Chevron
What matters nowUpdated 6 h ago
- On October 6, 2026 Chevron agreed to transfer its Hess Midstream ownership and general partner stake, plus its DJ Basin crude midstream assets, to Hess Midstream for $200 million in cash, and expects a one-time after-tax loss of $3 to $4 billion at closing 1. On October 5 the board named Jeff Gustavson CFO effective January 1, 2027, while Eimear Bonner moves to president of Oil, Products & Gas 2.
- CVX traded at $218.29 on the pooled 24/7 venue price, up 1.94% from the previous close of $214.13. The latest flagged move was a 2.99% gain on October 8 (z-score 2.57).
- Trailing twelve-month revenue is $215.3 billion, net income $20.6 billion and EPS $10.40, up 33.8% year on year, with a net margin of 9.6%. Free cash flow was $27.0 billion (6.3% FCF yield), the P/E is 21.0 and market cap is $431.3 billion, all as of June 30, 2026. Insiders sold 8 times for $338.0 million over the last 180 days and bought nothing.
- Q2 2026 production reached a record 4.07 million boe/d, up about 20% year on year after the Hess acquisition, and US refineries ran at 97% crude unit utilization. Project Kilby, a 20-year Microsoft power purchase agreement signed June 22, 2026, has a final investment decision expected by the end of 2026, with first power targeted for 2028.
- Next: Q3 2026 earnings and the conference call are confirmed for October 30, 2026 at 15:00 UTC, and Q4 and full-year 2026 results are estimated for January 29, 2027. Polymarket odds put a no-change Fed decision after the October 2026 meeting at 81.5% and a 25 bp increase at 17.5%. The September CPI release is due October 14, 2026.
Chevron is a US integrated energy company. It produces crude oil and natural gas in the US, Kazakhstan, Guyana, Australia and other countries, runs LNG and gas-processing assets, and refines, markets and sells fuels, lubricants and petrochemicals. Its 2025 10-K reports total revenues and other income of $189.0 billion. The July 2025 Hess acquisition added Guyana assets and US production, and the company's near-term story rests on Permian and Gulf of America output growth, cost cuts and refinery runs.
How it makes money
Chevron earns most of its money from selling crude oil, natural gas and NGLs from its Upstream business, which is the bulk of its profit. The Downstream business refines crude into fuels and petrochemicals and sells them through its own marketing network and to third parties. Its growth plan is to lift production from low-cost assets (Permian, Gulf of America, Tengiz, Guyana), cut structural costs, and build new cash streams from power for data centers and lower-carbon businesses.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Upstream oil and gas production
Production hit a record 4.07 million boe/d in Q2 2026, up about 20% year on year, after the Hess acquisition.
Permian Basin
Named by management as a main driver of record US output in Q2 2026; also the gas supply for the Project Kilby power plant.
Gulf of America deepwater
Anchor started production in August 2024 and the Gulf of America is cited as a Q2 2026 growth driver.
Tengiz Future Growth Project (Kazakhstan)
First oil at the third processing plant in January 2025. Output is ramping toward about 1 million boe/d at the field.
Latest newsAll news →
Chevron to transfer Hess Midstream stake and DJ Basin assets for $200M
Chevron agreed to transfer its Hess Midstream ownership and general partner stake, plus its DJ Basin crude midstream assets, to Hess Midstream for $200 million in cash.
Jeff Gustavson becomes CFO in January 2027 as Bonner moves to Oil, Products & Gas
Chevron's board elected Jeff Gustavson chief financial officer, effective January 1, 2027, when he becomes principal financial officer.
Chevron ENGINE and IIT Madras launch energy technology incubation program
Chevron ENGINE and the Indian Institute of Technology Madras launched a joint program in Chennai to support early-stage energy technology teams.
Chevron signs consultancy deal with Basra Oil Company over West Qurna-2
Iraq's Oil Ministry signed a consultancy agreement with Chevron to advise Basra Oil Company during negotiations over developing the West Qurna-2 field.
Chevron plans more than $7B in Venezuela joint ventures to reach 600,000 b/d
Chevron said its Venezuelan joint ventures signed updated fiscal, commercial and legal terms and gained acreage, and it plans to invest more than $7 billion over five years.
Chevron's Angola unit confirms a condensate discovery in Block 0
Cabinda Gulf Oil Company, a Chevron subsidiary with a 39.2% working interest, confirmed an oil and gas condensate discovery at the 105-4X well in Block 0 offshore Angola.
Products & businesses
Upstream oil and gas production
Production hit a record 4.07 million boe/d in Q2 2026, up about 20% year on year, after the Hess acquisition.
Permian Basin
Named by management as a main driver of record US output in Q2 2026; also the gas supply for the Project Kilby power plant.
Gulf of America deepwater
Anchor started production in August 2024 and the Gulf of America is cited as a Q2 2026 growth driver.
Tengiz Future Growth Project (Kazakhstan)
First oil at the third processing plant in January 2025. Output is ramping toward about 1 million boe/d at the field.
Guyana Stabroek block (ex-Hess)
Hess's 30% interest in the Stabroek block, operated by ExxonMobil, came to Chevron with the Hess deal. Yellowtail started in August 2025.
Refining and marketing (Downstream)
US refineries ran a record crude throughput in Q2 2026 (97% crude unit utilization) while international runs fell on Middle East supply disruptions.
What it's building next
Project Kilby: power for Microsoft data center
Chevron signed a 20-year power purchase agreement with Microsoft on 22 June 2026. A final investment decision is expected by the end of 2026, with first power targeted for 2028.
Next: Final investment decision · 2026-12-31
Lower carbon and new energies
Build-out of carbon capture and storage, hydrogen, power, offsets and biofuels under the New Energies unit; the unit changes hands on 1 January 2027.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Upstream Exploration and production of crude oil and natural gas, LNG, crude export pipelines, natural gas processing, carbon capture and storage, and a gas-to-liquids plant. Q2 2026 Upstream earnings were $8.18 billion. | — | — | |
| Downstream Refining of crude oil, marketing of crude, refined products and lubricants, renewable fuels, transportation and petrochemicals. Q2 2026 Downstream earnings were $4.87 billion. | — | — |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.26B | $70.06B +56% | $48.61B +2% | $46.87Bd -10% | $49.73B -2% | $44.82B -12% | $47.61B -2% | $52.23Bd +11% | $50.67B -6% |
| Gross profit | $97.64B | $33.45Bd +86% | $20.34Bd +7% | $21.52Bd -3% | $22.33Bd +10% | $17.96Bd -12% | $19.00Bd -9% | $22.08Bd +18% | $20.22Bd -7% |
| Net income | $20.59B | $12.07B +385% | $2.21B -37% | $2.77Bd -14% | $3.54B -21% | $2.49B -44% | $3.50B -36% | $3.24Bd +43% | $4.49B -31% |
| EPS (diluted) | $10.40 | $6.11 +321% | $1.11 -44% | $1.36d -26% | $1.82 -27% | $1.45 -40% | $2.00 -33% | $1.84d +51% | $2.48 -29% |
| Operating cash flow | $45.32B | $22.63Bd +164% | $2.51B -52% | $10.79Bd +24% | $9.38Bd -3% | $8.58Bd +36% | $5.19B -24% | $8.70Bd -30% | $9.67Bd +0% |
| Capital expenditure | $18.31B | $4.54Bd +22% | $4.06B +3% | $5.26Bd +21% | $4.44Bd +10% | $3.71Bd -6% | $3.93B -4% | $4.34Bd -1% | $4.05Bd -13% |
| Share buybacks | $11.14B | $3.00Bd +16% | $2.57B -34% | $3.00Bd -33% | $2.57Bd -46% | $2.60Bd -13% | $3.92B +32% | $4.50Bd +32% | $4.75Bd +40% |
| Cash & equivalents | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 1.98B | 1.98B | 1.99B | 2.00B | 2.01B | 1.73B | 1.75B | 1.76B | 1.80B |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $189.03B -7% | $202.79B +1% | $200.95B -18% | $246.25B |
| Cost of revenue | $108.21B -9% | $119.21B +0% | $119.20B -18% | $145.42B |
| Gross profit | $80.82Bd -3% | $83.59Bd +2% | $81.75Bd -19% | $100.84Bd |
| Research & development | $427.0M +21% | $353.0M +10% | $320.0M +19% | $268.0M |
| Depreciation & amortization | $20.13B +16% | $17.28B -0% | $17.33B +6% | $16.32B |
| Interest expense | $1.22B +105% | $594.0M +27% | $469.0M -9% | $516.0M |
| Income tax | $7.26B -26% | $9.76B +19% | $8.17B -42% | $14.07B |
| Net income | $12.30B -30% | $17.66B -17% | $21.37B -40% | $35.47B |
| EPS (diluted) | $6.63 -32% | $9.72 -14% | $11.36 -38% | $18.28 |
| Dividends per share | $6.84 +5% | $6.52 +8% | $6.04 +6% | $5.68 |
| Diluted shares (weighted) | 1.86B | 1.82B | 1.88B | 1.94B |
| Operating cash flow | $33.94B +8% | $31.49B -12% | $35.61B -28% | $49.60B |
| Capital expenditure | $17.35B +5% | $16.45B +4% | $15.83B +32% | $11.97B |
| Share buybacks | $12.08B -21% | $15.23B +2% | $14.94B +33% | $11.26B |
| Dividends paid | $12.75B +8% | $11.80B +4% | $11.34B +3% | $10.97B |
| Cash & equivalents | — | — | $8.18B | $17.68B |
| Total assets | $324.01B | $256.94B | $261.63B | $257.71B |
| Total liabilities | $131.84B | $103.78B | $99.70B | $97.47B |
| Shareholders' equity | $186.45B | $152.32B | $160.96B | $159.28B |
| Shares outstanding | 2.00B | 1.76B | 1.86B | 1.91B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Chevron to transfer Hess Midstream stake and DJ Basin assets for $200M
Chevron agreed to transfer its Hess Midstream ownership and general partner stake, plus its DJ Basin crude midstream assets, to Hess Midstream for $200 million in cash.
Jeff Gustavson becomes CFO in January 2027 as Bonner moves to Oil, Products & Gas
Chevron's board elected Jeff Gustavson chief financial officer, effective January 1, 2027, when he becomes principal financial officer.
Chevron ENGINE and IIT Madras launch energy technology incubation program
Chevron ENGINE and the Indian Institute of Technology Madras launched a joint program in Chennai to support early-stage energy technology teams.
Chevron signs consultancy deal with Basra Oil Company over West Qurna-2
Iraq's Oil Ministry signed a consultancy agreement with Chevron to advise Basra Oil Company during negotiations over developing the West Qurna-2 field.
Chevron plans more than $7B in Venezuela joint ventures to reach 600,000 b/d
Chevron said its Venezuelan joint ventures signed updated fiscal, commercial and legal terms and gained acreage, and it plans to invest more than $7 billion over five years.
Chevron's Angola unit confirms a condensate discovery in Block 0
Cabinda Gulf Oil Company, a Chevron subsidiary with a 39.2% working interest, confirmed an oil and gas condensate discovery at the 105-4X well in Block 0 offshore Angola.
Chief Legal Officer R. Hewitt Pate sells 2,470 CVX shares at about $205
Chief Legal Officer R.
CEO Mike Wirth exercises 317,100 options and sells the shares near $200
Chairman and CEO Mike Wirth exercised 317,100 non-qualified stock options with an $88.20 strike on August 14, 2026, and sold the same number of shares in the market at weighted-average prices of about $200.44 and $201.05.
Chevron names Uriel Oseguera treasurer, succeeding retiring Navin Mahajan
Chevron said Uriel Oseguera, currently vice president of Upstream Business Performance and Finance, will become treasurer on November 1, 2026.
Director John Hess sells about 810,000 CVX shares near $194
Director John B.
Chevron Q2 2026 profit of $12.1B and $6.06 adjusted EPS; output up 20%
Chevron reported second-quarter 2026 net income of $12.07 billion, or $6.11 per diluted share, with adjusted earnings of $6.06 a share.
Tengiz output falls by more than half after CPC stops taking Kazakh crude
The Caspian Pipeline Consortium stopped accepting Kazakh crude and suspended loadings at its Black Sea terminal after its storage filled, following drone attacks on tankers near the terminal.
Kazakhstan's Energy Ministry sets a 40 Mt 2026 output target for Tengizchevroil
Kazakhstan's Energy Ministry said Tengizchevroil plans to produce up to 40 million tonnes of oil in 2026, about 2.6% more than in 2025.
Chevron Australia agrees five-year gas supply deal with Alinta Energy
Chevron Australia agreed to supply Alinta Energy with 46 petajoules of natural gas over five years, starting in July 2027.
Chevron licenses its shale surfactant technology to ZL Chemicals
Chevron Technical Center signed a licensing agreement that lets ZL Chemicals commercialize Chevron's chemical surfactant technology for improving recovery from shale and tight oil reservoirs.
Chevron signs 20-year power deal with Microsoft for 2.67 GW West Texas plant
Chevron's subsidiary Energy Forge One signed a 20-year power purchase agreement with Microsoft on 22 June 2026 for Project Kilby, a co-located gas-fired plant in West Texas that will supply a Microsoft-operated data center.
Chief Legal Officer R. Hewitt Pate to resign effective 31 December 2026
Chief Legal Officer R.
Chevron Q1 2026 adjusted EPS $1.41 after $360 million legal loss; output up 15%
Chevron reported first-quarter 2026 earnings of $2.21 billion, or $1.11 per diluted share, and adjusted earnings of $2.8 billion, or $1.41 per diluted share.
US Supreme Court sends Louisiana coastal suit against Chevron back for federal review
On 17 April 2026 the US Supreme Court ruled 8-0 in Chevron USA Inc.
Chevron flags $2.7-3.7 billion negative Q1 timing effects and Tengiz downtime
Chevron's first-quarter 2026 outlook shows after-tax timing effects of $(2.7) to $(3.7) billion, mostly in Downstream, as crude prices rose quickly.
Chevron raises quarterly dividend 4% to $1.78 per share
Chevron's board declared a quarterly dividend of $1.78 per share, a 4% increase, announced with the fourth-quarter 2025 results.
Chevron approves 2026 pay: Wirth salary to $1.975 million, larger equity grants
At its annual executive compensation review on 28 January 2026, Chevron's independent directors approved pay changes for four named executives effective 1 March 2026.
Chevron adds Thomas Horton to its board and Audit Committee
Chevron's board appointed Thomas W.
Chevron and partners approve $2.36 billion Leviathan gas expansion in Israel
Chevron and its Leviathan partners took a final investment decision on a gas production expansion at the Israeli field, announced on Friday 16 January 2026.
Chevron reports fiscal Q3 2025 results: revenue $49.73B, down 2% from a year earlier
Chevron filed a Form 8-K with the SEC on Oct 31, 2025, 6:16 AM ET, reporting an event dated Oct 31, 2025.
SEC filings
| Oct 6, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Oct 5, 26 | 8-K | 8-K: Director/Officer Change (Item 5.02) | sec.gov ↗ |
| Sep 23, 26 | SD | SD: Specialized disclosure (conflict minerals) | sec.gov ↗ |
| Sep 1, 26 | 4 | Form 4: HEWSON MARILLYN A (Director) — derivative/holdings only | sec.gov ↗ |
| Sep 1, 26 | 4 | Form 4: WARNER CYNTHIA J (Director) — derivative/holdings only | sec.gov ↗ |
| Aug 20, 26 | 4 | Form 4: Pate R. Hewitt (Chief Legal Officer) — open-market sale 2,470 sh | sec.gov ↗ |
| Aug 19, 26 | 4 | Form 4: Moyo Dambisa F (Director) — gift 350 sh | sec.gov ↗ |
| Aug 19, 26 | 4 | Form 4: Walz Andrew Benjamin (President, DM&C) — option exercise 16,800 sh, open-market sale 16,800 sh | sec.gov ↗ |
| Aug 18, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 18, 26 | 4 | Form 4: Wirth Michael K (Chairman and CEO, Director) — option exercise 317,100 sh, open-market sale 317,100 sh | sec.gov ↗ |
| Aug 17, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 14, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 13, 26 | 4 | Form 4: GUSTAVSON JEFF B (President, New Energies) — option exercise 14,044 sh, open-market sale 14,044 sh | sec.gov ↗ |
| Aug 13, 26 | N-PX | N-PX: Proxy voting record | sec.gov ↗ |
| Aug 13, 26 | 13F-HR | 13F-HR: Institutional holdings report | sec.gov ↗ |
| Aug 11, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 7, 26 | 4 | Form 4: Wirth Michael K (Chairman and CEO, Director) — open-market sale 5,547 sh | sec.gov ↗ |
| Aug 6, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Aug 5, 26 | 4 | Form 4: HESS JOHN B (Director) — open-market sale 810,665 sh, other 2,701,503 sh, option exercise 709,362 sh | sec.gov ↗ |
| Aug 5, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 3, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 3, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 31, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jun 24, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |
| Jun 24, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-18 | Pate R. Hewitt Chief Legal Officer | Sale | 2.5K | $205.11 | $506.6K |
| 2026-08-17 | Walz Andrew Benjamin President, DM&C | Sale | 16.8K | $201.06 | $3.4M |
| 2026-08-14 | Wirth Michael K Chairman and CEO, Director | Sale | 317.1K | $200.46 | $63.6M |
| 2026-08-11 | GUSTAVSON JEFF B President, New Energies | Sale | 14.0K | $194.95 | $2.7M |
| 2026-08-05 | Wirth Michael K Chairman and CEO, Director | Sale | 5.5K | $187.00 | $1.0M |
| 2026-08-03 | HESS JOHN B Director | Sale | 810.7K | $194.12 | $157.4M |
| 2026-05-20 | HESS JOHN B Director | Sale | 380.0K | $193.20 | $73.4M |
| 2026-05-06 | HESS JOHN B Director | Sale | 195.0K | $184.78 | $36.0M |
| 2026-03-30 | Pate R. Hewitt Chief Legal Officer | Sale 10b5-1 plan | 40.2K | $213.30 | $8.6M |
| 2026-03-06 | Pate R. Hewitt Chief Legal Officer | Sale 10b5-1 plan | 47.2K | $192.12 | $9.1M |
| 2026-03-02 | BONNER EIMEAR P Chief Financial Officer | Sale 10b5-1 plan | 17.4K | $190.60 | $3.3M |
| 2026-03-02 | Pate R. Hewitt Chief Legal Officer | Sale 10b5-1 plan | 58.0K | $188.65 | $10.9M |
| 2026-03-02 | Walz Andrew Benjamin President, DM&C | Sale | 11.6K | $188.58 | $2.2M |
| 2026-03-02 | Wirth Michael K Chairman and CEO, Director | Sale 10b5-1 plan | 272.6K | $189.35 | $51.6M |
| 2026-03-02 | NELSON MARK A Vice Chairman | Sale | 139.6K | $187.92 | $26.2M |
| 2026-02-27 | GUSTAVSON JEFF B President, New Energies | Sale | 6.7K | $186.04 | $1.2M |
| 2026-02-27 | BONNER EIMEAR P Chief Financial Officer | Sale 10b5-1 plan | 28.4K | $186.06 | $5.3M |
| 2026-02-27 | Pate R. Hewitt Chief Legal Officer | Sale 10b5-1 plan | 35.5K | $186.06 | $6.6M |
| 2026-02-18 | Knowles Alana K Controller | Sale | 2.4K | $183.28 | $441.3K |
| 2026-02-18 | Walz Andrew Benjamin President, DM&C | Sale | 1.5K | $183.83 | $268.9K |
| 2026-02-13 | Booth Thomas Ryder Chief Technology & Eng Ofr | Sale | 1.1K | $182.37 | $204.6K |
| 2026-02-12 | Walz Andrew Benjamin President, DM&C | Sale | 666 | $183.40 | $122.1K |
| 2026-02-12 | Booth Thomas Ryder Chief Technology & Eng Ofr | Sale | 11.1K | $184.40 | $2.0M |
| 2026-02-11 | Booth Thomas Ryder Chief Technology & Eng Ofr | Sale | 5 | $184.77 | $924 |
| 2026-02-03 | Booth Thomas Ryder Chief Technology & Eng Ofr | Sale | 6.0K | $178.43 | $1.1M |