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.
Biraj Borkhataria
Royal Bank of Canada
4 questions for CVX
Devin Mcdermott
Morgan Stanley
4 questions for CVX
Jean Ann Salisbury
Bank of America
4 questions for CVX
Lucas Herrmann
BNP Paribas
4 questions for CVX
Neil Mehta
Goldman Sachs
4 questions for CVX
Paul Cheng
Scotiabank
4 questions for CVX
Ryan Todd
Simmons Energy
4 questions for CVX
Betty Jiang
Barclays
3 questions for CVX
Jason Gabelman
TD Cowen
3 questions for CVX
John Royall
JPMorgan Chase & Co.
3 questions for CVX
Joshua Silverstein
UBS Group AG
3 questions for CVX
Nitin Kumar
Mizuho Securities USA
3 questions for CVX
Stephen Richardson
Evercore ISI
3 questions for CVX
Alastair Syme
Citigroup
2 questions for CVX
Bob Brackett
Bernstein Research
2 questions for CVX
Douglas Leggate
Wolfe Research
2 questions for CVX
Phillip Jungwirth
BMO Capital Markets
2 questions for CVX
Roger Read
Wells Fargo & Company
2 questions for CVX
Arun Jayaram
JPMorgan Chase & Co.
1 question for CVX
Douglas George Blyth Leggate
Wolfe Research
1 question for CVX
Doug Leggate
Wolfe Research
1 question for CVX
Francis Lloyd Byrne
Jefferies
1 question for CVX
Geoff Jay
Daniel Energy Partners
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
Truist Securities
1 question for CVX
Paul Sankey
Sankey Research
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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).
- 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 .
- 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.