Entity

Chevron Corporation is an American multinational integrated energy company and the second-largest oil major headquartered in the United States, active in more than 180 countries across the full hydrocarbon value chain — from exploration and production to refining, chemicals, and retail fueling.

History & Corporate Evolution

Chevron traces its origins to Pacific Coast Oil Company, founded in California in 1879 and acquired by Standard Oil in 1900. After the federal breakup of Standard Oil in 1911 under the Sherman Antitrust Act, the California entity continued as Standard Oil Co. (California) — or Socal — and became one of the "Seven Sisters" that dominated global petroleum in the mid-20^th century. In 1933, Socal secured a Saudi Arabian concession that led to the discovery of the Ghawar Field in 1948 — the world's largest oil field — and eventually gave rise to Saudi Aramco.

The modern Chevron Corporation emerged through two landmark mergers: the 1984 merger with Gulf Oil (then the largest corporate merger in US history), which prompted the Chevron rebrand, and the 2001 acquisition of Texaco for $45 billion, briefly creating "ChevronTexaco" before reverting to Chevron in 2005. The 2005 purchase of Unocal Corporation for $18.4 billion added significant Southeast Asian reserves and geothermal assets. Most recently, Chevron completed the $53 billion acquisition of Hess Corporation in 2024, adding premier assets in Guyana's offshore Stabroek block and the Permian Basin.

Business Segments

Chevron operates through two primary reporting segments: Upstream and Downstream, with an "All Other" category for corporate and financial activities.​

Upstream

Chevron's upstream segment focuses on oil and gas exploration, development, and production globally. Key operational regions include:​

• Permian Basin (US): Achieved the milestone of 1 million BOE/day in 2025; continues to be the fastest-growing asset​
• Gulf of America: Several deepwater projects achieved first oil in 2025, including Anchor, Ballymore, Stampede, and Whale fields​
• Kazakhstan: The Tengizchevroil (TCO) joint venture, in which Chevron holds a 50% stake, ramped up to ~1 million BOE/day following completion of the Future Growth Project​
• Guyana: Achieved first oil at Yellowtail (4th development) on the Stabroek block; final investment decision taken on Hammerhead (7th development)​
• Australia: Operates the $43 billion Gorgon LNG project (15 MTPA) and the Wheatstone LNG project (~8.9 MTPA combined capacity)​
• Nigeria & Angola: Joint ventures with national oil companies in the Niger Delta and offshore Cabinda​

For full-year 2025, worldwide net oil-equivalent production reached record levels, up 12% year-on-year, with the Hess acquisition contributing 261 MBOED and legacy Chevron operations adding another 124 MBOED. Year-end 2025 proved reserves were approximately 10.6 billion barrels of oil-equivalent, with a one-year reserve replacement ratio of 158%.​

Downstream

Chevron's downstream operations manufacture and sell fuels, lubricants, additives, and petrochemicals across the west coast of North America, the US Gulf Coast, Southeast Asia, South Korea, Australia, and South Africa.​

US Refineries (wholly owned):

Chevron also holds non-operating interests in seven joint-venture refineries in Australia, Singapore, South Korea, Thailand, Pakistan, and New Zealand. In 2025, Chevron achieved its highest US refinery throughput in 20 years.

Chemicals & Lubricants

Chevron's primary chemicals business operates through Chevron Phillips Chemical Company, a 50/50 joint venture with Phillips 66, producing petrochemicals and plastics. The Chevron Oronite Company develops and manufactures fuel and lubricant additives globally. In 2023, Chevron entered into a 10-year agreement with India's Hindustan Petroleum Corporation (HPCL) to manufacture and sell Chevron lubricants under the Caltex brand in India.​

Technology Development & Licensing

Chevron is a significant proprietary technology developer, with innovations first proven at its own refineries now licensed to third parties worldwide through Chevron Lummus Global (CLG), a joint venture with Lummus Technology. CLG's portfolio spans clean fuels production, lube base oil manufacturing, and heavy oil upgrading, with active licensing contracts across refineries in India, China, Southeast Asia, and beyond. Catalyst supply for CLG-licensed units is handled through Advanced Refining Technologies (ART), a 50/50 joint venture with W.R. Grace.

Financial Performance

Full-year 2025 reported earnings were $2.8 billion for Q4 (adjusted $3.0 billion), with total 2025 cash flow from operations reaching the highest in company history at similar commodity price levels. Revenue in Q4 2025 was $46.87 billion, a 10% decline from the year-ago period primarily due to lower crude oil prices. Chevron returned $27.1 billion to shareholders in 2025, including $12.1 billion in buybacks and $12.8 billion in dividends, and announced a 4% increase in the quarterly dividend to $1.78/share — its 39th consecutive annual dividend increase.

New Energies & Diversification

• Renewable Diesel: The Geismar, Louisiana renewable diesel plant was expanded from 7,000 to 22,000 bbl/day in 2025​
• Hydrogen: Acquired a majority stake in a Utah hydrogen storage facility (poised to become the world's largest)​
• Lithium: Entered the US lithium sector by acquiring ~135,000 net acres in the Smackover Formation (Northeast Texas / Southwest Arkansas) for direct lithium extraction in 2025​
• Power / Data Centers: Announced plans to provide power solutions for US data center growth, with a first project in West Texas​
• Fusion Energy: Holds investment stakes in Zap Energy and TAE Technologies​
• ENGINE R&D Hub: A $1 billion Chevron Engineering and Innovation Excellence Center opened in Bengaluru, India in October 2025​

Capital Strategy & 2026 Outlook

Chevron's 2026 organic capital expenditure plan totals $18–19 billion, with key allocations of $6 billion for US shale and tight assets and $8 billion for Gulf of America operations. An additional $1 billion is earmarked specifically for reducing carbon intensity at US and Gulf of Mexico operations. The company is targeting structural cost reductions of $3–4 billion by end of 2026 (achieved $1.5 billion in 2025).

Chevron had 45,298 employees as of December 31, 2024, down slightly from 45,600 in 2023. In February 2025, the company announced plans to cut approximately 20% of its workforce by end of 2026, targeting $2–3 billion in payroll savings as part of its broader structural cost reduction programme.

References

1. Wikiedia. Chevron Corporation (Page version: Feb 20, 2026)
2. Stock Analysis. Chevron Corporation (CVX) (Feb 23, 2026)
3. BOE Report. Chevron Reports Fourth Quarter 2025 Results (Jan 30, 2026)
4. Bullfincher. Chevron Corporation (Feb 23, 2026)
5. Kimball S., CNBC. Chevron earnings beat as production hits record with upside expected in Venezuela (Jan 30, 2026)
6. Warren, Energies Media. Chevron lifts its 2026 upstream spending, reinforcing growth plans in the U.S. and Gulf of Mexico (Dec 14, 2025)
7. Oil&Gas Advancement. Chevron Oil and Gas Investments Define 2026 Capital Strategy (Dec 10, 2025)