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What changed in Chevron Corporation's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Chevron Corporation's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+587 added−557 removedSource: 10-K (2026-02-24) vs 10-K (2025-02-21)

Top changes in Chevron Corporation's 2025 10-K

587 paragraphs added · 557 removed · 448 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

167 edited+64 added−57 removed96 unchanged
Biggest changeComponents 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) 2024 2023 2024 2023 2024 2023 2024 2023 United States 1,599 1,349 782 710 370 287 2,684 2,112 Other Americas Argentina 51 43 43 37 — — 47 36 Canada 3,4 132 132 104 109 6 5 131 110 Total Other Americas 183 175 147 146 6 5 178 146 Africa Angola 64 67 52 55 4 4 48 48 Equatorial Guinea 46 49 9 11 5 5 191 198 Nigeria 129 147 96 104 3 5 183 227 Republic of Congo 28 30 26 28 — — 10 9 Total Africa 267 293 183 198 12 14 432 482 Asia Bangladesh 99 104 3 3 — — 577 610 China 29 30 7 9 — — 132 126 Indonesia 5 — 3 — 1 — — — 11 Israel 100 95 1 1 — — 592 566 Kazakhstan 45 45 26 26 — — 113 114 Myanmar 6 4 15 — — — — 22 87 Partitioned Zone 61 61 60 60 — — 5 6 Thailand 47 42 14 10 — — 200 192 Total Asia 385 395 111 110 — — 1,641 1,712 Australia Australia 479 488 40 40 2 2 2,625 2,678 Total Australia 479 488 40 40 2 2 2,625 2,678 Europe United Kingdom 12 14 11 12 — — 7 11 Total Europe 12 14 11 12 — — 7 11 Total Consolidated Companies 2,925 2,714 1,274 1,216 390 308 7,567 7,141 Affiliates 7 413 406 286 281 25 25 611 603 Total Including Affiliates 8 3,338 3,120 1,560 1,497 415 333 8,178 7,744 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 51 46 51 — — — — 4 Canada Duvernay shale and AOSP assets were sold in December 2024. 5 Indonesia Deepwater assets were sold in 2023. 6 Chevron withdrew from Myanmar in April 2024. 7 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan and Angola LNG in Angola. 8 Volumes include natural gas consumed in operations of 609 million and 596 million cubic feet per day in 2024 and 2023, respectively.
Biggest changeComponents 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 Canada 3,4 48 132 46 104 6 10 131 Guyana 5 120 — 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 / JDA 6 17 — 2 — 92 — Myanmar 7 — 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 Affiliates 8 538 413 398 286 27 25 677 611 Total Including Affiliates 9 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.
Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are the major factors in determining worldwide supply.
Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are major factors in determining worldwide supply.
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 YoYo and the Yolanda fields located in Equatorial Guinea Block I.
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.
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 of fossil fuel equities and urging lenders to limit funding to companies engaged in the extraction of fossil fuel reserves.
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.
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 20 Table of Contents 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 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.
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 21 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.
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 standards and processes and emergency response plans that address significant risks identified through site-specific risk and impact assessments.
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 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 has a 62.9 percent-owned and operated interest in the unit areas containing the Anchor Field, located in the Green Canyon area.
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.
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 2024, the St.
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.
Chevron 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.
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.
Chevron leverages its in-house expertise to undertake internal 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 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.
Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations 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 in Business Environment and Outlook on pages 35 through 37 for further discussion of climate change related trends and uncertainties.
The company 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.
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.
The asset is comprised of stacked formations enabling production from 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.
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.
These activities are managed by the Oil, Products and Gas organization. Tabulations of segment income statements for the three years ended December 31, 2024, and assets as of the end of 2024 and 2023 — 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.
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.
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, 2024, the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas properties throughout the world.
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.
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 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.
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 25 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.
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 in the Middle East and the military conflict between Russia and Ukraine; accidents; civil unrest; political events; 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.
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.
Approximately 370 of these outlets are company-owned or -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.
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.
Chevron’s 2024 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 .
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 .
Our failure or 26 Table of Contents 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.
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.
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 2024, 2023 and 2022.
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.
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. 11 Table of Contents Argentina Chevron has a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta shale.
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.
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.
Net daily oil-equivalent production can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.
In addition, litigation or changes in national, state or local environmental regulations or laws, including those 23 Table of Contents 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.
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.
Additionally, Chevron holds a 30 percent nonoperated working interest in the Usan Field in OML 138 that expires in 2042. 13 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.
Additionally, Chevron holds a 30 percent nonoperated working interest in the Usan Field in OML 138 that expires in 2042. 14 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.
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.
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.
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. 6 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 2024, 2023 and 2022.
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. 5 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.
For example, increasing attention to ESG matters, including climate change, has resulted and may result in the future in shifting demand for our hydrocarbon products, and have resulted in additional litigation and governmental investigations, or threats thereof, against the company. For instance, we have received investigative requests and demands from the U.S.
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.
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.
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.
Angola-Republic of Congo (ROC) Joint Development Area Chevron operates and holds a 15.5 percent 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, the company sold its interest in the ROC portion of Lianzi, while retaining the Angolan portion .
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.
This project should allow 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.
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.
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 business.
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 22 Table of Contents business.
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 Chevron New Energies organization.
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.
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, 2024.
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.
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, 2024.
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.
The Clair Field currently consists of two platform drilling centers: the original Clair Phase 1 and a later added Clair Ridge center. The company is assessing a third drilling center to develop further resources in the area. The Clair Field has an estimated remaining production life extending beyond 2050.
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.
The cyber risk landscape changes over time due to a variety of internal and external factors, 21 Table of Contents including during organizational changes, relocating work to international geographies, or other corporate transactions; political tensions; war or other military conflicts; or civil unrest.
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.
Dry United States 2 1 5 2 — 2 3 2 Other Americas — — 1 — — — 1 1 Africa 1 — 1 1 — — 1 — Asia — — 3 2 1 — 2 — Australia — — — — — — — — Europe — — — — — — — — Total Consolidated Companies 3 1 10 5 1 2 7 3 Affiliates — — — — — — — — Total Including Affiliates 3 1 10 5 1 2 7 3 * Gross wells represent the total number of wells in which Chevron has an ownership interest.
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.
CTC 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.
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.
Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Australia, Bangladesh, Canada, Equatorial Guinea, Kazakhstan, Israel, Nigeria and Thailand.
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 also to Delivery Commitments for information related to the company’s delivery commitments for the sale of crude oil and natural gas. 16 Table of Contents Downstream Refining Operations At the end of 2024, the company had a refining network capable of processing 1.8 million barrels per day.
Refer also to Delivery Commitments for information related to the company’s delivery commitments for the sale of crude oil and natural gas. 17 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.
These include additional fuel solutions utilizing hydrogen and its derivatives such as ammonia, carbon emissions management through carbon capture 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 and production for battery and other applications.
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.
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 beliefs, vision, purpose and values. It guides how the company’s employees work and establishes a common understanding of culture and aspirations.
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.
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 12/31/24 2024 2023 2022 Gross Net Prod. Dry Prod. Dry Prod.
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.
Chevron operates and holds a 67.3 percent working interest in the Agbami Field, which straddles deepwater Petroleum Mining Lease (PML) 52 (previously known as Oil Mining License (OML) 127) and OML 128. P ML 52 expires in 2044, and OML 128 expires in 2042.
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. P ML 52 expires in 2044, and OML 128 expires in 2042.
Net wells represent the sum of Chevron’s ownership interest in gross wells. Exploration Activities Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2024, 2023 and 2022.
Net wells represent the sum of Chevron’s ownership interest in gross wells. 8 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.
Kazakhstan Chevron has a 50 percent interest in the Tengizchevroil (TCO) affiliate and an 18 percent nonoperated working interest in the Karachaganak field. TCO is developing the Tengiz and Korolev crude oil fields in western Kazakhstan under a concession agreement that expires in 2033. Most of TCO’s 2024 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.
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.
CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the 18 Table of Contents specialty chemical and specialty plastics markets. At the end of 2024, CPChem owned or had joint-venture interests in 30 manufacturing facilities and two research and development centers around the world.
CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the 19 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.
At U.S. refineries, crude unit distillation capacity utilization, which includes all crude oil and other inputs, averaged 86.6 percent in 2024, compared with 90.8 percent in 2023. 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 2024 and 2023.
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.
CPChem is expected to complete the Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site in first-half 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.
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.
Operable capacity at December 31, 2024, and daily refinery inputs for the company and affiliate refineries for 2022 through 2024, are summarized in the table below. Average crude unit distillation capacity utilization was 87.9 percent in 2024 and 89.8 percent in 2023.
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.
Net wells represent the sum of Chevron’s ownership interest in gross wells. 2 Includes gross 1,381 and net 466 productive oil wells for interests accounted for by the non-equity method.
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.
Total “as sold” natural gas volumes were 7,569 million and 7,148 million cubic feet per day for 2024 and 2023, respectively. Delivery Commitments The company sells crude oil, natural gas, and NGLs from its producing operations under a variety of contractual obligations.
Total “as sold” natural gas volumes were 7,869 million and 7,569 million cubic feet per day for 2025 and 2024, respectively. 7 Table of Contents Delivery Commitments The company sells crude oil, natural gas, and NGLs from its producing operations under a variety of contractual obligations.
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 targeted for 2026.
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.
In addition, to the extent that societal pressures or political or other factors are involved, it is 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 .
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 .
As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of 1,780,000 net acres in the Delaware and Midland basins in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 2025.
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.
Angola-Democratic Republic of Congo (DRC) Joint Development Area Chevron has a 31 percent interest in a production sharing agreement (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-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.
Net acres represent the sum of Chevron’s ownership interest in gross acres. 2 The gross undeveloped acres that will expire in 2025, 2026 and 2027 if production is not established by certain required dates are 2,951, 1,149, and 733, 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. 7 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 2024 and 2023 by the company and its affiliates.
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. 6 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.
Namibia Chevron has an 80 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 PEL82 (Blocks 2112B and 2212A) in the Walvis 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.
U.S. and international sales of NGLs averaged 511,000 and 268,000 barrels per day, respectively, in 2024. During 2024, U.S. and international sales of natural gas averaged 5.2 billion and 5.7 billion cubic feet per day, respectively, which includes the company’s share of equity affiliates’ sales.
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.
Indonesia In 2024, Chevron commenced an exploration project managed by its 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.
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.
Proved reserves have been recognized for both projects. Kazakhstan/Russia Chevron has a 15 percent interest in the CPC. Through 2024, CPC transporte d an average of 1.4 million barrels of crude oil per day, composed of 1.2 million barrels per day from Kazakhstan and 0.2 mi llion barrels per day from Russia.
Proved reserves have been recognized for both projects. Kazakhstan/Russia Chevron has a 15 percent interest in CPC. Through 2025, CPC trans ported 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 mi llion barrels per day from Russia.
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 Block G-18-AP and Block G-20-AP, both awarded in 2024 and the Angel Carbon Capture and Storage Project, subject to the asset swap mentioned above.
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.
The net proved reserve balances at the end of each of the three years 2022 through 2024 are shown in the following table: At December 31 2024 2023 2022 Crude Oil, Condensate and Synthetic Oil — Millions of barrels Consolidated Companies 3,027 3,770 3,868 Affiliated Companies 889 1,007 1,129 Total Crude Oil, Condensate and Synthetic Oil 3,916 4,777 4,997 Natural Gas Liquids — Millions of barrels Consolidated Companies 1,075 1,138 1,002 Affiliated Companies 84 91 86 Total Natural Gas Liquids 1,159 1,229 1,088 Natural Gas — Billions of cubic feet Consolidated Companies 26,526 28,318 28,765 Affiliated Companies 1,849 2,063 2,099 Total Natural Gas 28,375 30,381 30,864 Oil-Equivalent — Millions of barrels * Consolidated Companies 8,523 9,628 9,664 Affiliated Companies 1,281 1,441 1,565 Total Oil-Equivalent 9,804 11,069 11,229 * 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.
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.
Refined Products Sales Volumes Thousands of barrels per day 2024 2023 2022 United States Gasoline 1 667 642 639 Jet Fuel 255 260 212 Diesel/Gas Oil 1 213 227 216 Fuel Oil 54 44 56 Other Petroleum Products 2 97 114 105 Total United States 1,286 1,287 1,228 International 3 Gasoline 382 353 336 Jet Fuel 229 234 196 Diesel/Gas Oil 1 479 472 464 Fuel Oil 182 161 168 Other Petroleum Products 2 223 225 222 Total International 1,495 1,445 1,386 Total Worldwide 3 2,781 2,732 2,614 1 Includes renewable fuel sales: 40 44 24 2 Principally naphtha, lubricants, asphalt and coke. 3 Includes share of affiliates’ sales: 386 389 389 In the United States, the company markets primarily under the principal brands of “Chevron” and “Texaco.” At year-end 2024, the company supplied directly or through retailers and marketers approximately 8,500 Chevron- and Texaco-branded service stations, primarily in the southern and western states.
Refined Products Sales Volumes Thousands of barrels per day 2025 2024 2023 United States Gasoline 1 685 667 642 Jet Fuel 278 255 260 Diesel/Gas Oil 1 216 213 227 Fuel Oil 41 54 44 Other Petroleum Products 2 97 97 114 Total United States 1,317 1,286 1,287 International 3 Gasoline 388 382 353 Jet Fuel 223 229 234 Diesel/Gas Oil 1 483 479 472 Fuel Oil 174 182 161 Other Petroleum Products 2 216 223 225 Total International 1,484 1,495 1,445 Total Worldwide 3 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.
Nigeria Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta, most of which were converted in 2024 to the terms of the Petroleum Industry Act of 2021. The company also holds acreage positions in five operated and six nonoperated deepwater blocks, with working interests ranging from 20 to 100 percent.
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.
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.
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.
These include a 28 percent nonoperated interest in the Alba LPG Plant and a 45 percent nonoperated interest in the Atlantic Methanol Production Company. In 2024, Chevron added two exploration acreage positions for Blocks EG-06 and EG-11, offshore 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.
Petroleum Refineries: Locations, Capacities and Crude Unit Inputs Capacities and inputs in thousands of barrels per day December 31, 2024 Refinery Crude Unit Inputs* Locations Number Operable Capacity 2024 2023 2022 Pascagoula Mississippi 1 369 337 355 359 El Segundo California 1 290 224 232 251 Richmond California 1 257 242 236 183 Pasadena Texas 1 85 65 84 78 Salt Lake City Utah 1 58 49 55 53 Total Consolidated Companies — United States 5 1,059 917 962 924 Map Ta Phut Thailand 1 175 160 153 156 Total Consolidated Companies — International 1 175 160 153 156 Yeosu South Korea 1 400 369 367 375 Pulau Merlimau Singapore 1 145 117 116 121 Total Affiliates 1 545 486 483 496 Total Including Affiliates — International 3 720 646 636 652 Total Including Affiliates — Worldwide 8 1,779 1,563 1,598 1,576 * Includes crude oil and all other feedstocks to the crude distillation units.
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.
Chevron reached FID on Phase 2 of the Tamar Optimization Project in February 2024, which is expected to further increase capacity up to approximately 1.6 billion cubic feet of gas per day and includes investment in additional midstream infrastructure. This project is scheduled for completion in 2026.
Phase 2 of the Tamar Optimization Project, approved in February 2024, is expected to further increase capacity up to approximately 1.6 billion 15 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.
As of December 31, 2024, no proved reserves are recognized for these interests. In 2024, the company conducted activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.
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.
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. For information concerning the company’s tax liabilities, see Note 17 Taxes and Note 24 Other Contingencies and Commitments .
The imposition of, or increase in, such windfall profit taxes could adversely affect the company’s current or anticipated future operations and profitability. 24 Table of Contents For information concerning the company’s tax liabilities, see Note 17 Taxes and Note 24 Other Contingencies and Commitments .
Renewable Fuels The company develops and produces renewable fuels, including but not limited to renewable diesel, renewable gasoline, biodiesel, sustainable aviation fuel and renewable natural gas (RNG). Chevron owns and operates 11 biofuel refineries located in the U.S. and Germany, eight biofuel refineries producing biodiesel and one producing renewable diesel, with two refineries idled in 2024.
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.
Wells Drilling* Net Wells Completed at 12/31/24 2024 2023 2022 Gross Net Prod. Dry Prod. Dry Prod.
Wells Drilling* Net Wells Completed at 12/31/25 2025 2024 2023 Gross Net Prod. Dry Prod. Dry Prod.
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.
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 percent nonoperated interest in the Alba natural gas and condensate field. Chevron holds interests in two processing facilities located in Punta Europa.
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.
During 2024, a majority of the exported liquids were transported through the CPC pipeline. In 2024, the Karachaganak Expansion Project Stage 1A facility scope was completed with final associated injector well to be completed in first-half 2025 and Stage 1B continued development expecting to complete second-half 2026. Both projects increase gas re-injection capacity and extend stable field production.
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.
Our ability to achieve any ambition, including with respect to climate-related initiatives, including those outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, pages 35 through 37, and any new businesses, is subject to numerous risks and contingencies, many of which are outside of Chevron’s control.
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.
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. 3 Table of Contents Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon after such reports are filed with or furnished to the U.S.
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. 3 Table of Contents after such reports are filed with or furnished to the U.S. Securities and Exchange Commission (SEC).
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 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.
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.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAmericas Africa Asia Australia Europe Total TCO Other At December 31, 2024 Unproved properties $ 2,473 $ 1,545 $ 287 $ 536 $ 1,882 $ — $ 6,723 $ 108 $ — Proved properties and related producing assets 109,147 15,739 48,391 29,265 24,310 2,283 229,135 35,374 1,612 Support equipment 2,075 213 1,565 698 19,134 — 23,685 733 — Deferred exploratory wells 17 69 204 179 1,119 74 1,662 — — Other uncompleted projects 8,918 650 1,756 1,040 1,814 69 14,247 4,634 — Gross Capitalized Costs 122,630 18,216 52,203 31,718 48,259 2,426 275,452 40,849 1,612 Unproved properties valuation 119 1,119 213 533 5 — 1,989 80 — Proved producing properties – Depreciation and depletion 69,545 10,314 41,485 18,251 14,038 956 154,589 11,441 1,014 Support equipment depreciation 1,265 152 1,231 556 6,375 — 9,579 535 — Accumulated provisions 70,929 11,585 42,929 19,340 20,418 956 166,157 12,056 1,014 Net Capitalized Costs $ 51,701 $ 6,631 $ 9,274 $ 12,378 $ 27,841 $ 1,470 $ 109,295 $ 28,793 $ 598 At December 31, 2023 Unproved properties $ 2,541 $ 1,666 $ 265 $ 536 $ 1,882 $ — $ 6,890 $ 108 $ — Proved properties and related producing assets 100,680 23,867 47,635 30,387 23,842 2,228 228,639 23,139 1,609 Support equipment 2,121 191 1,555 688 19,118 — 23,673 673 — Deferred exploratory wells — 73 205 178 1,119 74 1,649 — — Other uncompleted projects 10,872 734 1,271 1,121 1,469 52 15,519 15,438 130 Gross Capitalized Costs 116,214 26,531 50,931 32,910 47,430 2,354 276,370 39,358 1,739 Unproved properties valuation 168 1,214 183 533 5 — 2,103 77 — Proved producing properties – Depreciation and depletion 65,055 14,009 39,921 18,941 12,082 834 150,842 10,279 866 Support equipment depreciation 1,295 155 1,202 529 5,478 — 8,659 478 — Accumulated provisions 66,518 15,378 41,306 20,003 17,565 834 161,604 10,834 866 Net Capitalized Costs $ 49,696 $ 11,153 $ 9,625 $ 12,907 $ 29,865 $ 1,520 $ 114,766 $ 28,524 $ 873 At December 31, 2022 Unproved properties $ 2,541 $ 2,176 $ 265 $ 970 $ 1,987 $ — $ 7,939 $ 108 $ — Proved properties and related producing assets 83,525 22,867 46,950 31,179 22,926 2,186 209,633 15,793 1,552 Support equipment 2,146 194 1,543 696 19,107 — 23,686 646 — Deferred exploratory wells 43 56 116 40 1,119 74 1,448 — — Other uncompleted projects 8,213 610 1,095 914 1,869 30 12,731 20,590 54 Gross Capitalized Costs 96,468 25,903 49,969 33,799 47,008 2,290 255,437 37,137 1,606 Unproved properties valuation 178 1,589 146 969 110 — 2,992 74 — Proved producing properties – Depreciation and depletion 58,253 12,974 38,543 19,051 10,689 720 140,230 9,441 654 Support equipment depreciation 1,302 155 1,166 500 4,644 — 7,767 424 — Accumulated provisions 59,733 14,718 39,855 20,520 15,443 720 150,989 9,939 654 Net Capitalized Costs $ 36,735 $ 11,185 $ 10,114 $ 13,279 $ 31,565 $ 1,570 $ 104,448 $ 27,198 $ 952 105 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table III - Results of Operations for Oil and Gas Producing Activities 1 The company’s results of operations from oil and gas producing activities for the years 2024, 2023 and 2022 are shown in the following table.
Biggest changeAmericas Africa Asia Australia Europe Total TCO Other At December 31, 2025 Unproved properties $ 4,183 $ 27,415 $ 290 $ 534 $ 1,881 $ — $ 34,303 $ 108 $ — Proved properties and related producing assets 137,610 38,756 41,133 30,262 24,401 2,376 274,538 39,515 1,637 Support equipment 4,129 1,444 1,607 788 19,135 — 27,103 853 — Deferred exploratory wells 91 144 206 177 1,067 74 1,759 — — Other uncompleted projects 5,238 6,411 1,541 1,392 2,666 29 17,277 970 Gross Capitalized Costs 151,251 74,170 44,777 33,153 49,150 2,479 354,980 41,446 1,637 Unproved properties valuation 133 1,150 224 534 3 — 2,044 84 — Proved producing properties – Depreciation and depletion 77,504 12,574 36,580 19,126 15,441 1,083 162,308 15,989 1,206 Support equipment depreciation 1,260 213 1,265 634 7,214 — 10,586 600 — Accumulated provisions 78,897 13,937 38,069 20,294 22,658 1,083 174,938 16,673 1,206 Net Capitalized Costs $ 72,354 $ 60,233 $ 6,708 $ 12,859 $ 26,492 $ 1,396 $ 180,042 $ 24,773 $ 431 At December 31, 2024 Unproved properties $ 2,473 $ 1,545 $ 287 $ 536 $ 1,882 $ — $ 6,723 $ 108 $ — Proved properties and related producing assets 109,147 15,739 48,391 29,265 24,310 2,283 229,135 35,374 1,612 Support equipment 2,075 213 1,565 698 19,134 — 23,685 733 — Deferred exploratory wells 17 69 204 179 1,119 74 1,662 — — Other uncompleted projects 8,918 650 1,756 1,040 1,814 69 14,247 4,634 — Gross Capitalized Costs 122,630 18,216 52,203 31,718 48,259 2,426 275,452 40,849 1,612 Unproved properties valuation 119 1,119 213 533 5 — 1,989 80 — Proved producing properties – Depreciation and depletion 69,545 10,314 41,485 18,251 14,038 956 154,589 11,441 1,014 Support equipment depreciation 1,265 152 1,231 556 6,375 — 9,579 535 — Accumulated provisions 70,929 11,585 42,929 19,340 20,418 956 166,157 12,056 1,014 Net Capitalized Costs $ 51,701 $ 6,631 $ 9,274 $ 12,378 $ 27,841 $ 1,470 $ 109,295 $ 28,793 $ 598 At December 31, 2023 Unproved properties $ 2,541 $ 1,666 $ 265 $ 536 $ 1,882 $ — $ 6,890 $ 108 $ — Proved properties and related producing assets 100,680 23,867 47,635 30,387 23,842 2,228 228,639 23,139 1,609 Support equipment 2,121 191 1,555 688 19,118 — 23,673 673 — Deferred exploratory wells — 73 205 178 1,119 74 1,649 — — Other uncompleted projects 10,872 734 1,271 1,121 1,469 52 15,519 15,438 130 Gross Capitalized Costs 116,214 26,531 50,931 32,910 47,430 2,354 276,370 39,358 1,739 Unproved properties valuation 168 1,214 183 533 5 — 2,103 77 — Proved producing properties – Depreciation and depletion 65,055 14,009 39,921 18,941 12,082 834 150,842 10,279 866 Support equipment depreciation 1,295 155 1,202 529 5,478 — 8,659 478 — Accumulated provisions 66,518 15,378 41,306 20,003 17,565 834 161,604 10,834 866 Net Capitalized Costs $ 49,696 $ 11,153 $ 9,625 $ 12,907 $ 29,865 $ 1,520 $ 114,766 $ 28,524 $ 873 109 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table III - Results of Operations for Oil and Gas Producing Activities 1 The company’s results of operations from oil and gas producing activities for the years 2025, 2024 and 2023 are shown in the following table.
Ct. of First Instance, Commonwealth of P.R.]; City of New York v. Chevron Corp., et al. , No. 18-cv-00182 (S.D.N.Y.) (dismissed on the merits); Pacific Coast Federation of Fishermen’s Associations, Inc. v. Chevron Corp., et al. , No. CGC-18-571285 (Cal. Super. Ct.) (voluntarily dismissed); State of Rhode Island v. Chevron Corp., et al ., C.A. No. PC-2018-4716 (R.I. Super.
Ct. of First Instance, Commonwealth of P.R.] (voluntarily dismissed); City of New York v. Chevron Corp., et al. , No. 18-cv-00182 (S.D.N.Y.) (dismissed on the merits); Pacific Coast Federation of Fishermen’s Associations, Inc. v. Chevron Corp., et al. , No. CGC-18-571285 (Cal. Super. Ct.) (voluntarily dismissed); State of Rhode Island v. Chevron Corp., et al. , C.A. No. PC-2018-4716 (R.I.
Ct.); City of Richmond v. Chevron Corp., et al. , No. C18-00055 (Cal. Super. Ct.); City of San Francisco v. BP P.L.C., et al. , No. CGC-17-561370 (Cal. Super. Ct.); County of San Mateo v. Chevron Corp., et al. , No. 17-CIV-03222 (Cal. Super. Ct.); City of Santa Cruz v. Chevron Corp., et al. , No. 17-CV-03243 (Cal. Super.
Super. Ct.); City of Richmond v. Chevron Corp., et al. , No. C18-00055 (Cal. Super. Ct.); City of San Francisco v. BP P.L.C., et al. , No. CGC-17-561370 (Cal. Super. Ct.); County of San Mateo v. Chevron Corp., et al. , No. 17-CIV-03222 (Cal. Super. Ct.); City of Santa Cruz v. Chevron Corp., et al. , No. 17-CV-03243 (Cal. Super.
The company’s annual reserves activity is also reviewed with the company’s Audit Committee and Board of Directors. If major changes to reserves were to occur between the annual reviews, those matters would also be discussed with the Board. RAC sub-teams also conduct in-depth reviews during the year of many of the fields that have large proved reserves quantities.
The company’s annual reserves activity is also reviewed with the company’s Board Audit Committee and Board of Directors. If major changes to reserves were to occur between the annual reviews, those matters would also be discussed with the Board. RAC sub-teams also conduct in-depth reviews during the year of many of the fields that have large proved reserves quantities.
In 2023, extensions and discoveries of 124 million barrels in the Midland and Delaware basins were primarily responsible for the 170 million barrels increase in the United States. In Other Americas, the 55 million barrels of extensions and discoveries increase was mainly from shale and tight assets in Argentina.
Extensions and Discoveries In 2023, extensions and discoveries of 124 million barrels in the Midland and Delaware basins were primarily responsible for the 170 million barrels increase in the United States. In Other Americas, the 55 million barrels of extensions and discoveries increase was mainly from shale and tight assets in Argentina.
In 2024, sales of 260 BCF in Other Americas were from the divestment of shale and tight assets in Canada. Net Proved Reserves of Natural Gas Consolidated Companies Affiliated Companies Total Consolidated Other and Affiliated Billions of cubic feet (BCF) U.S.
Sales In 2024, sales of 260 BCF in Other Americas were from the divestment of shale and tight assets in Canada. Net Proved Reserves of Natural Gas Consolidated Companies Affiliated Companies Total Consolidated Other and Affiliated Billions of cubic feet (BCF) U.S.
The carrying value of these assets were written down to fair value based on estimates derived from discounted cash flow models. Cash flows were determined using estimates of future production, an outlook of future price based on published prices and a discount rate believed to be consistent with those used by principal market participants.
The carrying value of these assets were written down to fair value primarily based on estimates derived from discounted cash flow models. Cash flows were determined using estimates of future production, an outlook of future price based on published prices and a discount rate believed to be consistent with those used by principal market participants.
The amounts for consolidated companies are organized by geographic areas including the United States, Other Americas, Africa, Asia, Australia/Oceania and Europe. Amounts for affiliated companies include Chevron’s equity interests in Tengizchevroil (TCO) in the Republic of Kazakhstan and in other affiliates, principally in Angola. Refer to Note 15 Investments and Advances for a discussion of the company’s major equity affiliates.
The amounts for consolidated companies are organized by geographic areas including the United States, Other Americas, Africa, Asia, Australia and Europe. Amounts for affiliated companies include Chevron’s equity interests in Tengizchevroil (TCO) in the Republic of Kazakhstan and in other affiliates, principally in Angola. Refer to Note 15 Investments and Advances for a discussion of the company’s major equity affiliates.
The fair value of the liability recorded for the vested portion of these instruments was $23. Note 23 Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages.
The fair value of the liability recorded for the vested portion of these instruments was $18. Note 23 Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages.
The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proved developed crude oil and natural gas reserves. As a basis for using this work, the specialists’ qualifications were understood and the Company’s relationship with the specialists was assessed.
The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the estimates of proved developed crude oil and natural gas reserves. As a basis for using this work, the specialists’ qualifications were understood and the Company’s relationship with the specialists was assessed.
Reserves are estimated by Company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the Company maintains a Reserves Advisory Committee (RAC) (the Company’s earth scientists, engineers and RAC are collectively referred to as “management’s specialists”).
Proved reserves are estimated by Company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the Company maintains a Reserves Advisory Committee (RAC) (the Company’s earth scientists, engineers and RAC are collectively referred to as “management’s specialists”).
The RAC has the following primary responsibilities: establish the policies and processes used within the business units to estimate reserves; provide independent reviews and oversight of the business units’ recommended reserves estimates and changes; confirm that proved reserves are recognized in accordance with SEC guidelines; determine that reserve quantities are calculated using consistent and appropriate standards, procedures and technology; and maintain the Chevron Corporation Reserves Manual , which provides standardized procedures used corporatewide for classifying and reporting hydrocarbon reserves.
The RAC has the following primary responsibilities: establish the policies and processes used within the business organizations to estimate reserves; provide independent reviews and oversight of the business units’ recommended reserves estimates and changes; confirm that proved reserves are recognized in accordance with SEC guidelines; determine that reserve quantities are calculated using consistent and appropriate standards, procedures and technology; and maintain the Chevron Corporation Reserves Manual , which provides standardized procedures used corporatewide for classifying and reporting hydrocarbon reserves.
Proved undeveloped reserves are the quantities expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. 108 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Due to the inherent uncertainties and the limited nature of reservoir data, estimates of reserves are subject to change as additional information becomes available.
Proved undeveloped reserves are the quantities expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. 112 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Due to the inherent uncertainties and the limited nature of reservoir data, estimates of reserves are subject to change as additional information becomes available.
Chevron entities are or were among the codefendants in 32 separate lawsuits filed by various U.S. cities and counties, four U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, two Native American tribes, and a trade group in both federal and state courts. 3 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products.
Chevron entities are or were among the codefendants in 34 separate lawsuits filed by various U.S. cities and counties, seven U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, two Native American tribes, and a trade group in both federal and state courts. 3 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products.
The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2024 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity.
The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at year-end 2025 had a recorded liability that was material to the company’s results of operations, consolidated financial position or liquidity.
These leases are primarily for drilling rigs, time chartered vessels, exploration and production equipment and storage tanks. For 75 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset.
These leases are primarily for drilling rigs, time chartered vessels, exploration and production equipment and storage tanks. For 76 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset.
Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition. The company and its subsidiaries are subject to income taxation and audits throughout the world. With certain exceptions, income tax examinations are completed through 2016 for the United States and 2007 for other major jurisdictions.
Certain of these unrecognized tax benefits relate to tax carryforwards that may require a full valuation allowance at the time of any such recognition. The company and its subsidiaries are subject to income taxation and audits throughout the world. With certain exceptions, income tax examinations are completed through 2019 for the United States and 2007 for other major jurisdictions.
Included in the investment is a loan to TCO to fund the development of the Wellhead Pressure Management Project (WPMP) and Future Growth Project (FGP) with a principal balance of $4,500. Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.
Included in the investment is a loan to TCO to fund the development of the Wellhead Pressure Management Project (WPMP) and Future Growth Project (FGP) with a principal balance of $3,500. Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Any borrowings under these facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2024.
Any borrowings under these facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2025.
The effectiveness of the company’s internal control over financial reporting as of December 31, 2024, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein. /s/ MICHAEL K. WIRTH /s/ EIMEAR P. BONNER /s/ ALANA K. KNOWLES Michael K. Wirth Eimear P. Bonner Alana K.
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. /s/ MICHAEL K. WIRTH /s/ EIMEAR P. BONNER /s/ ALANA K. KNOWLES Michael K. Wirth Eimear P. Bonner Alana K.
Included in the investment balance is a loan with a principal balance of $669 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea.
Included in the investment balance is a loan with a principal balance of $969 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea.
Included in this balance was $220 related to remediation activities at sites for which the company has been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law which provide for joint and several liability for all responsible parties.
Included in this balance was $274 related to remediation activities at sites for which the company has been identified as a potentially responsible party under the provisions of the U.S. federal Superfund law which provide for joint and several liability for all responsible parties.
At year-end 2024, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans.
At year-end 2025, the trust contained 14.2 million shares of Chevron treasury stock. The trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does not pay such benefits. The company intends to continue to pay its obligations under the benefit plans.
See accompanying Notes to the Consolidated Financial Statements. 68 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 1 Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America.
See accompanying Notes to the Consolidated Financial Statements. 69 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 1 Summary of Significant Accounting Policies General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2024 presentation basis.
Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years’ data have been reclassified in certain cases to conform to the 2025 presentation basis.
Note 2 Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2024, are reflected in the table below.
Note 2 Changes in Accumulated Other Comprehensive Losses The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income for the year ended December 31, 2025, are reflected in the table below.
Fair value remeasurements of other financial instruments at December 31, 2024 and 2023, were not material. Note 10 Financial and Derivative Instruments Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas, liquefied natural gas and refined product futures, swaps, options, and forward contracts.
Fair value remeasurements of other financial instruments at December 31, 2025 and 2024, were not material. Note 10 Financial and Derivative Instruments Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas, liquefied natural gas and refined product futures, swaps, options, and forward contracts.
The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the company’s pension and OPEB plans for 2024 and 2023 follows: Pension Benefits 2024 2023 Other Benefits U.S. Int’l. U.S.
The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the company’s pension and OPEB plans for 2025 and 2024 follows: Pension Benefits 2025 2024 Other Benefits U.S. Int’l. U.S.
Chevron entities are defendants in 37 of these cases. 4 The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Further such proceedings may be brought by other parties.
Chevron entities are defendants in 36 of these cases. 4 The lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply with permits obtained and seek remediation damages and other relief, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. Further such proceedings may be brought by other parties.
We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Net income (loss) from exploration and production activities as reported on page 81 reflects income taxes computed on an effective rate basis. Income taxes in Table III are based on statutory tax rates, reflecting allowable deductions and tax credits.
Net income (loss) from exploration and production activities as reported on page 82 reflects income taxes computed on an effective rate basis. Income taxes in Table III are based on statutory tax rates, reflecting allowable deductions and tax credits.
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2024.
The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2025.
Sales and other operating revenues before elimination $ 44,302 $ 43,466 $ 80,417 $ 77,430 $ 245,615 $ 617 $ 246,232 Intersegment revenue elimination (29,662) (11,258) (9,745) (1,668) (52,333) (485) (52,818) Sales and Other Operating Revenues 14,640 32,208 70,672 75,762 193,282 132 193,414 Income (loss) from equity affiliates (62) 3,642 1,010 10 4,600 (4) 4,596 Other income (loss) 1 346 3,460 358 96 4,260 522 4,782 Total Revenues and Other Income 14,924 39,310 72,040 75,868 202,142 650 202,792 Intersegment product transfers 2 25,305 4,190 (26,845) (2,833) (183) 183 — Less expenses: Purchased crude oil and products 13,326 9,445 33,514 62,921 119,206 — 119,206 Operating and SG&A expenses 7,708 6,412 9,425 6,034 29,579 2,914 32,493 Depreciation, depletion and amortization 7,562 7,935 1,091 360 16,948 334 17,282 Other costs and deductions 3 1,805 1,156 550 2,071 5,582 723 6,305 Total Costs and Other Deductions 30,401 24,948 44,580 71,386 171,315 3,971 175,286 Income Tax Expense (Benefit) 2,198 7,548 84 397 10,227 (470) 9,757 Less: Net income (loss) attributable to non-controlling interests 28 4 — 56 88 — 88 Net Income (Loss) Attributable to Chevron Corporation $ 7,602 $ 11,000 $ 531 $ 1,196 $ 20,329 $ (2,668) $ 17,661 Values have been adjusted for eliminations, unless otherwise specified. 1 Includes interest income of $296 in “All Other.” 2 Valuation of product transfers between operating segments. 3 Includes interest expense of $539 in “All Other.” 81 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Upstream Downstream Segment Total All Other Total Year ended December 31, 2023 U.S.
Sales and other operating revenues before elimination $ 44,302 $ 43,466 $ 80,417 $ 77,430 $ 245,615 $ 617 $ 246,232 Intersegment revenue elimination (29,662) (11,258) (9,745) (1,668) (52,333) (485) (52,818) Sales and Other Operating Revenues 14,640 32,208 70,672 75,762 193,282 132 193,414 Income (loss) from equity affiliates (62) 3,642 1,010 10 4,600 (4) 4,596 Other income (loss) 1 346 3,460 358 96 4,260 522 4,782 Total Revenues and Other Income 14,924 39,310 72,040 75,868 202,142 650 202,792 Intersegment product transfers 2 25,305 4,190 (26,845) (2,833) (183) 183 — Less expenses: Purchased crude oil and products 13,326 9,445 33,514 62,921 119,206 — 119,206 Operating and SG&A expenses 7,708 6,412 9,425 6,034 29,579 2,914 32,493 Depreciation, depletion and amortization 7,562 7,935 1,091 360 16,948 334 17,282 Other costs and deductions 3 1,805 1,156 550 2,071 5,582 723 6,305 Total Costs and Other Deductions 30,401 24,948 44,580 71,386 171,315 3,971 175,286 Income Tax Expense (Benefit) 2,198 7,548 84 397 10,227 (470) 9,757 Less: Net income (loss) attributable to non-controlling interests 28 4 — 56 88 — 88 Net Income (Loss) Attributable to Chevron Corporation $ 7,602 $ 11,000 $ 531 $ 1,196 $ 20,329 $ (2,668) $ 17,661 Values have been adjusted for eliminations, unless otherwise specified. 1 Includes interest income of $296 in “All Other.” 2 Valuation of product transfers between operating segments. 3 Includes interest expense of $539 in “All Other.” Upstream Downstream Segment Total All Other Total Year Ended December 31, 2023 U.S.
The unprecedented legal theories set forth in these proceedings include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits.
The unprecedented legal theories set forth in these climate lawsuits include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits.
Noteworthy changes in NGLs proved reserves for 2022 through 2024 are discussed below and shown in the table on the following page: Revisions In 2023, the 110 million barrels decrease in the United States was primarily in the Midland and Delaware basins with a decrease of 49 million barrels due to portfolio optimization and a decrease of 29 million barrels due to reservoir performance.
Noteworthy changes in NGLs proved reserves for 2023 through 2025 are discussed below and shown in the table on the following page: Revisions In 2023, the 110 million barrels decrease in the United States was primarily in the Midland and Delaware basins with a decrease of 49 million barrels due to portfolio optimization and a decrease of 29 million barrels due to reservoir performance.
Interest income and expense are excluded from the results reported in Table III and from the upstream net income amounts on page 81. Consolidated Companies Affiliated Companies Other Millions of dollars U.S.
Interest income and expense are excluded from the results reported in Table III and from the upstream net income amounts on page 82. Consolidated Companies Affiliated Companies Other Millions of dollars U.S.
Int’l. 2024 2023 2022 Assumptions used to determine benefit obligations: Discount rate 5.7 % 6.0 % 5.0 % 5.5 % 5.2 % 5.8 % 5.7 % 5.1 % 5.3 % Rate of compensation increase 4.5 % 3.9 % 4.5 % 3.9 % 4.5 % 4.2 % N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 5.0 % 5.5 % 5.2 % 5.8 % 3.6 % 2.8 % 5.2 % 5.4 % 3.1 % Discount rate for interest cost 4.8 % 5.5 % 5.0 % 5.8 % 2.8 % 2.8 % 5.1 % 5.2 % 2.4 % Expected return on plan assets 7.0 % 5.9 % 7.0 % 6.1 % 6.6 % 3.9 % N/A N/A N/A Rate of compensation increase 4.5 % 3.9 % 4.5 % 4.2 % 4.5 % 4.1 % N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors.
Int’l. 2025 2024 2023 Assumptions used to determine benefit obligations: Discount rate 5.5 % 6.2 % 5.7 % 6.0 % 5.0 % 5.5 % 5.4 % 5.7 % 5.1 % Rate of compensation increase 4.5 % 4.0 % 4.5 % 3.9 % 4.5 % 3.9 % N/A N/A N/A Cash balance interest crediting rate 4.7 % N/A N/A N/A N/A N/A N/A N/A N/A Assumptions used to determine net periodic benefit cost: Discount rate for service cost 5.7 % 6.0 % 5.0 % 5.5 % 5.2 % 5.8 % 5.8 % 5.2 % 5.4 % Discount rate for interest cost 5.1 % 6.0 % 4.8 % 5.5 % 5.0 % 5.8 % 5.4 % 5.1 % 5.2 % Expected return on plan assets 7.1 % 6.2 % 7.0 % 5.9 % 7.0 % 6.1 % N/A N/A N/A Rate of compensation increase 4.5 % 3.9 % 4.5 % 3.9 % 4.5 % 4.2 % N/A N/A N/A Cash balance interest crediting rate 4.8 % N/A N/A N/A N/A N/A N/A N/A N/A Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms and the incorporation of specific asset-class risk factors.
The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes. It is not practicable to estimate the amount of state and foreign withholding taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely.
The indefinite reinvestment assertion continues to apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purpos es. It is not practicable to estimate the amount of state and foreign withholding taxes that might be payable on the possible remittance of earnings that are intended to be reinvested indefinitely.
This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade receivable balance was $3,835 at December 31, 2024, which includes receivables from certain governments in their capacity as joint venture partners.
This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days. Chevron’s non-trade receivable balance was $3,516 at December 31, 2025, which includes receivables from certain governments in their capacity as joint venture partners.
Knowles Chairman of the Board Vice President Vice President and Chief Executive Officer and Chief Financial Officer and Controller February 21, 2025 61 Financial Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Chevron Corporation Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
Knowles Chairman of the Board Chief Financial Officer Controller and Chief Executive Officer February 24, 2026 61 Financial Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Chevron Corporation Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s estimates of proved developed crude oil and natural gas reserves.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls 63 Financial Table of Contents relating to management’s estimates of proved developed crude oil and natural gas reserves.
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2024 and 2023, was: Pension Benefits 2024 2023 U.S. Int’l. U.S. Int’l.
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2025 and 2024, was: Pension Benefits 2025 2024 U.S. Int’l. U.S. Int’l.
During the year, the RAC is represented in meetings with each of the company’s business units to review and discuss reserve changes recommended by the various asset teams. Major changes are also reviewed with the company’s senior leadership team including the Chief Executive Officer and the Chief Financial Officer.
During the year, the RAC is represented in meetings with each of the company’s business organizations and regions to review and discuss reserve changes recommended by the various asset teams. Major changes are also reviewed with the company’s senior leadership team including the Chief Executive Officer and the Chief Financial Officer.
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2024 and 2023.
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2025 and 2024.
The Manager of Global Reserves has more than 35 years of experience working in the oil and gas industry and holds both undergraduate and graduate degrees in geoscience.
The Manager of Reserves and Storage has more than 35 years of experience working in the oil and gas industry and holds both undergraduate and graduate degrees in geoscience.
Reservoir performance in Nigeria was mainly responsible for the 37 million barrels increase in Africa. In 2024, the 37 million barrels increase in Asia was due to reservoir performance, primarily in the Partitioned Zone.
Reservoir performance in Nigeria was mainly responsible for the 37 million barrels increase in Africa. In 2024, the 37 million barrels increase in Asia was due to reservoir performance, primarily in the Partitioned Zone. In 2025, the 46 million barrels increase in Asia was due to reservoir performance, primarily in the Partitioned Zone.
Americas Africa Asia Australia Europe Total TCO Other Year Ended December 31, 2024 Average sales prices Crude, per barrel $ 73.47 $ 70.06 $ 75.69 $ 71.22 $ 74.20 $ 77.47 $ 73.27 $ 67.02 $ — Natural gas liquids, per barrel 19.88 26.53 32.13 — 59.48 — 20.51 12.09 47.61 Natural gas, per thousand cubic feet 1.03 1.03 4.14 4.21 10.24 9.10 4.99 1.57 7.75 Average production costs, per barrel 2 9.41 14.28 18.07 6.80 3.37 16.43 9.23 5.44 2.89 Year Ended December 31, 2023 Average sales prices Crude, per barrel $ 74.36 $ 72.85 $ 72.86 $ 70.05 $ 78.93 $ 83.00 $ 73.76 $ 66.44 $ — Natural gas liquids, per barrel 20.01 29.00 27.80 — 51.00 — 20.79 9.43 45.33 Natural gas, per thousand cubic feet 1.65 2.63 3.95 4.10 11.43 12.00 6.01 1.31 10.34 Average production costs, per barrel 2 11.19 16.13 16.35 7.82 3.41 12.80 10.23 4.47 2.94 Year Ended December 31, 2022 Average sales prices Crude, per barrel $ 91.88 $ 90.04 $ 100.82 $ 85.64 $ 98.00 $ 102.00 $ 92.92 $ 85.71 $ — Natural gas liquids, per barrel 33.76 34.33 35.43 — — — 34.31 20.83 65.33 Natural gas, per thousand cubic feet 5.53 5.15 9.00 4.02 15.34 27.00 8.85 0.95 29.44 Average production costs, per barrel 2 11.10 17.00 14.43 8.49 3.79 12.00 10.16 3.85 3.36 1 The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost.
Americas Africa Asia Australia Europe Total TCO Other Year Ended December 31, 2025 Average sales prices Crude, per barrel $ 62.25 $ 64.02 $ 66.30 $ 64.06 $ 65.08 $ 70.49 $ 63.22 $ 56.88 $ — Natural gas liquids, per barrel 18.80 — 21.74 — — — 18.91 12.00 43.32 Natural gas, per thousand cubic feet 2.04 1.71 4.91 4.41 8.85 10.15 4.86 0.89 8.28 Average production costs, per barrel 2 10.35 10.93 18.71 7.78 3.32 19.24 9.71 3.80 3.47 Year Ended December 31, 2024 Average sales prices Crude, per barrel $ 73.47 $ 70.06 $ 75.69 $ 71.22 $ 74.20 $ 77.47 $ 73.27 $ 67.02 $ — Natural gas liquids, per barrel 19.88 26.53 32.13 — 59.48 — 20.51 12.09 47.61 Natural gas, per thousand cubic feet 1.03 1.03 4.14 4.21 10.24 9.10 4.99 1.57 7.75 Average production costs, per barrel 2 9.41 14.28 18.07 6.80 3.37 16.43 9.23 5.44 2.89 Year Ended December 31, 2023 Average sales prices Crude, per barrel $ 74.36 $ 72.85 $ 72.86 $ 70.05 $ 78.93 $ 83.00 $ 73.76 $ 66.44 $ — Natural gas liquids, per barrel 20.01 29.00 27.80 — 51.00 — 20.79 9.43 45.33 Natural gas, per thousand cubic feet 1.65 2.63 3.95 4.10 11.43 12.00 6.01 1.31 10.34 Average production costs, per barrel 2 11.19 16.13 16.35 7.82 3.41 12.80 10.23 4.47 2.94 1 The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost.
Purchases In 2023, the acquisition of PDC in the DJ and Delaware basins was primarily responsible for the 262 million barrels increase in the United States.
Purchases In 2023, the acquisition of PDC in the DJ and Delaware basins was primarily responsible for the 207 million barrels increase in the United States.
Earnings in 2024 included after-tax charges of approximat ely $715 for s everance ($208 in All Other, $188 in U.S. Downstream, $183 in U.S. Upstream, $119 in International Upstream, $17 in International Downstream) and $400 for impairments ($185 in International Downstream, $125 in International Upstream, $90 in U.S. Downstream) .
Earnings in 2024 included after-tax charges of approximately $715 for s everance ($208 in All Other, $188 in U.S. Downstream, $183 in U.S. Upstream, $119 in International Upstream, $17 in International Downstream) and $400 for impairments ($185 in International Downstream, $125 in International Upstream, $90 in U.S. Downstream).
Ct.); City of Imperial Beach v. Chevron Corp., et al. , No. C17-01227 (Cal. Super. Ct.); King County v. BP P.L.C. , et al., No. 18-2-11859-0 (Wash. Super. Ct.) (voluntarily dismissed); Makah Indian Tribe v. Exxon Mobil Corp., et al. , No. 23-25216-1-SEA (Wash. Super. Ct.); County of Marin v. Chevron Corp., et al. , No. 17-cv-02586 (Cal. Super.
Chevron Corp., et al. , No. C17-01227 (Cal. Super. Ct.); King County v. BP P.L.C., et al. , No. 18-2-11859-0 (Wash. Super. Ct.) (voluntarily dismissed); Makah Indian Tribe v. Exxon Mobil Corp., et al. , No. 23-25216-1-SEA (Wash. Super. Ct.); County of Marin v. Chevron Corp., et al. , No. 17-cv-02586 (Cal. Super. Ct.); County of Maui v.
Proved reserves are estimated by company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the company maintains a Reserves Advisory Committee (RAC) that is chaired by the Manager of Global Reserves, an organization that is separate from the business units that estimate reserves.
Proved reserves are estimated by company asset teams composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the company maintains a Reserves Advisory Committee (RAC) that is chaired by the Manager of Reserves and Storage, an organization that is separate from the business organizations that estimate reserves.
Ct.) . 85 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Louisiana Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA).
Mich.). 86 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Louisiana Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking remediation damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA).
For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses . Note 11 Assets Held for Sale At December 31, 2024, the company classifie d $481 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet.
For a discussion of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses . Note 11 Assets Held for Sale At December 31, 2025, the company classifie d $25 of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet.
The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,731, $4,494 and $4,278 at December 31, 2024, 2023 and 2022, respectively.
The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,077, $4,731 and $4,494 at December 31, 2025, 2024 and 2023, respectively.
On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense (Benefit).” As of December 31, 2024, accrued expense of $268 for anticipated interest and penalties was included on the Consolidated Balance Sheet, compared with accrued expense of $229 as of year-end 2023.
On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense (Benefit).” As of December 31, 2025, accrued expense of $306 for anticipated interest and penalties was included on the Consolidated Balance Sheet, compared with accrued expense of $268 as of year-end 2024.
Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2024, 2023 and 2022 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year ended December 31 2024 2023 2022 Expected term in years 1 6.5 6.4 6.9 Volatility 2 33.0 % 32.5 % 31.3 % Risk-free interest rate based on zero coupon U.S. treasury note 3.98 % 3.43 % 1.79 % Dividend yield 4.1 % 3.5 % 5.0 % Weighted-average fair value per option granted $ 38.00 $ 45.82 $ 23.56 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.
Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2025, 2024 and 2023 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year ended December 31 2025 2024 2023 Expected term in years 1 6.5 6.5 6.4 Volatility 2 33.0 % 33.0 % 32.5 % Risk-free interest rate based on zero coupon U.S. treasury note 4.34 % 3.98 % 3.43 % Dividend yield 4.5 % 4.1 % 3.5 % Weighted-average fair value per option granted $ 37.60 $ 38.00 $ 45.82 1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.
The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022.
The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023.
PSC-related reserve quantities were 6 percent, 7 percent and 8 percent for consolidated companies for 2024, 2023 and 2022, respectively. 5 Reserve quantities include natural gas projected to be consumed in operations of 2,462, 2,655 and 2,737 billions of cubic feet as of December 31, 2024, 2023 and 2022, respectively. 114 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table VI - Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves The standardized measure of discounted future net cash flows is calculated in accordance with SEC and FASB requirements.
PSC-related reserve quantities were 7 percent, 6 percent and 7 percent for consolidated companies for 2025, 2024 and 2023, respectively. 5 Reserve quantities include natural gas projected to be consumed in operations of 2,634, 2,462 and 2,655 billions of cubic feet as of December 31, 2025, 2024 and 2023, respectively. 118 Supplemental Information on Oil and Gas Producing Activities - Unaudited Financial Table of Contents Table VI - Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves The standardized measure of discounted future net cash flows is calculated in accordance with SEC and FASB requirements.
At December 31, 2024, the company’s carrying value of its investment in TCO was about $73 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets.
At December 31, 2025, the company’s carrying value of its investment in TCO was about $62 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets.
Board of Trustees has established the following asset allocation guidelines: Equities 5–15 percent, Fixed Income 63–93 percent, Real Estate 5–15 percent, and Cash 0–7 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan.
Plan Trustee has established the following asset allocation guidelines: Equities 5–15 percent, Fixed Income 63–93 percent, Real Estate 5–15 percent, and Cash 0–7 percent. The other significant international pension plans also have established maximum and minimum asset allocation ranges that vary by plan.
Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate and individual performance in the prior year. Charges to expense for cash bonuses were $965, $809 and $1,169 in 2024, 2023 and 2022, respectively.
Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate and individual performance in the prior year. Charges to expense for cash bonuses were $1,300, $965 and $809 in 2025, 2024 and 2023, respectively.
Actual tax benefits realized for the tax deductions from option exercises were $24, $20 and $216 for 2024, 2023 and 2022, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $395, $566 and $556 for 2024, 2023 and 2022, respectively. On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP).
Actual tax benefits realized for the tax deductions from option exercises were $29, $24 and $20 for 2025, 2024 and 2023, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $405, $395 and $566 for 2025, 2024 and 2023, respectively. On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP).
Related income taxes for the same period, totaling $62, are reflected in Income Tax Expense on the Consolidated Statement of Income.
Related income taxes for the same period, totaling $80, are reflected in Income Tax Expense on the Consolidated Statement of Income.
The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2024.
The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2025.
PSC-related reserve quantities are 8 percent, 6 percent and 6 percent for consolidated companies for 2024, 2023 and 2022, respectively. 5 Reserve quantities include synthetic oil projected to be consumed in operations of 0, 27, and 28 millions of barrels as of December 31, 2024, 2023 and 2022, respectively.
PSC-related reserve quantities are 18 percent, 8 percent and 6 percent for consolidated companies for 2025, 2024 and 2023, respectively. 5 Reserve quantities include synthetic oil projected to be consumed in operations of 0, 0, and 27 millions of barrels as of December 31, 2025, 2024 and 2023, respectively.
While progress was being made on all 14 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. Approximately half of these decisions are expected to occur in the next five years.
While progress was being made on all 15 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not occur for several years because of the complexity, scale and negotiations associated with the projects. More than half of these decisions are expected to occur in the next five years.
Settlement of these obligations is 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. 90 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 20 Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2024, was $20,135.
Settlement of these obligations is 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. 93 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Note 20 Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2025, was $39,781.
These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2024, was $945.
These future costs may be material to results of operations in the period in which they are recognized, but the company does not expect these costs will have a material effect on its consolidated financial position or liquidity. Chevron’s environmental reserve as of December 31, 2025, was $1,059.
During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2024, there was $320 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.9 years.
During this period, the company continued its practice of issuing treasury shares upon exercise of these awards. As of December 31, 2025, there was $379 of total unrecognized before-tax compensation cost related to nonvested share-based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average period of 1.7 years.
The $798 balance is related to seven projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future.
The $763 balance is related to six projects in areas requiring a major capital expenditure before production could begin and for which additional drilling efforts were not underway or firmly planned for the near future.
Note 28 Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $611 and $641 at December 31, 2024, and December 31, 2023, respectively, with a majority of the allowance relating to non-trade receivable balances.
Note 28 Financial Instruments - Credit Losses Chevron’s expected credit loss allowance balance was $392 and $611 at December 31, 2025, and December 31, 2024, respectively, with a majority of the allowance relating to non-trade receivable balances.
Compensation expense for the ESIP totaled $330, $320 and $283 in 2024, 2023 and 2022, respectively. 98 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans.
Compensation expense for the ESIP totaled $323, $330 and $320 in 2025, 2024 and 2023, respectively. 101 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations under some of its benefit plans.
The projects for the $798 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $383 (five projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $415 (two projects) – development alternatives under review.
The projects for the $763 referenced above had the following activities associated with assessing the reserves and the projects’ economic viability: (a) $348 (four projects) – undergoing front-end engineering and design with final investment decision expected within four years; (b) $415 (two projects) – development alternatives under review.
Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $150 in 2025; $148 was paid in 2024.
Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. The company anticipates paying OPEB benefits of approximately $162 in 2026; $147 was paid in 2025.
Ct.); Platkin, et al. v. Exxon Mobil Corp., et al. , No. MER-L-001797-22 (N.J. Super. Ct.) (dismissed on the merits, appeal may be filed); Estado Libre Asociado de Puerto Rico [Commonwealth of Puerto Rico] v. Exxon Mobil Corp., et al. , No. SJ2024CV06512 (Tribunal de Primera Instancia, Estado Libre Asociado de P.R.) [P.R.
Super. Ct.); Platkin, et al. v. Exxon Mobil Corp., et al. , No. MER-L-001797-22 (N.J. Super. Ct.) (dismissed on the merits; Plaintiff’s appeal pending); Estado Libre Asociado de Puerto Rico [Commonwealth of Puerto Rico] v. Exxon Mobil Corp., et al. , No. SJ2024CV06512 (Tribunal de Primera Instancia, Estado Libre Asociado de P.R.) [P.R.
The principal considerations for our determination that performing procedures relating to the impact of proved developed crude oil and natural gas reserves on upstream property, plant, and equipment, net is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, when developing the estimates of proved developed crude oil and natural gas reserves, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence obtained related to the data, methods, and assumptions used by management and its specialists in developing the estimates of proved developed crude oil and natural gas reserves.
The principal considerations for our determination that performing procedures relating to the impact of proved developed crude oil and natural gas reserves on upstream property, plant, and equipment, net is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, when developing the estimates of proved developed crude oil and natural gas reserves, which are derived using historical production volumes and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the data, specifically historical production volumes, methods, and assumptions used by management and its specialists in developing the estimates of proved developed crude oil and natural gas reserves.
Sales and other operating revenues before elimination $ 40,115 $ 43,805 $ 83,567 $ 78,058 $ 245,545 $ 597 $ 246,142 Intersegment revenue elimination (26,307) (11,871) (8,793) (1,794) (48,765) (464) (49,229) Sales and Other Operating Revenues 13,808 31,934 74,774 76,264 196,780 133 196,913 Income (loss) from equity affiliates (387) 4,272 736 519 5,140 (9) 5,131 Other income (loss) 1 (2,536) 776 444 39 (1,277) 182 (1,095) Total Revenues and Other Income 10,885 36,982 75,954 76,822 200,643 306 200,949 Intersegment product transfers 2 23,665 4,274 (23,887) (4,184) (132) 132 — Less expenses: Purchased crude oil and products 13,019 7,270 37,176 61,731 119,196 — 119,196 Operating and SG&A expenses 6,879 5,837 8,432 6,058 27,206 2,034 29,240 Depreciation, depletion and amortization 7,666 8,109 931 301 17,007 319 17,326 Other costs and deductions 3 1,676 1,010 515 1,782 4,983 620 5,603 Total Costs and Other Deductions 29,240 22,226 47,054 69,872 168,392 2,973 171,365 Income Tax Expense (Benefit) 1,141 5,733 1,109 519 8,502 (329) 8,173 Less: Net income (loss) attributable to non-controlling interests 21 7 — 14 42 — 42 Net Income (Loss) Attributable to Chevron Corporation $ 4,148 $ 13,290 $ 3,904 $ 2,233 $ 23,575 $ (2,206) $ 21,369 Values have been adjusted for eliminations, unless otherwise specified. 1 Includes interest income of $491 in “All Other.” 2 Valuation of product transfers between operating segments. 3 Includes interest expense of $432 in “All Other.” Upstream Downstream Segment Total All Other Total Year Ended December 31, 2022 U.S.
Sales and other operating revenues before elimination $ 40,115 $ 43,805 $ 83,567 $ 78,058 $ 245,545 $ 597 $ 246,142 Intersegment revenue elimination (26,307) (11,871) (8,793) (1,794) (48,765) (464) (49,229) Sales and Other Operating Revenues 13,808 31,934 74,774 76,264 196,780 133 196,913 Income (loss) from equity affiliates (387) 4,272 736 519 5,140 (9) 5,131 Other income (loss) 1 (2,536) 776 444 39 (1,277) 182 (1,095) Total Revenues and Other Income 10,885 36,982 75,954 76,822 200,643 306 200,949 Intersegment product transfers 2 23,665 4,274 (23,887) (4,184) (132) 132 — Less expenses: Purchased crude oil and products 13,019 7,270 37,176 61,731 119,196 — 119,196 Operating and SG&A expenses 6,879 5,837 8,432 6,058 27,206 2,034 29,240 Depreciation, depletion and amortization 7,666 8,109 931 301 17,007 319 17,326 Other costs and deductions 3 1,676 1,010 515 1,782 4,983 620 5,603 Total Costs and Other Deductions 29,240 22,226 47,054 69,872 168,392 2,973 171,365 Income Tax Expense (Benefit) 1,141 5,733 1,109 519 8,502 (329) 8,173 Less: Net income (loss) attributable to non-controlling interests 21 7 — 14 42 — 42 Net Income (Loss) Attributable to Chevron Corporation $ 4,148 $ 13,290 $ 3,904 $ 2,233 $ 23,575 $ (2,206) $ 21,369 Values have been adjusted for eliminations, unless otherwise specified. 1 Includes interest income of $491 in “All Other.” 2 Valuation of product transfers between operating segments. 3 Includes interest expense of $432 in “All Other.” 83 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Segment Assets Segment assets do not include intercompany investments or receivables.
Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2024, the company used an expected long-term rate of return of 7.0 percent for U.S. pension plan assets, which account for 73 percent of the company’s pension plan assets at the beginning of the year.
Asset allocations are periodically updated using pension plan asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2025, the company used an expected long-term rate of return of 7.1 percent for U.S. pension plan assets, which account for 76 percent of the company’s pension plan assets at the beginning of the year.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeChevron’s Chief Information Security Officer (CISO) reports to the CIO and leads a global cybersecurity team. 27 Table of Contents 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.
Biggest changeChevron 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.
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; however, the company has experienced and will continue to experience cyber incidents of varying degrees.
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; 28 Table of Contents however, the company has experienced and will continue to experience cyber incidents of varying degrees.
Refer to Item 1A. Risk Factors on pages 21 through 22 for further discussion of cyberattacks and the associated risks to Chevron’s business.
Refer to Item 1A. Risk Factors on pages 21 through 24 for further discussion of cyberattacks and the associated risks to Chevron’s business.
The company seeks to remove exploitable weaknesses in its systems or devices before they become a threat. Chevron security experts use automated threat intelligence feeds to increase vulnerability awareness, taking action to mitigate the highest risks.
The company seeks to remove exploitable weaknesses in its systems or devices before they become a threat. Chevron security experts use automated 27 Table of Contents threat intelligence feeds to increase vulnerability awareness, taking action to mitigate the highest risks.
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 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.
Added
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.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeInformation 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 104 through 114 and Note 18 Properties, Plant and Equipment . 28 Table of Contents
Biggest changeInformation 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

Legal Proceedings — active lawsuits and investigations

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Biggest changeResolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. As previously disclosed, in April 2015, Noble Energy, Inc. (Noble) entered into a joint consent decree (Consent Decree) with the United States Department of Justice, the U.S.
Biggest changeResolution 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.
Legal Proceedings The following is a description of legal proceedings that involve governmental authorities as a party and 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.
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) to Chevron for alleged violations of state and federal regulations of air quality between October 2022 and September 2023 at different Chevron facilities in New Mexico.
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.
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.
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. 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.
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 may result in the payment of a civil penalty of $1.0 million or more.
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.
Removed
EPA, and the State of Colorado to improve emission control systems at a number of condensate storage tanks within the Denver-Julesburg (DJ) Basin. The associated civil penalty was paid by Noble previously, and Chevron paid $1.5 million in stipulated penalties for noncompliance with the Consent Decree in August 2024.
Added
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.
Removed
On December 20, 2024, the parties entered a joint stipulation terminating the Consent Decree, which was approved by the U.S. District Court. Accordingly, the Consent Decree has been terminated and no outstanding obligations remain. Please see information related to other legal proceedings in Note 16 Litigation .
Added
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.
Added
Please see information related to other legal proceedings in Note 16 Litigation .

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

2 edited+0 added−0 removed1 unchanged
Biggest changeChevron Corporation Issuer Purchases of Equity Securities for Quarter Ended December 31, 2024 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, 2024 9,521,027 $ 150.02 9,520,248 $51.7 November 1 - November 30, 2024 7,067,420 $ 158.89 7,067,420 $50.5 December 1 - December 31, 2024 12,874,652 $ 151.37 12,874,652 $48.6 Total October 1 - December 31, 2024 29,463,099 $ 152.74 29,462,320 1 Includes common shared 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.
Biggest changeChevron 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 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 7, 2025, stockholders of record numbered approximately 95,000. There are no restrictions on the company’s ability to pay dividends.
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.

Other CVX 10-K year-over-year comparisons