olivLaw · US equity research
Chevron Corporation CVX
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
Chevron Corporation is an integrated energy company active in oil and gas production, refining and petrochemicals. Proved reserves reached 10.6 billion barrels of oil-equivalent at year-end 2025, and in the second quarter of 2026 Chevron reported net income of 12.1 billion dollars and a return on capital employed of 21.4 percent.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Chevron Corporation (CVX) stock was 216.96 USD (−3.69% on the day), with market capitalisation 428.7 bn USD, P/E 20.8 on diluted EPS of 10.43 USD over the last 12 months, dividend yield 3.22%, beta 0.25, 52-week range 146.75–235.52 USD. Latest reported quarter (Q2 2026): revenue of 70.1 bn USD (+56.3% YoY), net income of 12.1 bn USD (+384.8% YoY), diluted EPS 6.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 210.79 – 237.78
- in the lower half of the band · %B 0.23 · band width 12.0%
- SMA 50 / 200
- 214.38 / 194.20
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.13 / 5.33
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | −1.1% | +6.2 pp | — |
| 3 months | +16.4% | −0.5% | +16.8 pp | — |
| 6 months | +17.2% | +4.4% | +12.8 pp | — |
| Year to date | +42.4% | +12.3% | +30.0 pp | — |
| 1 year | +41.4% | +13.5% | +27.9 pp | +89.6% |
| 3 years | +47.0% | +76.4% | −29.4 pp | +126.3% |
| 5 years | +89.1% | +63.7% | +25.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50.7 bn | 52.2 bn | 47.6 bn | 44.8 bn | 49.7 bn | 46.9 bn | 48.6 bn | 70.1 bn |
| Cost of revenue | 30.5 bn | 30.1 bn | 28.6 bn | 26.9 bn | 27.4 bn | 25.3 bn | 28.3 bn | 36.6 bn |
| SG&A | 1.2 bn | 1.6 bn | 1.2 bn | 889.0 m | 1.5 bn | 1.5 bn | 1.1 bn | 1.3 bn |
| Depreciation & amortisation | 4.2 bn | 5.0 bn | 4.1 bn | 4.3 bn | 5.8 bn | 5.9 bn | 5.8 bn | 6.1 bn |
| Interest expense | 164.0 m | 199.0 m | 212.0 m | 274.0 m | 370.0 m | 361.0 m | 345.0 m | 352.0 m |
| Pre-tax income | 6.5 bn | 6.1 bn | 5.6 bn | 4.1 bn | 5.4 bn | 4.6 bn | 3.9 bn | 16.7 bn |
| Income tax | 2.0 bn | 2.8 bn | 2.1 bn | 1.6 bn | 1.8 bn | 1.8 bn | 1.7 bn | 4.5 bn |
| Net income | 4.5 bn | 3.2 bn | 3.5 bn | 2.5 bn | 3.5 bn | 2.8 bn | 2.2 bn | 12.1 bn |
| Diluted EPS | 2.48 | 1.82 ≈ | 2.00 | 1.45 | 1.82 | 1.39 ≈ | 1.11 | 6.11 |
| Operating cash flow | 9.7 bn ≈ | 8.7 bn | 5.2 bn | 8.6 bn ≈ | 9.4 bn ≈ | 10.8 bn | 2.5 bn | 22.6 bn ≈ |
| Capex | 4.1 bn ≈ | 4.3 bn | 3.9 bn | 3.7 bn ≈ | 4.4 bn ≈ | 5.3 bn | 4.1 bn | 4.5 bn ≈ |
| Dividends paid | 2.9 bn ≈ | 2.9 bn | 3.0 bn | 2.9 bn ≈ | 3.4 bn ≈ | 3.4 bn | 3.5 bn | 3.5 bn ≈ |
| Share repurchases | 4.8 bn ≈ | 4.5 bn | 3.9 bn | 2.6 bn ≈ | 2.6 bn ≈ | 3.0 bn | 2.6 bn | 3.0 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 64 percentile of its own 36-quarter history (min 8.2, median 17.0, max 139.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 166.3 bn | 146.5 bn | 94.7 bn | 162.5 bn | 246.3 bn | 200.9 bn | 202.8 bn | 189.0 bn |
| Revenue YoY | +17.4% | −11.9% | −35.4% | +71.6% | +51.6% | −18.4% | +0.9% | −6.8% |
| Net income | 14.8 bn | 2.9 bn | -5.5 bn | 15.6 bn | 35.5 bn | 21.4 bn | 17.7 bn | 12.3 bn |
| Net income YoY | +61.2% | −80.3% | −289.6% | unavailable | +127.0% | −39.7% | −17.4% | −30.4% |
| Diluted EPS | 7.74 | 1.54 | -2.96 | 8.14 | 18.28 | 11.36 | 9.72 | 6.63 |
| Diluted EPS YoY | +59.6% | −80.1% | −292.2% | unavailable | +124.6% | −37.9% | −14.4% | −31.8% |
| net % | 8.9% | 2.0% | -5.9% | 9.6% | 14.4% | 10.6% | 8.7% | 6.5% |
| Free cash flow | 16.8 bn | 13.2 bn | 1.7 bn | 21.1 bn | 37.6 bn | 19.8 bn | 15.0 bn | 16.6 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.3 bn USD
- Financial debt
- 10.9 bn USD
- Net debt
- 3.6 bn USD
- Equity
- 192.2 bn USD
- Total assets
- 324.0 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 1.15x
- ROE
- 7.1%
- ROA
- 4.2%
- FCF margin
- 8.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 94.7 bn | 162.5 bn | 246.3 bn | 200.9 bn | 202.8 bn | 189.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 52.1 bn | 92.2 bn | 145.4 bn | 119.2 bn | 119.2 bn | 108.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 42.5 bn ≈ | 70.2 bn ≈ | 100.8 bn ≈ | 81.8 bn ≈ | 83.6 bn ≈ | 80.8 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Research & development | 435.0 m | 268.0 m | 268.0 m | 320.0 m | 353.0 m | 427.0 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 4.2 bn | 4.0 bn | 4.3 bn | 4.1 bn | 4.8 bn | 5.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 19.5 bn | 17.9 bn | 16.3 bn | 17.3 bn | 17.3 bn | 20.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Interest expense | 697.0 m | 712.0 m | 516.0 m | 469.0 m | 594.0 m | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -7.5 bn | 21.6 bn | 49.7 bn | 29.6 bn | 27.5 bn | 19.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -1.9 bn | 6.0 bn | 14.1 bn | 8.2 bn | 9.8 bn | 7.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -5.5 bn | 15.6 bn | 35.5 bn | 21.4 bn | 17.7 bn | 12.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -2.96 | 8.14 | 18.28 | 11.36 | 9.72 | 6.63 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 1.9 bn | 1.9 bn | 1.9 bn | 1.9 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 5.16 | 5.31 | 5.68 | 6.04 | 6.52 | 6.84 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.6 bn | 5.6 bn | 17.7 bn | 8.2 bn | 8.3 bn | 7.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 9.5 bn | 16.4 bn | 18.2 bn | 17.6 bn | 18.3 bn | 16.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 5.7 bn | 6.8 bn | 8.2 bn | 8.6 bn | 9.1 bn | 9.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 26.1 bn | 33.7 bn | 50.3 bn | 41.1 bn | 40.9 bn | 38.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 156.6 bn | 147.0 bn | 143.6 bn | — | — | — | SEC (XBRL)· 04 May 2023verified |
| Goodwill | 4.4 bn | 4.4 bn | 4.7 bn | 4.7 bn | 4.6 bn | 4.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 239.8 bn | 239.5 bn | 257.7 bn | 261.6 bn | 256.9 bn | 324.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 11.0 bn | 16.5 bn | 19.0 bn | 20.4 bn | 22.1 bn | 19.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 11.4 bn | 8.0 bn | 6.0 bn | 5.1 bn | 12.7 bn | 10.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 25.7 bn | 25.7 bn | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Current liabilities | 22.2 bn | 26.8 bn | 34.2 bn | 32.3 bn | 38.6 bn | 33.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 107.1 bn | 99.6 bn | 97.5 bn | 99.7 bn | 103.8 bn | 131.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 132.7 bn | 139.9 bn | 160.2 bn | 161.9 bn | 153.2 bn | 192.2 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.6 bn | 29.2 bn | 49.6 bn | 35.6 bn | 31.5 bn | 33.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 8.9 bn | 8.1 bn | 12.0 bn | 15.8 bn | 16.4 bn | 17.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 1.7 bn ≈ | 21.1 bn ≈ | 37.6 bn ≈ | 19.8 bn ≈ | 15.0 bn ≈ | 16.6 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -7.0 bn | -5.9 bn | -12.1 bn | -15.2 bn | -8.9 bn | -15.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -3.7 bn | -23.1 bn | -25.0 bn | -30.1 bn | -23.5 bn | -19.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 9.7 bn | 10.2 bn | 11.0 bn | 11.3 bn | 11.8 bn | 12.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 1.8 bn | 1.4 bn | 11.3 bn | 14.9 bn | 15.2 bn | 12.1 bn | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 428.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation58
- Returns89
- Quality80
- Balance sheet38
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 84.19 – 230.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)154.08 – 230.07 (Mid 183.76)WACC 9.3% · starting FCFF 28.0 bn USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 2.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E84.19 – 112.18 (Mid 86.10)4 companies used · median multiple 8.3x · quartiles 8.1x – 10.8xCOP, MPC, PSX, VLO
- Dividend discount (DDM)89.88 – 120.88 (Mid 103.10)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.6% | 60 (vs peers) | 10% |
| FCF conversion · Quality | 131.2% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -8.4% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -28.7% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 20.8x | 42 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.3% | 79 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 51.3% | 98 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial38/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns89/100 · 2/2 factors with a value
- Valuation58/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Chevron Corp (CVX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 189.0 bn USD in 2025; YoY growth -6.8%; net margin 9.6%; ROE 12.2%.
The estimated value range is 89.88–120.88 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 103.10 USD, the price of 216.96 USD leaves a potential of -52.5% (value / price − 1) and a margin of safety of -110.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 131.2%
- FCF yield: 6.3%
- Shareholder yield (distributions): 5.8%
- Payout ratio (FCF): 51.3%
What contradicts it
- Revenue CAGR 3Y: -8.4%
- EPS CAGR 3Y: -28.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 56.0 bn and 3,582.9 bn (within 8× of the company's); 12 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +41% / +47% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
1- and 3-year price returns: for CVX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 115.95 Total return -44% · Per year -44% | 206.03 Total return -2% · Per year -2% | 311.75 Total return 47% · Per year 47% |
| 3 years | 92.07 Total return -51% · Per year -21% | 185.94 Total return -6% · Per year -2% | 311.75 Total return 55% · Per year 16% |
| 5 years | 73.11 Total return -57% · Per year -16% | 167.81 Total return -9% · Per year -2% | 311.75 Total return 62% · Per year 10% |
- Exit P/E± 46.48
- Net margin± 32.54
- Annual revenue growth± 29.39
- Annual dilution± 2.73
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results).
In brief
Chevron Corporation is an integrated energy company active in oil and gas production, refining and petrochemicals. Proved reserves reached 10.6 billion barrels of oil-equivalent at year-end 2025 1, and in the second quarter of 2026 Chevron reported net income of 12.1 billion dollars and a return on capital employed of 21.4 percent 23.
SWOT
Strengths
Weaknesses
- Profitability depends heavily on crude oil prices, which are set in global markets outside the company's control 2.
- Higher depreciation, depletion and amortization after the Hess acquisition has weighed on upstream margins 2.
- Insurance coverage is limited and the company is to a substantial extent self-insured for major incidents 1.
Opportunities
Threats
- Prolonged declines in crude and gas prices could materially affect results, investment and reserves 1.
- Climate policy and the energy transition could reduce long-term demand for petroleum products 2.
- Geopolitical tensions and conflicts in the Middle East and Ukraine could disrupt operations and supply 13.
Risks
- Volatility of oil and gas priceshigh
Market prices, shaped by demand, OPEC and geopolitical events, could materially affect earnings, production and reserves if they stay low for long periods 1.
- Resource developmentmedium
If the company does not replace its production with economic new resources, its business could decline, depending on exploration success and large projects 1.
- Operational and environmental hazardshigh
Operations can be disrupted by natural events, accidents, cyberattacks or conflict, and the company does not insure fully against all losses 1.
- Integration of the Hess acquisitionmedium
If anticipated synergies and growth are not achieved on the expected timetable, financial results could be affected 1.
- Litigation and regulationmedium
The company may face liability or project delays from litigation or government action on environmental and health matters 1.
Investment thesis
What would need to be true (bull case)
- Record U.S. production, the Hess integration and realized synergies could support solid cash flow if prices remain favorable 23.
- Debt reduction and the structural cost program could strengthen the balance sheet and the funding of long-term projects 3.
- Data center power agreements and potential Iraqi projects could diversify the company's revenue sources 3.
What would break the thesis
- Earnings depend heavily on crude prices, and a prolonged decline could sharply reduce results and investment 12.
- Climate policies and shifting consumer preferences could reduce long-term demand for petroleum products 2.
- Geopolitical risks and Middle East disruptions could affect production and refinery supply 3.
What to watch
- Production performance against the 2026 growth guidance2026
- Delivery of Hess synergies and structural cost reductionsQ4 2026
- Closing of the sale of the Singapore Refining Company interest2027
- Next annual report with updated proved reserves and new projectsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (30 Oct 2026 · results).
The business
Chevron manages its investments in subsidiaries and provides administrative, financial and technology support for integrated energy and chemicals operations 1. The upstream segment covers exploration, development and production of crude oil and natural gas, along with LNG and gas storage 1. The downstream segment covers crude refining, marketing of petroleum products, renewable fuels and petrochemicals 1.
Segments
Market context
Trends
- High crude oil pricesmixed
Higher crude and gas prices supported realizations and quarterly earnings; if prices fell for a prolonged period, upstream revenues could be affected 21.
- Integration of the Hess acquisitiontailwind
The Hess acquisition added volumes and cost synergies that could support production growth if integration proceeds as planned 3.
- Energy transitionheadwind
Emissions policies and shifting consumer preferences could reduce long-term demand for petroleum products 12.
- Power demand from data centerstailwind
The Microsoft power agreement could open new revenue streams if the projects are developed as planned 3.
Competitive position
Chevron competes with fully integrated major petroleum companies, independent companies and national petroleum companies, both upstream for acquisition of leases and equipment and downstream in refining and sales 1. Competition also arises in petrochemicals and in the supply of fuels and lubricants 1.
The company describes industry-wide competition in its filings without naming individual competitors, so the list below reflects the competitor categories described in the sources 1.
- Fully integrated major petroleum companies
Compete with Chevron in upstream and downstream for resources, refining and product sales 1.
- Independent petroleum companies
Compete for exploration leases and production properties 1.
- National petroleum companies
Active in resource acquisition and in supplying refined products 1.
- Independent refining and petrochemical entities
Compete in refining, manufacturing and sale of fuels, lubricants and petrochemicals 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report05 Oct 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Current report29 May 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Current report09 Apr 2026Results of operations
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Chevron Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Chevron Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Chevron Corporation · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.