CHEVRON (CVX) Company Report

Chevron remains the only major Western oil company operating in Venezuela under special U.S. licenses, producing ~200,000 bpd through PDVSA joint ventures.
The company had planned to export ~1 million barrels under authorizations bypassing some sanctions, but shipments stalled after a U.S. tanker seizure near Venezuela on Dec. 20, 2025.
The escalation has increased operational and compliance risk, even as investors weigh Venezuela headline risk against growth in Guyana, disciplined capital spending, and shareholder returns.
Both the Maduro government and the U.S. view Chevron as strategically useful, heightening Chevron’s geopolitical upside and downside exposure, with shares trading in the mid-$140s.

3 days ago

Bloomberg

Chevron-backed Leviathan gas export deal approved by Israel

CVX

New Projects/Investments

Israel approved its largest-ever natural gas export deal, enabling Chevron and partners to supply Egypt from the Leviathan field in a pact valued at about NIS 112 billion.
The phased export agreement allows up to 130.9 billion cubic meters of gas, with the first expansion (~20.7 Bcm at 1,850 MMscf/day) and second (~95.6 Bcm at 2,100 MMscf/day) tied to production milestones.
Sellers anticipate roughly $35 billion in export revenues and expect to channel about NIS 58 billion into state coffers.
Completion of expansion works and the Nitzana pipeline is forecast around 2029, with Israeli state receipts rising from NIS 500 million in the first four years to NIS 6 billion annually by 2033.

5 days ago

WSJ

Maurel & Prom signs SPA to acquire interests in Chevron-operated Blocks 14 & 14K

CVX

M&A

New Projects/Investments

Signed a Sale and Purchase Agreement to acquire a 20% interest in Block 14 (10% net to M&P) and a 10% interest in Block 14K (5% net) from Azule Energy, offshore Angola
Block 14 currently produces ~40 kbopd gross (~4 kbopd net) across nine fields; Block 14K produces ~2 kbopd gross (~0.1 kbopd net) via a subsea tie-back to Block 14
Transaction consideration of $195 million ($97.5 million net) with a $12 million deposit ($6 million net), balance at closing, plus contingent payments up to $115 million ($57.5 million net) based on Brent prices and production milestones
Closing expected mid-2026, subject to Angolan and Congolese regulatory approvals, complementing M&P’s existing Angola portfolio and growth strategy

Dec 12, 2025, 6:30 AM

Press Release

Chevron approves $3B Gorgon LNG expansion

CVX

New Projects/Investments

Chevron and JV partners ExxonMobil and Shell have approved a $3 billion investment to expand the Gorgon LNG project off Western Australia’s Pilbara coast.
Stage 3 will drill six new offshore wells to connect the Geryon and Eurytion gas fields, sustaining the facility’s 15.6 mtpa capacity, with completion expected by early 2030.
The project is expected to create approximately 800 construction jobs, with about half the investment spent locally, and will support domestic gas supply and LNG exports to Asia.
Chevron Australia emphasized the need for a streamlined regulatory approach to facilitate offshore gas approvals and ensure continued development.

Dec 5, 2025, 4:39 AM

Bloomberg

Chevron announces 2026 capex plan

CVX

Guidance Update

New Projects/Investments

Chevron sets a $18–19 billion capital expenditure budget for 2026, prioritizing U.S. shale and offshore growth.
Allocates approximately $10.5 billion to U.S. operations, including $6 billion for Permian, DJ and Bakken shale to support production above 2 million boe/d.
Plans $7 billion in global offshore spending across Guyana, the Eastern Mediterranean and the U.S. Gulf of Mexico; acquired a 30% stake in Guyana’s Stabroek Block via a $55 billion deal with Hess.
Reserves $1 billion for downstream investments—about 75% in U.S. projects focused on efficiency and carbon-intensity reduction.
Targets disciplined financial health with a 0.22 debt-to-equity ratio, 0.67 beta and a market cap near $303–305 billion.

Dec 4, 2025, 2:36 AM

Morningstar

Chevron acquires 40% interest in TotalEnergies’ Nigerian offshore blocks pending approvals

CVX

M&A

New Projects/Investments

Chevron’s subsidiary Star Deep Water Petroleum will acquire a 40% interest in PPL 2000 and PPL 2001 offshore licenses, covering around 2,000 km² in Nigeria’s West Delta basin.
TotalEnergies EP Nigeria retains operatorship and a 40% stake, with South Atlantic Petroleum holding 20%.
The transaction follows a prior U.S. offshore exploration JV where Chevron acquired a 25% interest in 40 TotalEnergies-operated blocks.
Completion of the deal is subject to regulatory approvals in Nigeria.

Nov 30, 2025, 2:03 PM

Morningstar

Chevron eyes Lukoil assets after U.S. license

CVX

M&A

New Projects/Investments

Chevron is evaluating overseas Lukoil assets after receiving a U.S. Treasury license to negotiate until Dec. 13, with full sanctions set to take effect on Nov. 21.
The company is targeting assets overlapping its operations, notably Lukoil’s 75% stake in Iraq’s West Qurna-2.
Other bidders like Carlyle are examining parts of the portfolio, while Gunvor withdrew a ~$22 billion offer amid U.S. objections.
Lukoil’s international holdings, valued at ~$22 billion, span refineries, upstream stakes and retail networks across Europe, the Middle East, Central Asia and Africa, requiring clear jurisdictional and regulatory approvals.

Nov 17, 2025, 4:54 PM

Bloomberg

Chevron outlines 2025–2030 cash flow, capital and production guidance

CVX

Guidance Update

Share Buyback

New Projects/Investments

Chevron expects annual adjusted free cash flow growth of >10% at nominal $70 Brent through 2030, supported by a 2–3% upstream production CAGR and margin improvements, with a breakeven under $50 Brent.
Capital spending will be $18–21 billion per year through 2030, while targeting $3–4 billion in annual structural cost savings by 2026 and maintaining a strong AA-rated balance sheet with net debt/CFO <1×.
Maintains top-quartile shareholder returns, with a dividend growth track record and $10–20 billion in annual share buybacks at $60–80 Brent, aiming to return over 45% of market cap in five years.
Upstream portfolio aims for 2–3% production CAGR over five years with a 10% margin uplift at flat prices, leveraging 50% shale/tight and diverse deepwater and LNG assets with over 20 years of resource inventory.
Advancing a 2.5 GW gas-fired data center power project in West Texas targeting first power in 2027, with mid-teens returns and FID planned upon securing long-term offtake.

Nov 12, 2025, 2:30 PM

Transcript

Chevron outlines 2025–2030 growth, cost discipline and capital return priorities

CVX

Guidance Update

Share Buyback

New Projects/Investments

From 2024 to 2026, Chevron expects cash flow from operations to grow at three times the rate of its nearest peer and deliver a 10% production CAGR, with a break-even price below $50 Brent; over the next five years, it targets >10% annual adjusted free cash flow growth at $70 Brent ( >14% on escalated real prices).
The company has reduced its annual CapEx guidance to $18–21 billion through 2030, plans $10–20 billion in annual share repurchases at $60–80 Brent, and aims for $10–15 billion of asset divestments by 2028 (with $9 billion completed).
Structural cost efficiency measures have been raised to target $3–4 billion of annual run-rate savings by end-2026, and the Hess integration synergy target has increased to $1.5 billion by end-2026 (up from $1 billion).
Chevron’s Upstream production has grown by 1 million boe/d (40%) over the past decade, and its high-margin, low-breakeven portfolio—spanning Permian, Guyana, Kazakhstan, and Australia—is projected to deliver 2–3% production CAGR and a 10% margin uplift through 2030.

Nov 12, 2025, 2:30 PM

Transcript

Chevron outlines plan for sustained cash flow growth

CVX

Guidance Update

New Projects/Investments

Share Buyback

Expects adjusted free cash flow and EPS to grow >10% annually at $70 Brent, and has reduced its capex guidance to $18–$21 billion per year.
Aims to sustain capital discipline with a capex and dividend breakeven below $50 per barrel through 2030, improve return on capital employed by over 3% by 2030, and grow production 2–3% annually through 2030.
Plans to increase Hess synergies to $1.5 billion and achieve $3–$4 billion in structural cost reductions by end of 2026.
To advance its New Energies strategy, Chevron expects first power from its AI data center project in West Texas by 2027.
Commits to superior shareholder returns, targeting $10–$20 billion in annual share repurchases through 2030 and maintaining a history of 7% annual dividend per share growth.

Nov 12, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CHEVRON.

Q3 2025

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CHEVRON (CVX)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Mike Wirth

Alana Knowles

Amit Ghai

Eimear Bonner

Hewitt Pate

Mark Nelson

Mary Francis

Board Members

Alice Gast

Charles Moorman

Cynthia Warner

Dambisa Moyo

Debra Reed-Klages

Enrique Hernandez, Jr.

Jim Umpleby

John Frank

John Hess

Jon Huntsman Jr.

Marillyn Hewson

Wanda Austin

Analyst Coverage

Biraj Borkhataria

Devin Mcdermott

Jean Ann Salisbury

Lucas Herrmann

Neil Mehta

Ryan Todd

Jason Gabelman

Stephen Richardson

Bob Brackett

Paul Cheng

Phillip Jungwirth

Arun Jayaram

Betty Jiang

Doug Leggate

Geoff Jay

John Royall

Joshua Silverstein

Nitin Kumar

Paul Sankey

Alastair Syme

Douglas Leggate

James West

Paul Chang

Roger Read

Sam Marlin

Douglas George Blyth Leggate

Francis Lloyd Byrne

Jeff Jay

Josh Silverstein

Lloyd Byrne

Neal Dingmann

Robert Brackett

Wei Jiang

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