CHEVRON (CVX) Company Report

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.

4 days ago

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.

5 days ago

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 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

Chevron signs three-year seismic capacity agreement with TGS

CVX

New Projects/Investments

Chevron and TGS enter a three-year capacity agreement for marine streamer and OBN acquisition services, with a minimum firm commitment of 18 months of combined services.
The agreement enables collaboration on seismic acquisition projects using TGS streamer and OBN crews for global exploration and development.
It deepens Chevron’s relationship with TGS, fostering joint technology development in survey design, acquisition technology, data collection, and integration.
The previously announced St Malo 4D OBN reservoir monitoring contract in the Gulf of America is included and will commence immediately under this agreement.

Nov 5, 2025, 6:00 AM

Press Release

Chevron’s U.S. Oil Production Hits Record in August

CVX

Demand Weakening

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.

Nov 1, 2025, 12:28 AM

Bloomberg

Chevron reports Q3 2025 results

CVX

Earnings

Guidance Update

M&A

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]].

Oct 31, 2025, 3:00 PM

Transcript

Chevron reports Q3 2025 results

CVX

Earnings

New Projects/Investments

Dividends

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.

Oct 31, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for CHEVRON.

Q3 2025

Oct 31, 2025

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Q2 2025

Aug 1, 2025

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Q1 2025

May 2, 2025

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View All Transcripts

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CHEVRON (CVX)

Analyst Earnings Quarterly Reports

Q3 2025

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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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