Chevron is like ExxonMobil for global oil and gas.

Chevron is like Shell for integrated energy and chemicals.

• Crude Oil: Explored, developed, produced, and transported globally.
• Natural Gas: Explored, developed, produced, transported, stored, and marketed worldwide.
• Liquefied Natural Gas (LNG): Processed, liquefied, transported, and regasified for global energy markets.
• Petroleum Products: Refined from crude oil into fuels such as gasoline, diesel, and jet fuel.
• Lubricants: Manufactured and marketed for automotive, industrial, and marine applications.
• Renewable Fuels: Produced and marketed as part of its energy transition efforts.
• Commodity Petrochemicals and Plastics: Manufactured and marketed for diverse industrial uses.
• Fuel and Lubricant Additives: Produced and marketed to improve product performance.
• Gas-to-Liquids (GTL) Products: Manufactured from natural gas using advanced conversion technology.
• Energy Exploration & Production Services: Involves the discovery, development, and extraction of crude oil and natural gas reserves.
• Energy Transportation & Logistics Services: Provides transportation for crude oil, natural gas, LNG, and refined products through various networks.
• Natural Gas Marketing & Storage Services: Offers solutions for marketing and storing natural gas.
• Financial Services: Includes cash management and debt financing operations.
• Insurance Operations: Provides internal and external insurance-related services.
• Real Estate Activities: Involves the management and development of real estate assets.

Chevron Corporation (CVX) primarily operates in a business-to-business (B2B) model, serving a diverse global customer base across its integrated energy and chemicals operations. Due to the commodity nature of many of its products and its broad market reach, Chevron typically does not disclose a specific list of its major customers in its public filings. However, based on its business segments, Chevron's major customers generally include large companies in the following categories:

• Airlines: Major air carriers are significant purchasers of jet fuel. Examples of public companies in this category include Delta Air Lines, Inc. (DAL) and United Airlines Holdings, Inc. (UAL).
• Electric and Gas Utilities: These companies purchase natural gas and liquefied natural gas (LNG) for power generation, heating, and distribution. Examples of public utilities include PG&E Corporation (PCG) and Sempra Energy (SRE).
• Industrial and Chemical Manufacturers: Companies across various industrial sectors are buyers of petrochemicals, plastics for industrial uses, and fuel and lubricant additives. Examples of public companies in the chemical sector include Dow Inc. (DOW) and LyondellBasell Industries N.V. (LYB).

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

Michael Wirth has served as Chairman and CEO of Chevron Corporation since 2018. He joined Chevron in 1982 as a design engineer and has held various leadership positions across the company's Downstream and Chemicals, Midstream and Development, and Global Supply and Trading operations over his more than four-decade career. Wirth holds a bachelor's degree in chemical engineering from the University of Colorado, Boulder. There is no information available to indicate that he founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms.

Eimear P. Bonner
Vice President and Chief Financial Officer

Eimear P. Bonner became Chevron's Vice President and Chief Financial Officer on March 1, 2024. She is responsible for audit, controllership, investor relations, tax, and treasury activities worldwide. Bonner joined Chevron in 1998 as an offshore petroleum engineer in the United Kingdom. Her career at Chevron includes roles such as President of the Chevron Technical Center and Chief Technology Officer, and General Director of Tengizchevroil (TCO), a Chevron joint venture in Kazakhstan. She holds a bachelor's degree in chemical engineering from Queen's University Belfast and master's degrees in advanced chemical engineering and petroleum engineering from Imperial College, London. There is no information available to indicate that she founded or managed other companies, sold companies she was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms.

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

Mark A. Nelson is Vice Chairman and Executive Vice President of Oil, Products & Gas for Chevron Corporation. In this role, he is responsible for the entire value chain, focusing on integrated capital allocation, asset class excellence, and value chain optimization. Nelson joined Chevron U.S.A. Inc. in 1985 as an engineer and has held numerous leadership positions across various segments of the business, including executive vice president of Downstream & Chemicals, vice president of Midstream, Strategy & Policy, and president of International Products. He holds a bachelor's degree in civil engineering from California Polytechnic State University.

R. Hewitt Pate
Chief Legal Officer

R. Hewitt Pate has served as Vice President and General Counsel (Chief Legal Officer) of Chevron Corporation since 2009. He directs the company's worldwide legal affairs and is a member of its Executive Committee. Prior to joining Chevron, Pate was a partner at Hunton & Williams LLP, where he headed the firm's Global Competition practice. He also served as Assistant Attorney General for the Antitrust Division of the U.S. Department of Justice from 2003 to 2005, and as Deputy Assistant Attorney General from 2001 to 2003. He earned his bachelor's degree from the University of North Carolina and his law degree from the University of Virginia.

Kevin Lyon
Chief Strategy Officer

Kevin Lyon is the Chief Strategy Officer for Chevron Corporation, a position he assumed effective March 1, 2026. In this role, he leads the development of the company's enterprise strategy, overseeing capital allocation, enterprise portfolio optimization, and sustainability initiatives. Lyon joined Chevron in 1988 and has held senior leadership positions across downstream, midstream, and upstream operations in various international locations. Most recently, he led Chevron's integration of Hess. He holds a bachelor of science in electrical and electronic engineering from the University of Wyoming.

1. Commodity Price Volatility: Chevron's financial performance is highly sensitive to fluctuations in the global prices of crude oil, natural gas, and natural gas liquids. Extended periods of low prices, driven by factors such as oversupply or reduced demand due to economic conditions and the energy transition, can significantly impact the company's earnings, cash flows, and capital expenditure programs.
2. Geopolitical Tensions and Operational Disruptions: As a global energy company, Chevron's operations are exposed to geopolitical risks, including conflicts, civil unrest, and political instability in regions where it operates (e.g., the Middle East, Venezuela, Kazakhstan). These tensions can lead to supply chain disruptions, operational interruptions (such as the shutdown of facilities), and potential changes in regulatory environments, directly affecting production volumes and project economics.
3. Energy Transition and Regulatory/Environmental Pressures: The accelerating global shift towards lower-carbon energy sources and increasing regulatory scrutiny on greenhouse gas emissions and climate change pose significant challenges. This includes the pressure to adopt cleaner energy solutions, comply with evolving environmental policies, and achieve ambitious ESG (Environmental, Social, and Governance) targets. Failure to adapt to these trends can result in increased operational costs, limitations on future development, and reputational damage.

Accelerated global energy transition and decarbonization efforts, driven by policy shifts, technological advancements in renewable energy and electric vehicles, and changing consumer and investor preferences, which threaten the long-term demand for Chevron's core fossil fuel products and associated infrastructure.

Chevron (symbol: CVX) operates in several large addressable markets for its main products and services:

• Crude Oil: The global crude oil market size is projected to reach approximately $3,188.67 billion in 2026. In terms of volume, the global crude oil market reached approximately 101.40 million barrels per day (MB/d) in 2025.
• Natural Gas: The global natural gas market size is estimated to be $1,591.93 billion in 2026.
• Refined Petroleum Products: The global refined petroleum products market size is projected to grow from $3,128.22 billion in 2025 to $3,254.8 billion in 2026. Asia-Pacific was the largest region in this market in 2025.
• Lubricants: The global lubricants market size was valued at USD 178.98 billion in 2025 and is projected to be worth USD 182.53 billion in 2026. Asia Pacific dominated the global lubricants market with a market share of 36.80% in 2025. The U.S. lubricants market is projected to reach an estimated value of USD 18.82 billion by 2032.
• Renewable Fuels: The global Renewable Fuel Market size is estimated at USD 136.66 billion in 2025 and is expected to reach USD 276.31 billion by 2030. Specifically, the global renewable diesel market was estimated at USD 25.8 billion in 2025, with a projection to reach USD 27.3 billion in 2026 and USD 57.9 billion by 2035. The North America renewable diesel market alone accounted for USD 12.4 billion in 2025.
• Petrochemicals and Plastics: The global petrochemical market size was calculated at USD 700.10 billion in 2025 and is predicted to increase from USD 743.50 billion in 2026 to approximately USD 1,257.50 billion by 2035. Asia Pacific dominated the petrochemicals market with a market share of 52.50% in 2025.

Here are 3-5 expected drivers of future revenue growth for Chevron (CVX) over the next 2-3 years:

1. Increased Oil and Gas Production: Chevron anticipates increasing its overall oil and gas production by 2% to 3% annually through 2030, with a projected year-over-year production growth of 7% to 10% in 2026, excluding asset sales. This growth is expected from high-margin assets, particularly in the Permian Basin, where output is targeted to increase by 9% to 10% in 2025. Significant contributions are also expected from offshore projects in Guyana, the Gulf of America, and the Eastern Mediterranean.
2. Hess Acquisition and Synergy Realization: The acquisition of Hess Corporation is a significant driver, projected to add approximately 465,000 barrels of oil equivalent per day (boe/d) to Chevron's production. The deal also aims to achieve substantial cost synergies, initially targeting $1 billion, and subsequently boosted to $1.5 billion, coupled with structural cost reductions of $3 billion to $4 billion by the end of 2026. This acquisition grants Chevron a 30% interest in Guyana's Stabroek Block, a low-cost, high-growth asset.
3. Cost Reduction and Capital Discipline: Chevron is focused on achieving structural cost reductions of $3 billion to $4 billion by the end of 2026. This commitment to capital discipline and efficiency gains is expected to improve net margins and free cash flow, indirectly supporting revenue growth by enhancing overall profitability.
4. Strategic Project Start-ups and Ramp-ups: The company expects revenue growth from several major projects that are starting up or ramping up. These include the Future Growth Project at Tengiz, the start-up of Ballymore and Whale, and the ramp-up of Anchor in the Gulf of America. Additionally, projects in the Eastern Mediterranean, such as the Leviathan capacity expansion, Tamar optimization, and Aphrodite entering Front-End Engineering Design (FEED), are anticipated to contribute to increased earnings and free cash flow.
5. New Energy Ventures: Chevron is diversifying its operations by venturing into new energy solutions. The company plans to launch its first AI-powered data center project in West Texas, targeting operational status by 2027. This initiative represents a step towards expanding revenue streams beyond traditional oil and gas.

Share Repurchases

• Chevron expects to repurchase between $10 billion and $20 billion of shares annually through 2030.
• In 2024, Chevron repurchased $15.23 billion in stock, following $14.94 billion in 2023 and $11.26 billion in 2022.
• In the first quarter of 2025, share buybacks totaled $3.9 billion, with plans for $2.5 billion to $3 billion in the second quarter of 2025.

Share Issuance

• Chevron issued approximately 301 million shares of common stock to Hess Corporation stockholders upon the completion of the Hess acquisition in July 2025.
• Shares were issued to PDC Energy shareholders as part of the acquisition, with 0.4638 of a Chevron share exchanged for each PDC share.
• Chevron's shares outstanding increased to 1.997 billion by the end of 2025, representing a 9.91% increase year-over-year.

Inbound Investments

• BlackRock and Vanguard increased their Chevron holdings by 20.1 million and 27.9 million shares, respectively, in Q3 2025.

Outbound Investments

• Chevron completed the acquisition of Hess Corporation for $53 billion in an all-stock deal in July 2025, securing a 30% stake in Guyana's Stabroek Block and Bakken assets.
• Chevron acquired PDC Energy for $7.6 billion in an all-stock deal in 2023.
• In February 2022, Chevron acquired Renewable Energy Group (REG) for $3.1 billion, expanding its biofuels production in the U.S.

Capital Expenditures

• Chevron's organic capital expenditure for 2026 is projected to be in the range of $18 billion to $19 billion, with approximately $17 billion allocated to upstream spending, focusing on U.S. shale assets ($6 billion) and global offshore projects ($7 billion).
• For 2025, the organic capital expenditure range was $14.5 billion to $15.5 billion, including about $1.5 billion dedicated to lowering carbon intensity and growing new energies businesses.
• Chevron's capital expenditures for fiscal year 2024 were $72.458 billion.