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CHEVRON (CVX)

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 .

  1. 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.
  2. 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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NamePositionExternal RolesShort 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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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.

Biraj Borkhataria

Royal Bank of Canada

4 questions for CVX

Also covers: BP, E, EQNR +3 more

Devin Mcdermott

Morgan Stanley

4 questions for CVX

Also covers: COP, EQT, EXE +3 more

Jean Ann Salisbury

Bank of America

4 questions for CVX

Also covers: CQP, DK, DTM +13 more

Lucas Herrmann

BNP Paribas

4 questions for CVX

Also covers: BP, SHEL, TTE

Neil Mehta

Goldman Sachs

4 questions for CVX

Also covers: AESI, APA, AR +36 more

Paul Cheng

Scotiabank

4 questions for CVX

Also covers: APA, BP, CLNE +20 more

Ryan Todd

Simmons Energy

4 questions for CVX

Also covers: BP, COP, DAR +9 more

Betty Jiang

Barclays

3 questions for CVX

Also covers: APA, AR, BKV +13 more

Jason Gabelman

TD Cowen

3 questions for CVX

Also covers: BP, CLMT, CLNE +17 more

John Royall

JPMorgan Chase & Co.

3 questions for CVX

Also covers: CASY, CNQ, CVE +13 more

Joshua Silverstein

UBS Group AG

3 questions for CVX

Also covers: AR, CHRD, COP +9 more

Nitin Kumar

Mizuho Securities USA

3 questions for CVX

Also covers: AR, BKV, CNX +7 more

Stephen Richardson

Evercore ISI

3 questions for CVX

Also covers: ALTM, COP, EOG +2 more

Alastair Syme

Citigroup

2 questions for CVX

Also covers: BP, COP, E +4 more

Bob Brackett

Bernstein Research

2 questions for CVX

Also covers: APA, CCJ, COP +6 more

Douglas Leggate

Wolfe Research

2 questions for CVX

Also covers: APA, COP, DINO +3 more

Phillip Jungwirth

BMO Capital Markets

2 questions for CVX

Also covers: AR, CIVI, COP +15 more

Roger Read

Wells Fargo & Company

2 questions for CVX

Also covers: APA, AR, BP +22 more

Arun Jayaram

JPMorgan Chase & Co.

1 question for CVX

Also covers: APA, AR, BKR +32 more

Douglas George Blyth Leggate

Wolfe Research

1 question for CVX

Also covers: APA, BP, COP +18 more

Doug Leggate

Wolfe Research

1 question for CVX

Also covers: APA, AR, BP +21 more

Francis Lloyd Byrne

Jefferies

1 question for CVX

Also covers: COP, FLOC

Geoff Jay

Daniel Energy Partners

1 question for CVX

Also covers: BKV, CHRD, FANG +4 more

Jeff Jay

Daniel Energy Partners

1 question for CVX

Also covers: CHRD, MGY

Josh Silverstein

UBS Group

1 question for CVX

Also covers: CIVI, CRC, EQT +4 more

Lloyd Byrne

Jefferies LLC

1 question for CVX

Also covers: CIVI, COP, XOM

Neal Dingmann

Truist Securities

1 question for CVX

Also covers: APA, CHRD, CIVI +33 more

Paul Sankey

Sankey Research

1 question for CVX

Also covers: VLO

Robert Brackett

Bernstein Research

1 question for CVX

Wei Jiang

Barclays

1 question for CVX

Also covers: APA, AR, BKV +9 more
Program DetailsProgram 1
Approval DateJanuary 25, 2023
End Date/DurationNo fixed expiration date
Total additional amount$75 billion
Remaining authorization$53.1 billion as of September 30, 2024
DetailsThe program took effect on April 1, 2023. It aims to return capital to shareholders, improve financial metrics, and signal management's confidence in the company's future prospects.
NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1935 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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.

Chevron updates Q3 2025 outlook with Hess acquisition impacts
·$CVX
Guidance Update
M&A
  • 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 $0.5–1.5 billion working capital outflow in Q3 2025 and plans for approximately 2 billion shares outstanding at quarter-end.
Sep 25, 2025, 12:00 PM
Chevron deference overturned: NCLA wins Mellor Prize
·$CVX
Legal Proceedings
  • The Institute for Justice and State Policy Network awarded NCLA the first-ever Chip Mellor Prize for Excellence in Public Interest Litigation, including a $100,000 award, for its role in ending the Chevron judicial deference doctrine.
  • NCLA’s legal team, led by CEO Philip Hamburger and President Mark Chenoweth, persuaded the U.S. Supreme Court in June 2024 to overturn Chevron deference in Relentless Inc. v. Dept. of Commerce and Loper Bright Enterprises v. Raimondo, ending 40 years of agency deference.
  • The prize honors the legacy of former IJ president William “Chip” Mellor, who passed away in October 2024 after a 50-year litigation career dedicated to civil liberties.
  • Following the decision, NCLA launched the Relentless Working Group, led by attorney Daniel Kelly, to monitor how lower courts apply the ruling and ensure statutory interpretation remains with judges.
Aug 26, 2025, 6:55 PM
Chevron issues $5.5 billion multi‐tranche debt offering
·$CVX
Debt Issuance
  • Chevron U.S.A. Inc., fully guaranteed by Chevron Corporation, launched a $5.5 billion debt offering on August 11, 2025 across seven tranches maturing 2027–2035.
  • Fixed-rate notes carry yields from 3.964% (2027) to 4.895% (2035), with pricing between 99.630% and 99.973% of par.
  • Floating-rate notes were issued at par and reset quarterly at SOFR + 57 bps (due 2028) and SOFR + 82 bps (due 2030).
  • The 8-K filed August 13, 2025 includes the underwriting agreement, Fourth Supplemental Indenture, note forms, legal opinions and consents, plus an interactive XBRL cover page.
Aug 13, 2025, 12:00 AM
Chevron reports Q2 2025 earnings and highlights Hess merger
·$CVX
Earnings
Guidance Update
M&A
  • Chevron achieved a quarterly production record, including >1 000 000 boe/d in the Permian, acquired lithium acreage, and closed the Hess merger with expected $1 000 000 000 run-rate synergies by year-end and Q4 cash-flow accretive per share.
  • Q2 earnings were $2.5 billion ($1.45/share) and adjusted earnings $3.1 billion ($1.77/share); cash flow from operations excl. WC was $8.3 billion and adjusted free cash flow $4.9 billion (15% QoQ increase).
  • Organic CapEx was $3.5 billion, the lowest since 2023, with inorganic CapEx $0.2 billion, and oil-equivalent production up >40 000 boe/d QoQ; full-year production growth expected at the top end of 6–8% guidance excluding Hess.
  • Revised 2026 additional free cash flow guidance to $12.5 billion, driven by high-margin growth, startup ramp-ups in TCO and Gulf of America, and cost-reduction savings of $1.5–2.0 billion run rate by year-end.
Aug 1, 2025, 6:36 PM
Chevron restores Venezuela oil license after prisoner swap
·$CVX
New Projects/Investments
  • The US administration restored Chevron’s license to resume oil production and exports in Venezuela following a diplomatic prisoner swap.
  • The license includes provisions to prevent royalties or taxes from benefiting the Maduro regime, allowing Chevron to pay in oil instead of cash, though experts question its effectiveness.
  • The move is expected to boost US refiners’ crude supplies by over 200,000 barrels per day, potentially aiding Valero Energy, Phillips 66, PBF Energy and Chevron’s Pascagoula refinery.
  • Prior to losing its license in May, Chevron was producing about 240,000 barrels per day primarily for American refiners and held a narrow maintenance license for asset preservation.
Jul 24, 2025, 7:12 PM
Chevron shifts Permian strategy, targets $5 B annual cash flow
·$CVX
Guidance Update
New Projects/Investments
  • Chevron will hold Permian Basin output at ~1 million barrels of oil equivalent per day through 2040 by cutting rigs from 13 to 9 and frack crews from 4 to 3 to boost capital discipline and focus on shareholder returns.
  • The rig and crew reductions are expected to deliver a $2 billion cash flow boost over 2025–2026, assuming Brent crude averages $60/barrel.
  • Management aims to generate $5 billion in annual free cash flow by 2027, aligning with broader industry trends toward financial discipline.
  • Analysts set a one-year average price target of $162.53 (8.35% upside) with a consensus “Outperform,” while GuruFocus values the stock at $153.56 (2.37% upside vs. $150.01).
Jul 17, 2025, 4:00 PM
Chevron Acquires Lithium Assets in Texas & Arkansas
·$CVX
New Projects/Investments
M&A
  • Chevron’s U.S. subsidiary acquired notable leasehold positions, including 125,000 net acres in Northeast Texas and Southwest Arkansas and approximately 100,000 net acres in East Texas and Southwest Arkansas via equity interest acquisitions .
  • The acquisition marks Chevron’s strategic entry into the lithium market and lays the groundwork for a commercial-scale domestic lithium business [0,1].
  • Plans include deploying direct lithium extraction technology for faster, more efficient lithium production with a reduced environmental footprint .
  • The transaction, sourced from sellers TerraVolta Resources and The Energy & Minerals Group (EMG), supports the advancement of U.S.-based critical mineral and energy storage supply chains .
  • EMG, which has $13 billion AUM as of March 31, 2025, played a key role in the deal .
  • Chevron is valued at $255 billion, maintains a GOOD financial rating, and has an average analyst price target of $161.15 per share .
Jun 17, 2025, 1:14 PM
Chevron: Wildfire Smoke and Saharan Dust Impact U.S. Air Quality
·$CVX
  • Smoke from Canadian wildfires prompted unhealthy air quality alerts across the U.S. and Canada, including an AQI of 124 in Chicago.
  • States such as Iowa, Wisconsin, Michigan, and Illinois extended advisories and urged residents to limit long or intense outdoor activities.
  • A large Saharan dust plume spreading from Texas to Florida is adding haze but poses minor health risks as most particles remain aloft.
  • Wildfires in Alberta have resulted in evacuations and oil production shutdowns, threatening regional crude output.
Jun 2, 2025, 2:36 PM
Chevron Corp Supreme Court narrows NEPA review requirements
·$CVX
Legal Proceedings
New Projects/Investments
  • The Supreme Court issued a unanimous 8-0 ruling restricting NEPA reviews to only direct project impacts, overturning a prior appellate decision
  • The decision upholds the 88-mile Uinta Basin Railway, set to increase crude oil transport from 80,000–85,000 to 225,000–350,000 barrels/day
  • Justices framed NEPA as a procedural safeguard rather than a substantive block to development, aiming to streamline project approvals
  • Industry groups hailed the ruling as a “course correction,” while environmental organizations warned it could heighten pollution and climate risks
May 29, 2025, 2:14 PM
Chevron cuts Permian jobs, moves HQ to Texas
·$CVX
Layoffs
  • Chevron will lay off about 200 employees at its Midland County, Texas site beginning July 15, as part of regional cuts that may reach 800 jobs in the Permian Basin.
  • The company plans to reduce its global workforce by 15%–20% (up to 8,000 jobs) by 2026.
  • Chevron is relocating its headquarters from California to Texas, with CEO Mike Wirth and Vice Chairman Mark Nelson moving to Houston.
  • The cost-cutting program targets $2–$3 billion in structural savings by the end of 2026, with some residual impact into 2027.
May 28, 2025, 10:34 PM