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1. Chevron is like ExxonMobil.

2. Chevron is like Shell.

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• Crude Oil: Raw fossil fuel extracted from underground, primarily processed into various petroleum products.
• Natural Gas: A fossil fuel primarily composed of methane, used for heating, electricity generation, and industrial processes.
• Gasoline: A refined petroleum product used as fuel for internal combustion engines in vehicles.
• Diesel Fuel: A refined petroleum product used as fuel for diesel engines in vehicles, machinery, and power generators.
• Jet Fuel: A specialized refined petroleum product used as fuel for turbine-powered aircraft.
• Lubricants: Specialty oils and greases designed to reduce friction and wear in engines and machinery.
• Petrochemicals: Basic chemical compounds derived from petroleum and natural gas, serving as raw materials for plastics and other industrial products.

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Chevron (CVX) is an integrated energy company, meaning it operates across the entire oil and natural gas value chain, from exploration and production to refining and marketing. Due to the commodity nature of many of its products (crude oil, natural gas, refined fuels), Chevron primarily sells to other companies rather than directly to individual consumers.

Identifying specific "major customers" for a company like Chevron is challenging because it sells large volumes of fungible products into global markets, and specific supply contracts are generally not publicly disclosed. Its customer base is vast and diverse, encompassing numerous companies worldwide. However, its major customers fall into several key categories of businesses:

Here are categories of Chevron's primary business customers, along with examples of public companies that operate in these sectors and would plausibly be purchasers of Chevron's products. Please note that these are illustrative examples of the types of companies that buy from Chevron, rather than a definitive, publicly disclosed list of its top clients:

• Other Refiners and Energy Trading Companies: These companies purchase crude oil and natural gas from Chevron for their own refining operations or for trading and resale in global energy markets.
  • Example of an independent refiner that could purchase crude oil: Marathon Petroleum Corporation (MPC)
  • Example of another major refiner: Valero Energy Corporation (VLO)
• Airlines, Trucking, and Shipping Companies: These businesses are significant purchasers of Chevron's refined products, including jet fuel, diesel, and marine fuels, for their operational fleets.
  • Example of a major airline: Delta Air Lines (DAL)
  • Example of another major airline: United Airlines Holdings, Inc. (UAL)
• Utility Companies and Industrial Users: These entities purchase natural gas for power generation, heating, or as feedstock for industrial processes, as well as other industrial fuels and lubricants.
  • Example of a large utility company (in a region where Chevron operates): PG&E Corporation (PCG)
  • Example of another major utility: Southern Company (SO)
• Independent Marketers and Distributors: These companies operate Chevron-branded service stations (under franchise agreements) or distribute Chevron's lubricants and other petroleum products to businesses and consumers. Many of these are private companies, but they represent a significant channel for Chevron's downstream products.

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• Schlumberger (SLB)
• Halliburton (HAL)
• Baker Hughes (BKR)
• NOV Inc. (NOV)
• TechnipFMC (FTI)

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Michael K. Wirth, Chairman of the Board and Chief Executive Officer

Michael K. Wirth has served as Chairman of the Board and Chief Executive Officer of Chevron Corporation since 2018. He joined Chevron in 1982 as a design engineer and has held numerous leadership roles across Downstream & Chemicals, Midstream & Development, and Global Supply & Trading throughout his four-decade career at the company. Prior to his current role, he was vice chairman of the board in 2017 and executive vice president of Midstream & Development from 2016 to 2018.

Eimear P. Bonner, Vice President and Chief Financial Officer

Eimear P. Bonner became Vice President and Chief Financial Officer for Chevron Corporation in 2024. She is responsible for audit, controller, investor relations, tax, and treasury activities worldwide. Bonner joined Chevron in 1998 and has held various leadership and engineering positions in the United Kingdom, Thailand, Kazakhstan, and the United States. Prior to her CFO role, she served as president of the Chevron Technical Center and chief technology officer, leading the development of enterprise technology strategy and advancing innovative technologies and digital solutions. She also served as general director of Tengizchevroil (TCO), Chevron's largest joint venture in Kazakhstan.

Mark A. Nelson, Vice Chairman and Executive Vice President, Oil, Products & Gas

Mark A. Nelson is Vice Chairman of Chevron Corporation and Executive Vice President, Oil, Products & Gas. In this role, he is responsible for the entire value chain, focusing on integrated capital allocation, asset class excellence, and value chain optimization. With nearly 40 years of experience at Chevron, he has served in numerous leadership positions. Previously, Nelson was executive vice president of Downstream & Chemicals from 2019-2022, overseeing manufacturing, marketing, lubricants, chemicals, and the Chevron Phillips Chemical Company joint venture. His past roles also include vice president of Midstream, Strategy & Policy, vice president of Strategic Planning for Chevron, president of International Products, and president of Chevron Canada Limited.

R. Hewitt Pate, Vice President and General Counsel

R. Hewitt Pate has been Vice President and General Counsel for Chevron Corporation since 2009. As Chevron's chief legal officer, he directs the company's worldwide legal affairs. Before joining Chevron, Pate was a partner at Hunton & Williams in Washington, D.C., where he headed the firm's Global Competition practice. He also served as the Assistant Attorney General for the Antitrust Division of the U.S. Department of Justice from 2003 to 2005 and as a Deputy Assistant Attorney General from 2001 to 2003. Earlier in his career, he was a law clerk for U.S. Supreme Court Justices Anthony M. Kennedy and Lewis F. Powell Jr., and for Fourth Circuit Court of Appeals Judge J. Harvie Wilkinson III.

Jeff B. Gustavson, Vice President, Lower Carbon Energies and President, Chevron New Energies

Jeff B. Gustavson is Vice President of Lower Carbon Energies for Chevron Corporation and President of Chevron New Energies, positions he assumed in August 2021. In these roles, he focuses on lower carbon solutions with the potential to scale, including commercialization opportunities in lower carbon power, hydrogen, carbon capture, offsets, and biofuels. Gustavson joined Chevron in 1999 and has held positions in Finance, Mergers & Acquisitions, Corporate Strategic Planning, Supply and Trading, Investor Relations, and Upstream, with assignments in the United States, Canada, the United Kingdom, and Venezuela. Previously, he served as vice president of Chevron's North America Exploration and Production Company, overseeing its Mid-Continent Business Unit, and as president of Chevron Canada Limited.

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The key risks to Chevron's business include:

1. Commodity Price Volatility: Chevron's financial performance is highly sensitive to fluctuations in global crude oil, natural gas, and natural gas liquids prices, which are influenced by supply and demand dynamics, geopolitical events, and economic factors. Extended periods of low commodity prices can significantly impact earnings, cash flows, and capital expenditure programs.
2. Regulatory and Environmental Challenges: The company faces increasing regulatory pressures related to greenhouse gas emissions and climate change initiatives, including potential litigation and higher compliance costs. There are also risks associated with refinery emissions, water pollution, waste products, and the possibility of oil spills or leaks, which can result in fines, lawsuits, and reputational damage.
3. Operational Hazards: The global oil and gas industry inherently involves significant operational risks and hazards, such as explosions, mechanical failures, and environmental contamination. Failure to effectively manage these risks can impair operations and lead to unexpected incidents, personal injury, and financial liabilities.

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The accelerating global transition to renewable energy sources and the electrification of transportation represent a clear emerging threat. This trend, driven by technological advancements, falling costs, government policies, and growing environmental concerns, directly threatens the long-term demand for Chevron's core products. Specifically, the widespread adoption of electric vehicles is poised to significantly diminish the market for refined petroleum products like gasoline and diesel, impacting Chevron's downstream refining and marketing operations. Concurrently, the increasing competitiveness and deployment of solar, wind, and other renewable energy technologies are displacing fossil fuels in power generation and various industrial applications, posing a long-term risk to demand for Chevron's upstream oil and natural gas production.

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Chevron, a multinational energy corporation, primarily specializes in the exploration, production, refining, marketing, and transportation of crude oil and natural gas, as well as the manufacturing and sale of refined petroleum products and petrochemicals.

Addressable Markets for Chevron's Main Products:

• Crude Oil: The global crude oil market was valued at approximately $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033. North America is identified as the largest regional market. Another estimate placed the global crude oil market size at $3,415.7 billion in 2025.
• Natural Gas: The global natural gas market size was valued at USD 1,127.09 billion in 2023 and is poised to grow to USD 2,142.88 billion by 2032. North America is the world's largest natural gas producer, while Europe dominated the global market with over 37.0% of the share in 2021.
• Refined Petroleum Products (including gasoline, diesel, jet fuel, lubricants, and additives): The global refined petroleum products market reached a value of nearly $2,518.45 billion in 2022 and is expected to grow to $3,795.85 billion by 2032. Another source estimated the global market size at USD 3,061.03 billion in 2024, projected to reach USD 3,816.1 billion by 2033. The Asia Pacific region dominated this market with a 30% share in 2023, and a 32.02% share in 2020.
• Petrochemicals: The global petrochemicals market size was valued at approximately USD 623.83 billion in 2023 and is projected to reach USD 900.91 billion by 2032. Other estimates for the global market size in 2024 include USD 625.14 billion, USD 659.22 billion, and USD 641.01 billion. Asia Pacific held the largest market share, accounting for 52.16% in 2023.

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Chevron (CVX) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, increased production from key assets, structural cost reductions, and investments in new energy ventures.

Here are 3-5 expected drivers of future revenue growth:

1. Integration of Hess Corporation Assets and Guyana Production: Chevron's acquisition of Hess Corporation, completed in July 2025, is a significant driver. This deal provides Chevron with a 30% non-operated interest in the Stabroek block in Guyana, a highly prolific oilfield, which is expected to contribute substantially to production and cash flow. The acquired assets have already boosted Chevron's worldwide production to a record high.
2. Increased Upstream Production from Key Basins and Projects: Chevron anticipates continued production growth from several key upstream assets. This includes sustained strong performance in the Permian Basin, where the company is shifting focus towards enhancing free cash flow, and ramping up deepwater growth projects in the U.S. Gulf of Mexico, targeting 300,000 barrels of oil equivalent per day (boepd) by 2026. Additionally, the Tengizchevroil (TCO) Future Growth Project in Kazakhstan is projected to achieve first oil in the first half of 2025, further adding to production volumes.
3. Structural Cost Reductions: The company plans to implement $2 billion to $3 billion in structural cost reductions by the end of 2026. While not a direct revenue driver, these cost efficiencies are anticipated to improve profitability and free cash flow, effectively boosting net revenue by enhancing margins across operations.
4. Growth in Lower-Carbon and New Energy Businesses: Chevron is strategically allocating approximately $1.5 billion of its capital expenditure budget to reduce carbon intensity across its operations and expand its New Energies businesses. This includes investments in areas like hydrogen production, exemplified by the first hydrogen production at the ACES project, which could open new revenue streams and align with evolving energy transition demands.
5. Performance of Downstream Operations and Chemical Ventures: Downstream operations are expected to contribute through improved refining margins and increased volumes, particularly within the U.S. Furthermore, investments in affiliate chemical ventures, such as the Golden Triangle Polymers and Ras Laffan Petrochemical Projects via Chevron Phillips Chemical Company, are slated to support revenue growth by expanding the company's petrochemical footprint.

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Share Repurchases

• In January 2023, Chevron announced a new $75 billion share repurchase authorization, effective April 1, 2023, which replaced a previous $25 billion authorization.
• Chevron returned a record $26.3 billion cash to shareholders in 2023, including $14.9 billion in share repurchases.
• The company purchased a record $15.2 billion of shares in 2024, representing 5% of shares outstanding.

Share Issuance

• In connection with the acquisition of Hess Corporation, completed in July 2025, Chevron issued approximately 301 million shares of common stock to Hess stockholders.
• As part of the PDC Energy acquisition, completed in August 2023, PDC shareholders received 0.4638 shares of Chevron for each PDC share, with Chevron issuing approximately 41 million shares of common stock.

Outbound Investments

• In July 2025, Chevron completed its acquisition of Hess Corporation in an all-stock transaction valued at $53 billion, with a total enterprise value of $60 billion including debt. This acquisition added world-class assets in Guyana and U.S. Bakken to Chevron's portfolio.
• In August 2023, Chevron completed the acquisition of PDC Energy, Inc. in an all-stock transaction valued at $6.3 billion, with a total enterprise value of $7.6 billion including debt. This acquisition strengthened Chevron's position in the Denver-Julesburg (DJ) Basin and Permian Basin.
• Chevron acquired Renewable Energy Group in 2022.

Capital Expenditures

• Chevron's capital expenditures for consolidated subsidiaries were $16.4 billion in 2024, up 4% from 2023 due to higher upstream investments.
• The expected organic capital expenditure range for consolidated subsidiaries in 2025 is $14.5 billion to $15.5 billion, representing a $2 billion year-over-year reduction from 2024.
• For 2025, upstream spending is expected to be about $13 billion, with roughly two-thirds allocated to the U.S. portfolio, including $4.5 billion to $5.0 billion for Permian Basin development, and approximately $1.5 billion dedicated to lowering carbon intensity and growing New Energies businesses within the total budget.