									Asia

									Africa

									Other Americas

									United States


Net natural gas production Millions of cubic feet per day


									Affiliates

									Europe

									Australia

									Asia

									Africa

									Other Americas

									United States


Net proved reserves by geographic area Billions of BOE*

Affiliates

Europe

Australia

Asia

Africa

Other Americas

United States

*barrels of oil-equivalent


Net proved reserves by product Billions of BOE*

Natural gas

Natural gas liquids

Crude oil

*barrels of oil-equivalent

Proved Reserves Net proved reserves for consolidated companies and affiliated companies totaled 10.6 billion barrels of oil-equivalent at year-end 2025, an increase from year-end 2024. The reserve replacement ratio in 2025 was 158 percent. The 5 and 10 year reserve replacement ratios were 91 percent and 95 percent, respectively. Refer to Table V for a tabulation of the company’s proved net oil and gas reserves by geographic area, at the beginning of 2023 and each year-end from 2023 through 2025, and an accompanying discussion of major changes to proved reserves by geographic area for the three-year period ending December 31, 2025.

Refer to the “Results of Operations” section on pages 42 through 43 for additional discussion of the company’s upstream business.

Downstream Earnings for the downstream segment are closely tied to margins on the refining, manufacturing and marketing of products that include gasoline, diesel, jet fuel, lubricants, fuel oil, fuel and lubricant additives, petrochemicals and renewable fuels. Industry margins are sometimes volatile and can be affected by the global and regional supply-and-demand balance for refined products and petrochemicals, and by changes in the price of crude oil, other refinery and petrochemical feedstocks, and natural gas. Industry margins can also be influenced by inventory levels, geopolitical events, costs of materials and services, refinery or chemical plant capacity utilization, maintenance programs, and disruptions at refineries or chemical plants resulting from unplanned outages due to severe weather, fires or other operational events.

Other factors affecting profitability for downstream operations include the reliability and efficiency of the company’s refining, marketing and petrochemical assets, the effectiveness of its crude oil and product supply functions, and the volatility of tanker-charter rates for the company’s shipping operations, which are driven by the industry’s demand for crude oil and product tankers. Other factors beyond the company’s control include the general level of inflation and energy costs to operate the company’s refining, marketing and petrochemical assets, and changes in tax, environmental, and other applicable laws and regulations.

The company’s most significant marketing areas are the West Coast and Gulf Coast of the United States and Asia Pacific. Chevron operates or has significant ownership interests in refineries in each of these areas.

Refer to the “Results of Operations” section on page 43 for additional discussion of the company’s downstream operations.

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

Noteworthy Developments

Key noteworthy developments and other events during 2025 and early 2026 included the following:

Angola Achieved first oil from the South N’dola platform, leveraging existing infrastructure.

Argentina Exercised option to participate in the Vaca Muerta Sur Pipeline Project to export crude from the Vaca Muerta shale to a new export terminal.

Australia Reached final investment decision (FID) on the Gorgon backfill development to connect the Geryon and Eurytion fields to existing infrastructure, enabling long-term supply of domestic gas in Western Australia and LNG in Asia.

Brazil Secured nine offshore blocks in the Foz do Amazonas Basin.

Guinea-Bissau Secured two frontier exploration blocks (Blocks 5B and 6B).

Guyana Achieved first oil at Yellowtail, the fourth development in the offshore Stabroek Block, and reached FID on the Hammerhead project, the seventh development.

Israel Reached FID on the Leviathan Gas Expansion project, which is expected to increase production capacity to 2.1 billion cubic feet per day and support increased exports to Egypt.

Kazakhstan Started production at the Future Growth Project and ramped up total production to approximately 1 million barrels of oil-equivalent per day at Tengiz.

Malaysia/Thailand JDA Completed the sale of the company’s interest in the Malaysia-Thailand Joint Development Area.

Namibia Secured exploration blocks in Petroleum Exploration License 82 (Blocks 2112B and 2212A) in Walvis Basin.

Nigeria Discovered hydrocarbons in two exploration and appraisal wells in the Delta South-AA in Petroleum Mining Lease 46 and the Awodi-07 in Petroleum Prospecting License 263 in shallow offshore water.

Peru Secured three offshore exploration blocks (Blocks Z-61, Z-62, and Z-63) in the Trujillo Basin.

Republic of Congo Completed the sale of the company’s interest in the Republic of Congo.

Suriname Secured two shallow water blocks (Blocks 9 and 10).

United States Completed the acquisition of Hess, creating a combined company with a premier upstream portfolio and achieving the initial run-rate synergy target of $1 billion.

United States Started and ramped up production at the Anchor, Ballymore, Stampede, and Whale fields in the deepwater Gulf of America.

United States Grew production in the Permian Basin by more than 10 percent with lower Capex compared to the prior year, reaching one million barrels of oil equivalent per day.

United States Discovered oil at the non-operated Far South well in the deepwater Gulf of America and secured additional exploration blocks in the Gulf of America.

United States Completed the sale of a portion of its interest in certain gas assets in East Texas and the sale of certain non-operated midstream pipelines and facilities.

United States Started production from the Geismar renewable diesel plant in Louisiana after completing an expansion that increased capacity from 7,000 to 22,000 barrels per day.

United States Entered the U.S. lithium sector and acquired approximately 135,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for direct lithium extraction.

United States Announced plans to provide power solutions to support U.S. data center growth, with the first project under development in West Texas.

United States Achieved the highest U.S. refinery throughput in 20 years through recent expansion projects and efficiency improvements.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

Common Stock Dividends The 2025 annual dividend was $6.84 per share, making 2025 the 38th consecutive year that the company increased its annual per share dividend payout. In January 2026, the company’s Board of Directors increased its quarterly dividend by $0.07 per share, approximately four percent, to $1.78 per share payable in March 2026.

Common Stock Repurchase Program The company repurchased $12.1 billion of its common stock in 2025 under its stock repurchase program. For more information on the common stock repurchase program, see Liquidity and Capital Resources.

Results of Operations

The following section presents the results of operations and variances on an after-tax basis for the company’s business segments – Upstream and Downstream – as well as for “All Other.” Earnings are also presented for the U.S. and international geographic areas of the Upstream and Downstream business segments. Refer to Note 14 Operating Segments and Geographic Data for a discussion of the company’s “reportable segments.” This section should also be read in conjunction with the discussion in Business Environment and Outlook. Refer to the Selected Operating Data for a three-year comparison of production volumes, refined product sales volumes and refinery inputs. A discussion of variances between 2024 and 2023 can be found in the “Results of Operations” section on pages 43 through 44 of the company’s 2024 Annual Report on Form 10-K filed with the SEC on February 21, 2025.


Worldwide Upstream earnings Billions of Dollars


									United States

									International


Worldwide Downstream earnings Billions of dollars


									United States

									International


U.S. refined product sales Thousands of barrels per day


									Other

									Fuel oil

									Diesel/Gas oil

									Jet fuel

									Gasoline


International refined product sales* Thousands of barrels per day

Other

Fuel oil

Diesel/Gas oil

Jet fuel

Gasoline

*includes equity share in affiliates

U.S. Upstream


	Unit *	2025		2024		2023
Earnings	$MM	$	5,815	$	7,602	$	4,148
Net Oil-Equivalent Production	MBOED	1,858		1,599		1,349
Liquids Production	MBD	1,341		1,152		997
Natural Gas Production	MMCFD	3,099		2,684		2,112
Liquids Realization	$/BBL	$	48.13	$	56.24	$	59.19
Natural Gas Realization	$/MCF	$	2.05	$	1.04	$	1.67
* MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day.

U.S. upstream earnings decreased by $1.8 billion, primarily due to lower liquids realizations of $2.4 billion, higher operating expenses of $2.0 billion, and higher depreciation, depletion and amortization of $1.4 billion, partly offset by higher sales volumes of $2.8 billion, and higher natural gas realizations of $800 million. All figures are inclusive of Hess.

Net oil-equivalent production was up 259,000 barrels per day, or 16 percent, primarily due to the acquisition of Hess and higher production in the Permian Basin and the Gulf of America.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

International Upstream


	Unit2	2025		2024		2023
Earnings1	$MM	$	7,007	$	11,000	$	13,290
Net Oil-Equivalent Production	MBOED	1,865		1,739		1,771
Liquids Production	MBD	962		823		833
Natural Gas Production	MMCFD	5,416		5,494		5,632
Liquids Realization	$/BBL	$	61.58	$	71.38	$	71.70
Natural Gas Realization	$/MCF	$	7.04	$	7.32	$	7.69
1 Includes foreign currency effects:		$	(408)	$	395	$	376
2 MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day.

International upstream earnings decreased by $4.0 billion, primarily due to higher DD&A of $2.8 billion, lower realizations of $2.0 billion, an unfavorable foreign currency effect of $803 million between periods, and the absence of prior year favorable asset sales impacts of $260 million, partly offset by higher liftings of $2.2 billion, and lower operating expenses of $470 million. All figures are inclusive of Hess.

Net oil-equivalent production was up 126,000 barrels per day, or 7 percent. The increase was primarily due to the acquisition of Hess and higher production at TCO in Kazakhstan, partly offset by impacts from asset sales in Canada and the Republic of Congo.

U.S. Downstream


	Unit *	2025		2024		2023
Earnings	$MM	$	1,375	$	531	$	3,904
Refinery Crude Unit Inputs	MBD	1,038		917		962
Refined Product Sales	MBD	1,317		1,286		1,287
* MBD — thousands of barrels per day.

U.S. downstream earnings increased by $844 million, primarily due to lower operating expenses of $730 million and higher margins on refined product sales of $580 million, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company of $440 million.

Refinery crude unit inputs were up 121,000 barrels per day, or 13 percent, primarily due to increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project.

Refined product sales were up 31,000 barrels per day, or 2 percent, compared to the year-ago period.

International Downstream


	Unit 2	2025		2024		2023
Earnings 1	$MM	$	1,647	$	1,196	$	2,233
Refinery Crude Unit Inputs	MBD	652		646		636
Refined Product Sales	MBD	1,484		1,495		1,445
1 Includes foreign currency effects:		$	(48)	$	126	$	(12)
2 MBD — thousands of barrels per day.

International downstream earnings increased by $451 million, primarily due to higher margins on refined product sales of $440 million and the absence of prior year impairments of $185 million, partly offset by foreign currency effects, which had an unfavorable impact on earnings of $174 million between periods.

Refinery crude unit inputs were up 6,000 barrels per day, or 1 percent from the year-ago period.

Refined product sales were down 11,000 barrels per day, or 1 percent from the year-ago period.

All Other


	Unit	2025		2024		2023
Net charges*	$MM	$	(3,545)	$	(2,668)	$	(2,206)
*Includes foreign currency effects:		$	(13)	$	(1)	$	(588)

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

Net charges increased by $877 million, primarily due to higher interest expense, and higher pension settlement and curtailment costs.

Consolidated Statement of Income

Comparative amounts for certain income statement categories are shown below. A discussion of variances between 2024 and 2023 can be found in the “Consolidated Statement of Income” section on pages 45 and 46 of the company’s 2024 Annual Report on Form 10-K.


Millions of dollars	2025		2024		2023
Sales and other operating revenues	$	184,432	$	193,414	$	196,913

Sales and other operating revenues decreased in 2025 mainly due to lower crude oil and refined product prices, partially offset by higher crude oil and refined product sales volumes and higher natural gas prices and volumes.


Millions of dollars	2025		2024		2023
Income (loss) from equity affiliates	$	3,000	$	4,596	$	5,131

Income from equity affiliates decreased in 2025 mainly due to lower upstream-related earnings from Tengizchevroil LLP (TCO) in Kazakhstan as higher liftings from the FGP project were more than offset by higher depreciation, depletion and amortization and lower realizations, and lower downstream-related earnings from CPChem primarily due to lower chemicals margins. These decreases were partially offset by higher downstream-related earnings from GS Caltex in South Korea. Refer to Note 15 Investments and Advances for a discussion of Chevron’s investments in affiliated companies.


Millions of dollars	2025		2024		2023
Other income (loss)	$	1,599	$	4,782	$	(1,095)

Other income decreased in 2025 mainly due to the absence of before tax gains on asset sales in Canada, an unfavorable swing in foreign currency effects, and lower income from Venezuela.


Millions of dollars	2025		2024		2023
Purchased crude oil and products	$	108,214	$	119,206	$	119,196

Purchased crude oil and products decreased in 2025 due to lower crude oil and refined product prices and volumes, partially offset by higher natural gas prices and volumes.


Millions of dollars	2025		2024		2023
Operating, selling, general and administrative expenses	$	33,131	$	32,298	$	29,028

Operating, selling, general and administrative expenses increased compared to last year primarily due to the acquisition of Hess and higher professional service costs, partially offset by lower severance accruals.


Millions of dollars	2025		2024		2023
Exploration expense	$	1,051	$	995	$	914

Exploration expenses in 2025 were relatively flat compared to last year.


Millions of dollars	2025		2024		2023
Depreciation, depletion and amortization	$	20,132	$	17,282	$	17,326

Depreciation, depletion and amortization expenses increased in 2025 primarily due to higher production and higher rates.


Millions of dollars	2025		2024		2023
Taxes other than on income	$	5,230	$	4,716	$	4,220

Taxes other than on income increased in 2025 primarily due to higher excise taxes related to downstream activities.


Millions of dollars	2025		2024		2023
Interest and debt expense	$	1,217	$	594	$	469

Interest and debt expenses increased in 2025 mainly due to higher debt balances, including debt assumed from the acquisition of Hess.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents


Millions of dollars	2025		2024		2023
Other components of net periodic benefit costs	$	313	$	195	$	212

Other components of net periodic benefit costs increased in 2025 primarily due to higher settlement and curtailment losses, partially offset by higher expected return on plan assets.


Millions of dollars	2025		2024		2023
Income tax expense (benefit)	$	7,258	$	9,757	$	8,173

The decrease in income tax expense in 2025 of $2.5 billion was primarily due to the decrease in total income before tax for the company of $7.8 billion, along with the absence of the tax impacts of the asset sales in Canada. The decrease in income before taxes for the company was primarily the result of higher upstream depreciation, depletion and amortization, lower upstream realizations, unfavorable foreign exchange impacts, and higher operating costs, partially offset by higher upstream sales volumes and higher downstream margins.

U.S. income before tax decreased from $8.1 billion in 2024 to $6.0 billion in 2025. This $2.1 billion decrease in income was primarily driven by lower upstream realizations, higher upstream depreciation, depletion and amortization and higher operating expenses, partially offset by higher upstream sales volumes and higher downstream margins. The decrease of $337 million in U.S. income tax expense between year-over-year periods, from $1.9 billion in 2024 to $1.6 billion in 2025, was primarily driven by the decrease in income before tax, partially offset by current period unfavorable tax items.

International income before tax decreased from $19.5 billion in 2024 to $13.8 billion in 2025. This $5.7 billion decrease in income was primarily driven by higher upstream depreciation, depletion and amortization, lower upstream realizations, unfavorable foreign exchange impacts and the absence of impacts related to the asset sales in Canada, partially offset by higher upstream sales volumes. The decrease of $2.2 billion in international income tax expense between year-over-year periods, from $7.9 billion in 2024 to $5.7 billion in 2025, was primarily driven by the decrease in income before tax, along with the absence of tax impacts of the asset sales in Canada.

Refer also to the discussion of the effective income tax rate in Note 17 Taxes.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

Selected Operating Data1,2


	Unit	2025		2024		2023
U.S. Upstream
Net Crude Oil and Natural Gas Liquids (NGLs) Production	MBD	1,341		1,152		997
Net Natural Gas Production3	MMCFD	3,099		2,684		2,112
Net Oil-Equivalent Production	MBOED	1,858		1,599		1,349
Sales of Natural Gas4	MMCFD	5,717		5,172		4,637
Sales of Natural Gas Liquids	MBD	536		490		354
Revenues from Net Production
Crude	$/BBL	$	62.22	$	73.47	$	75.04
NGLs	$/BBL	$	18.80	$	19.88	$	20.04
Liquids (weighted average of Crude and NGLs)	$/BBL	$	48.13	$	56.24	$	59.19
Natural Gas	$/MCF	$	2.05	$	1.04	$	1.67

International Upstream
Net Crude Oil and NGLs Production5	MBD	962		823		833
Net Natural Gas Production3	MMCFD	5,416		5,494		5,632

Net Oil-Equivalent Production5	MBOED	1,865		1,739		1,771
Sales of Natural Gas	MMCFD	5,535		5,678		6,025
Sales of Natural Gas Liquids	MBD	126		132		94
Revenues from Liftings
Crude	$/BBL	$	63.25	$	73.72	$	74.29
NGLs	$/BBL	$	21.19	$	26.49	$	24.01
Liquids (weighted average of Crude and NGLs)	$/BBL	$	61.58	$	71.38	$	71.7
Natural Gas	$/MCF	$	7.04	$	7.32	$	7.69

Worldwide Upstream
Net Oil-Equivalent Production5
United States	MBOED	1,858		1,599		1,349
International	MBOED	1,865		1,739		1,771
Total	MBOED	3,723		3,338		3,120

U.S. Downstream
Gasoline Sales6	MBD	685		667		642
Other Refined Product Sales	MBD	632		619		645
Total Refined Product Sales	MBD	1,317		1,286		1,287
Sales of Natural Gas4	MMCFD	28		28		32
Sales of Natural Gas Liquids	MBD	26		21		22
Refinery Crude Unit Inputs8	MBD	1,038		917		962

International Downstream
Gasoline Sales6	MBD	388		382		353
Other Refined Product Sales	MBD	1,096		1,113		1,092
Total Refined Product Sales7	MBD	1,484		1,495		1,445
Sales of Natural Gas4	MMCFD	1		—		1
Sales of Natural Gas Liquids	MBD	123		136		153
Refinery Crude Unit Inputs8	MBD	652		646		636
1 Includes company share of equity affiliates.
2 MBD – thousands of barrels per day; MMCFD – millions of cubic feet per day; MBOED – thousands of barrels of oil-equivalents per day; Bbl – barrel; MCF – thousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil; MBOED - thousands of barrels of oil-equivalent per day.
3 Includes natural gas consumed in operations:
United States	MMCFD	64		60		64
International	MMCFD	582		549		532
4 Downstream sales of Natural Gas separately identified from Upstream.
5 Includes net production of synthetic oil:
Canada	MBD	—		46		51
6 Includes branded and unbranded gasoline.
7 Includes sales of affiliates:	MBD	384		386		389
8 Includes crude oil and other inputs.


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents

Liquidity and Capital Resources

Sources and Uses of Cash The strength of the company’s balance sheet enables it to fund any timing differences throughout the year between cash inflows and outflows.

Cash, Cash Equivalents and Marketable Securities Total balances were $6.3 billion and $6.8 billion at December 31, 2025 and 2024, respectively. The company holds its cash with a diverse group of major financial institutions and has processes and safeguards in place designed to manage its cash balances and mitigate the risk of loss. Cash provided by operating activities in 2025 was $33.9 billion, compared to $31.5 billion in 2024, primarily as higher cash distributions from TCO and contributions from legacy Hess assets more than offset the impact of lower commodity prices. Between January and March 2025, Chevron purchased 15.38 million shares of Hess common stock in open market transactions for approximately $2.2 billion. Cash provided by operating activities was net of contributions to employee pension plans of approximately $588 million in 2025 and $844 million in 2024. Capital expenditures totaled $17.3 billion in 2025 compared to $16.4 billion in 2024. Proceeds and deposits related to asset sales and return of investments totaled $1.8 billion in 2025 compared to $7.7 billion in 2024. Net repayment (borrowing) of loans by equity affiliates included an inflow of $778 million in 2025 mainly due to a loan repayment from TCO, compared with an outflow of $233 million in the year ago period.

Restricted cash of $1.0 billion and $1.5 billion at December 31, 2025 and 2024, respectively, was held in cash and short-term marketable securities and recorded as “Deferred charges and other assets” and “Prepaid expenses and other current assets” on the Consolidated Balance Sheet. These amounts are generally associated with upstream decommissioning activities and tax payments. The decrease of restricted cash in 2025 is mainly due to the release of funds for tax-deferred exchanges.

Dividends Dividends paid to common stockholders were $12.8 billion in 2025 and $11.8 billion in 2024.

Debt and Finance Lease Liabilities Total debt, including finance lease liabilities, was $40.8 billion at December 31, 2025, up from $24.5 billion at year-end 2024. In 2025, the company issued $11.2 billion of public bonds, retired $4.0 billion of public bonds at maturity and reduced commercial paper balances. In third quarter 2025, the company also assumed $10.0 billion of debt and finance lease liabilities as part of the acquisition of Hess, including approximately $3.7 billion related to Hess Midstream Operations LP that is non-recourse to Chevron Corporation.

The company’s total debt due within one year, consisting primarily of the current portion of long-term debt and redeemable long-term obligations, totaled $10.9 billion at December 31, 2025, compared with $12.7 billion at year-end 2024. Of these amounts, $9.9 billion and $8.25 billion were reclassified to long-term debt at the end of 2025 and 2024, respectively, since settlement of these obligations was not expected to require the use of working capital within one year, as the company had the intent and the ability, as evidenced by committed credit facilities, to continue refinancing them.

The company has access to a commercial paper program as a financing source for working capital or other short-term needs. The company had $4.6 billion of commercial paper outstanding as of December 31, 2025, compared with $5.4 billion at December 31, 2024.

The company has an automatic shelf registration statement that expires in November 2027 for an unspecified amount of nonconvertible debt securities issued by Chevron Corporation or Chevron U.S.A. Inc. (CUSA).


Management’s Discussion and Analysis of Financial Condition and Results of Operations						Financial Table of Contents


Cash from operating activities compared with capital expenditures and cash returned to shareholders Billions of dollars


									Hess stock purchase

									Stock repurchases

									Capital expenditures

									Dividends

									Cash from operating activities


Capital expenditures by segment Billions of dollars


									All Other

									Downstream

									Upstream


Affiliate capital expenditures Billions of dollars


									Downstream

									Upstream

CHEVRON CORP 10-K