Chevron Corp

Chevron, incorporated in 1926 as Standard Oil Company of California, is an integrated energy company: it works at every stage from oil field to fuel pump. Its upstream business finds and produces crude oil and natural gas, and turns gas into liquefied natural gas (LNG) for shipping overseas. Its downstream business refines crude into fuels and sells them along with lubricants, additives, renewable fuels and petrochemicals, the chemical building blocks of plastics. Customers range from industrial buyers to drivers at service stations.

Chevron makes money by selling what it produces and refines, at prices set mostly by global supply and demand, so its profits rise and fall with oil and gas prices. In fiscal 2025, revenue was $189.0 billion, down 6.8% from fiscal 2024, and net income was $12.3 billion.

Operations span North America, South America, Europe, Africa, Asia and Australia. At the end of 2025, Chevron's proved reserves (oil and gas it is reasonably certain it can produce profitably) were about 10.6 billion barrels of oil-equivalent, counting gas in oil terms. That was 8% more than a year earlier. The largest additions came from the Hess Corporation acquisition, Permian Basin shale and newly approved projects in Australia and Guyana. Of the total, 43% was in the United States, 15% in Australia and 11% in Kazakhstan.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $70.06B, up 56.3% from a year earlier, and net income was $12.07B (+384.8%).
• For fiscal 2025, revenue was $189.03B (-6.8% year over year; +14.8% a year from FY2020 to FY2025) with a 6.5% net margin.

• Over FY2021–FY2025: $54.88B in buybacks and $57.03B in dividends.
• Regular dividend per share increased 8 years in a row.
• Regular dividends per share grew +5.8% a year over 5 years (FY2020–FY2025).
• Dividends took 103.7% of earnings and 76.9% of free cash flow in the latest fiscal year.
• Shares outstanding changed +2.5% from Sep 30, 2021 to Jun 30, 2026.

Rank among 1514 US companies

Market value at each year end

Chevron’s market value went from $222.19B at the end of 2016 to $450.02B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 47%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 23 sales ($311.8M), 2 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in CVX

1. The Hess acquisition may fall short. Chevron may not get the expected benefits from acquiring Hess, and the deal could disrupt its plans. A subsidiary manages Hess Midstream LP, a publicly traded partnership, as general partner, which may bring legal liability.
2. Oil and gas prices drive profits. Chevron's results depend most on oil and gas prices, which swing with the economy, OPEC output limits and the pace of the energy transition. Long slumps can cut earnings and cash flow and force asset write-downs.
3. It must keep replacing the oil it pumps. Unless Chevron replaces what it produces through discoveries, acquisitions or new technology, and finishes long, costly projects on budget and on schedule, its business will decline.
4. Storms, wars and unrest can halt operations. Chevron works in remote and sometimes harsh regions. Hurricanes, wildfires, wars such as the Russia–Ukraine and Middle East conflicts, and political tensions in places like Venezuela could suspend operations or harm people.
5. Accidents may not be fully insured. Oil, gas and chemical operations carry built-in hazards that need constant oversight. Chevron does not insure against every possible loss, so a major accident could leave it with large uninsured costs.
6. Political, legal and tax changes. Political instability or major shifts in laws and regulations where Chevron operates could harm the business. Changes to tax laws could also expose the company to additional tax bills.

• Oct 30, 2026 Quarterly results released
• Oct 6, 2026 Investor presentation or announcement; Other company announcement
• Oct 5, 2026 Executive or board change
• Jul 31, 2026 Quarterly results released
• May 29, 2026 Shareholder vote results
• May 29, 2026 Executive or board change
• May 1, 2026 Quarterly results released
• Apr 9, 2026 Quarterly results released
• Mar 25, 2026 Bylaws or fiscal year changed
• Jan 30, 2026 Executive or board change

Chevron has raised its dividend for 8 years in a row. Dividends per share grew from $5.16 in fiscal 2020 to $6.84 in fiscal 2025, about 5.8% a year, and the yield was 2.99% as of October 30, 2026. In fiscal 2025, Chevron paid out more than it earned: dividends equaled 103.7% of net income, though they took 76.9% of free cash flow (cash left after capital spending). It also spent $54.9 billion on buybacks from fiscal 2021 to 2025, yet its share count rose 2.5% between September 2021 and June 2026.

In downturns, the shares have fallen hard. They dropped 43.8% in the 2008 financial crisis and took about 23 months to recover, and fell 51% in the 2020 COVID crash, recovering in about 11 months. In the 2022 bear market, when stocks broadly fell, they gained 35.9%, despite a 24.9% drop that summer. Like any single stock, Chevron carries more risk than a diversified fund.