Chevron Corporation is a global energy company that manages investments in subsidiaries and affiliates engaged in integrated energy and chemicals operations. The company is involved in exploring, developing, producing, and transporting crude oil and natural gas, as well as refining crude oil into petroleum products and manufacturing renewable fuels . Chevron's business activities are divided into two main segments: Upstream and Downstream, with the upstream segment being the primary contributor to its earnings .
- Upstream - Focuses on exploring, developing, producing, and transporting crude oil and natural gas. Includes activities related to liquefaction, transportation, and regasification associated with liquefied natural gas (LNG), and carbon capture and storage.
- Downstream - Involves refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants. Also includes manufacturing and marketing renewable fuels, and transporting crude oil and refined products by various means, including pipeline and marine vessels.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael K. Wirth ExecutiveBoard | Chairman of the Board and CEO | None provided | Serving as Chairman and CEO since February 2018. No external roles mentioned. | View Report → |
Andy Walz Executive | President, Downstream, Midstream & Chemicals | None provided | Appointed to this role on October 1, 2024. Responsible for Chevron's global downstream and midstream operations. | |
Balaji Krishnamurthy Executive | Vice President, Chevron Technical Center | None provided | Appointed VP of Chevron Technical Center in January 2024. Previously led Strategy & Sustainability. | |
Eimear P. Bonner Executive | Vice President and CFO | None provided | Appointed CFO on March 1, 2024. Previously led Chevron Technical Center and Tengizchevroil LLP. | |
Jeff B. Gustavson Executive | Vice President, Lower Carbon Energies | None provided | Leads Chevron's Lower Carbon Solutions business since August 2021. | |
Mark A. Nelson Executive | Vice Chairman | None provided | Vice Chairman since October 2023. Expanded responsibilities include IT and supply chain management. | |
Michelle Green Executive | Incoming Vice President and CHRO | None provided | Will succeed Rhonda Morris as CHRO effective January 1, 2025. | |
R. Hewitt Pate Executive | Vice President and General Counsel | None provided | Serving as General Counsel since February 2012. Oversees Chevron's legal affairs. | |
Rhonda J. Morris Executive | Vice President and Chief Human Resources Officer | United Negro College Fund | Serving as CHRO since February 2019. Advocates for diversity and inclusion. | |
Alice P. Gast Board | Director | None provided | Director since December 2012. Former President of Imperial College London. | |
Charles W. Moorman Board | Director | Oracle Corporation, Focused Ultrasound Foundation, others | Director since May 2012. Former CEO of Norfolk Southern and Amtrak. | |
Cynthia J. Warner Board | Director | Sempra, Bloom Energy, others | Director since June 2022. Former CEO of Renewable Energy Group, Inc. | |
D. James Umpleby III Board | Director | Caterpillar Inc., others | Director since March 2018. Chairman and CEO of Caterpillar Inc. | |
Dambisa F. Moyo Board | Director | Condé Nast, House of Lords (UK), Linklaters’ International Advisory Group | Director since October 2016. Economist and author with expertise in global business and public policy. | |
Debra Reed-Klages Board | Director | Caterpillar Inc., Lockheed Martin Corporation, others | Director since December 2018. Former Chairman and CEO of Sempra Energy. | |
Enrique Hernandez, Jr. Board | Director | McDonald’s Corporation (until May 2024), The Macerich Company, others | Director since December 2008. Extensive experience in business leadership and governance. | |
John B. Frank Board | Director | Vice Chairman of Oaktree Capital Group, Daily Journal Corporation, Oaktree Specialty Lending Corp | Director since November 2017. Extensive experience in finance and legal matters. | |
Marillyn A. Hewson Board | Director | Johnson & Johnson, others | Director since January 2021. Former Chairman and CEO of Lockheed Martin. | |
Wanda M. Austin Board | Lead Director | Amgen Inc., Apple Inc., National Academy of Engineering, Royal Academy of Engineering, others | Lead Director since May 2022. Former President of Imperial College London and Lehigh University. | |
Pierre R. Breber | Former CFO (retired February 2024) | N/A | Retired as CFO on February 29, 2024. Succeeded by Eimear P. Bonner. |
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With net debt ticking up in Q3 and considering the volatile commodity markets, how do you plan to balance continued shareholder returns with maintaining a strong balance sheet, especially if commodity prices decline over the next few years?
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Given the advancements in ultra-high pressure and temperature technology in the Gulf of Mexico, can you quantify the potential upside to your longer-term production and resource opportunities, and how might this impact your production targets?
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In light of the challenging regulatory environment in California leading to refinery closures, have you considered shutting down capacity in the state, and how do you anticipate these developments will affect your downstream profitability and operations in the region?
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As major capital projects conclude, such as those in Kazakhstan, do you anticipate a significant decrease in capital expenditures over the next 2-3 years, and how will this influence your growth strategy and free cash flow generation?
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With complex commissioning work still ahead for the TCO start-up and recognizing the risks involved, can you provide specific milestones that will indicate when the project is largely de-risked, and when investors can expect reliable production ramp-up?
Research analysts who have asked questions during CHEVRON earnings calls.
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Geoff Jay
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John Royall
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3 questions for CVX
Joshua Silverstein
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3 questions for CVX
Nitin Kumar
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3 questions for CVX
Paul Sankey
Sankey Research
3 questions for CVX
Alastair Syme
Citigroup
2 questions for CVX
Douglas Leggate
Wolfe Research
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James West
Evercore ISI
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Paul Chang
Scotiabank
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Roger Read
Wells Fargo & Company
2 questions for CVX
Sam Marlin
Wells Fargo
2 questions for CVX
Douglas George Blyth Leggate
Wolfe Research
1 question for CVX
Francis Lloyd Byrne
Jefferies
1 question for CVX
Jeff Jay
Daniel Energy Partners
1 question for CVX
Josh Silverstein
UBS Group
1 question for CVX
Lloyd Byrne
Jefferies LLC
1 question for CVX
Neal Dingmann
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1 question for CVX
Robert Brackett
Bernstein Research
1 question for CVX
Wei Jiang
Barclays
1 question for CVX
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Hess Corporation | 2025 | Planned acquisition: Chevron secured Hess stockholder approval and cleared the FTC antitrust review, with only an arbitration over preemptive rights in the Stabroek Block pending; integration planning is completed and the deal is expected to close in Q3 2025, strengthening Chevron’s portfolio with a significant asset in Guyana. |
PDC Energy, Inc. | 2023 | Completed acquisition: Chevron acquired PDC Energy for an aggregate purchase price of $6.52 billion by issuing approximately 41 million shares, adding operations from the Denver-Julesburg and Delaware Basins while achieving significant production and cost synergies. |
Renewable Energy Group, Inc. | 2022 | Completed acquisition: Chevron executed an all-cash acquisition of REG for $3.15 billion, bringing in a renewable fuels portfolio with assets valued at $3,828 million and liabilities of $966 million, expected to boost renewable fuel production capacity and earnings growth, with strategic leadership adjustments post-closing. |
Recent press releases and 8-K filings for CVX.
- U.S. oil production reached 13.8 million barrels per day in August, marking a third consecutive monthly record and exceeding EIA estimates by about 300,000 barrels per day.
- Diesel demand declined by 4.9% year-over-year in August, while jet fuel demand rose by 2.7%, signaling mixed end-market dynamics.
- Production gains were driven by robust output from the Permian Basin and Guyana, with Chevron among the companies ramping up output despite expectations of lower prices.
- U.S. sanctions and tariffs on Russian crude importers have redirected trade flows, leading to increased U.S. energy exports to Asia following agreements with China and South Korea.
- Market forecasts project Brent crude prices to average $62 per barrel in late 2025, potentially falling to $52 in 2026, against current levels near $65.
- Chevron reported Q3 net earnings of $3.5 billion ($1.82 EPS), adjusted earnings of $3.6 billion ($1.85 EPS) and organic CapEx of $4.4 billion, maintaining full-year CapEx guidance at $17–$17.5 billion [[1]].
- Q3 production averaged over 4 million boe/d, up 690,000 boe/d sequentially, driven by legacy HES, Permian, Gulf of Mexico and TCO growth; full-year production growth is expected at the top end of 6–8% (ex-HES) [[0]].
- Operating cash flow (ex-WC) reached $9.9 billion, adjusted free cash flow was $7 billion, and $6 billion was returned to shareholders, fully covered by cash generation [[1]].
- Integration of legacy HES assets and PDC is on track, with $1.5 billion in annual run-rate cost savings captured and $150 million in HES earnings contribution in Q3 [[1]].
- Chevron delivered record production of over 4 MMboe/d, up 690 kboe/d QoQ driven by legacy Hess integration and growth in the Permian, Gulf of Mexico, and TCO.
- Q3 net earnings were $3.5 B ($1.82/sh), adjusted earnings $3.6 B ($1.85/sh), including $235 M of special items; organic CapEx was $4.4 B, with 2025 guidance of $17–17.5 B.
- Cash flow from operations ex-WC was $9.9 B, and adjusted free cash flow was $7 B, fully covering $6 B returned to shareholders.
- Key milestones include Ballymore reaching design capacity ahead of schedule, first production at ACES Green Hydrogen, and realization of $1.5 B in annual run-rate cost savings from integration synergies.
- Chevron’s 3Q25 reported EPS was $1.82 and adjusted EPS was $1.85.
- Cash flow from operations excluding working capital was $9.9 B, generating $4.9 B free cash flow and enabling $6 B return to shareholders ($3.4 B dividends, $2.6 B buybacks).
- Upstream production reached 4.086 MMBOED, driven by Hess integration and Permian/Gulf of America growth.
- Return on capital employed (ROCE) was 7.6% (adjusted 7.8%) and net debt ratio stood at 15.1%.
- Ballymore at design capacity ahead of schedule, first hydrogen at ACES, and 4Q25 outlook includes ~125 MBOED downtime and $2.5 – 3.0 B share repurchases.
- Q3 GAAP earnings of $3.5 B ($1.82/share) and adjusted earnings of $3.6 B ($1.85/share); cash flow from operations $9.9 B, adjusted free cash flow $7 B, and $6 B returned to shareholders.
- Record production of over 4 MMboe/d, up 690 Mb/d sequentially; full-year production growth expected at the high end of 6–8% (ex-HES).
- Key project milestones: PDC integration on track, Ballymore reached design capacity ahead of schedule, ACES Green Hydrogen first production, and no injuries in El Segundo refinery fire.
- New operating model captured $1.5 B in annual run-rate savings; organic CapEx of $4.4 B in Q3, with full-year guidance of $17–17.5 B.
- Chevron posted $3.5 billion in reported earnings (EPS $1.82) and $3.6 billion in adjusted earnings (EPS $1.85).
- Worldwide production exceeded 4 MMBOED, reflecting contributions from the Hess acquisition and Permian growth.
- Operating cash flow excluding working capital was $9.9 billion, and adjusted free cash flow reached $7.0 billion in Q3 2025.
- Returned $6 billion to shareholders, comprising $3.4 billion in dividends and $2.6 billion in share repurchases.
- Q4 2025 outlook includes ~125 MBOED of upstream downtime, a $400–500 million downstream earnings headwind, and $2.5–3.0 billion in planned share repurchases.
- Chevron reported Q3 2025 earnings of $3.5 billion (EPS $1.82) vs $4.5 billion (EPS $2.48) in Q3 2024; adjusted earnings were $3.6 billion ($1.85 per share).
- Achieved record net production of 4.086 MMBOED, up 21% YoY, driven by Hess acquisition (495 MBOED) and growth in the Permian Basin and Gulf of America.
- Generated $9.4 billion in cash flow from operations and $7.0 billion in adjusted free cash flow; returned $6.0 billion to shareholders via $3.4 billion dividends and $2.6 billion buybacks in Q3.
- Declared a quarterly dividend of $1.71 per share, payable December 10, 2025.
- The Pentagon has allocated over $1 billion to develop domestic production of critical minerals like cobalt and scandium to reduce reliance on China.
- Former advisor Jim Rickards estimates a $150 trillion mineral endowment on federal lands, enabled by Trump-era deregulation and the Supreme Court's overturning of the Chevron Doctrine.
- Fast-tracked permits on federal lands aim to unlock deposits from Nevada's lithium basins to Alaska's rare-earth veins, with small U.S. firms gaining early-stage access.
- Rickards forecasts a manufacturing resurgence that could dwarf the New Deal, benefiting resource developers tied to defense supply chains.
- Greece awarded exclusive rights to explore four offshore hydrocarbon areas in the Ionian Sea to a consortium led by Chevron and Helleniq Energy.
- The exploration program spans three phases over seven years, with initial 2D/3D seismic surveys for three years, followed by exploratory drilling phases.
- The consortium, Chevron Greece Holdings – Helleniq Upstream, was the sole bidder in the April 2025 tender.
- Combined with existing ExxonMobil operations, the consortium’s rights cover nearly 47,000 sq km of offshore Greek territory.
- Pending ratification by Greece’s Parliament and Court of Audit (possibly November 2025), geophysical surveys are expected to start in 2026.
- Chevron estimates a Q3 2025 Hess-related after-tax loss of $(200)–$(400) million and adjusted earnings of $50–150 million, excluding severance and transaction costs.
- Pre-tax DD&A from legacy Hess and purchase price allocation is forecast at $1.2–1.4 billion, with net oil-equivalent production of 450–500 MBOED.
- Capital expenditures are projected at $1.0–1.25 billion, and the company expects $410 million in proceeds from the Malaysia/Thailand JDA asset sale.
- Chevron anticipates a $0.5–1.5 billion working capital outflow in Q3 2025 and plans for approximately 2 billion shares outstanding at quarter-end.