CHEVRON (CVX) Company Report

As at 31 December 2025, remaining proved (1P) reserves were 1,882.1 MMboe, proved plus probable (2P) reserves were 2,999.5 MMboe, and 2C contingent resources were 5,795.7 MMboe.
Excluding divestments and production, proved reserves increased by 134.1 MMboe and 2P reserves by 141.0 MMboe, driven by technical updates in Australia, Senegal and the US, and sanctioning of the Greater Western Flank 4, Turrum Phase 3 and Atlantis expansion projects.
Compared with year-end 2024, proved reserves declined from 1,975.7 MMboe to 1,882.1 MMboe, and 2P reserves fell from 3,092.2 MMboe to 2,999.5 MMboe.
At 2025 production levels, proved reserves support 8.9 years of production and 2P reserves 14.2 years.

5 days ago

Press Release

Chevron signs offshore exploration JV in Greece

CVX

New Projects/Investments

Chevron and HELLENiQ ENERGY signed lease agreements with the Hellenic Republic to explore four offshore blocks totaling approximately 47,000 km² south of Crete and the Peloponnese.
Chevron will hold a 70% operator interest in the joint venture (HELLENiQ ENERGY 30%) under a three-phase exploration program to assess hydrocarbon potential.
The concession areas lie in ultra-deepwater settings, with some blocks beyond 1,500 m sea depth targeting complex geological structures.
The agreements, signed at Athens’s Maximos Mansion, are subject to ratification by the Hellenic Parliament.

6 days ago

Press Release

Chevron secures four offshore Greece exploration leases

CVX

New Projects/Investments

Chevron, with HELLENiQ ENERGY, signed lease agreements for four offshore Greece blocks (South Crete 1 & 2; South Peloponnese; A2) for exploration.
Chevron holds a 70% operating interest (HELLENiQ ENERGY 30%) and will conduct 2D and 3D seismic surveys in phase one.
The agreements are pending ratification by the Greek Parliament.
This award complements Chevron’s Mediterranean portfolio, which includes Israeli gas fields and Cyprus’s Aphrodite field.

6 days ago

Press Release

Chevron enters Libya with new block award

CVX

New Projects/Investments

Chevron was designated winning bidder for Contract Area 106 in Libya’s Sirte Basin in the 2025 Bid Round on February 11, 2026, following an MoU with the National Oil Corporation signed January 24, 2026.
Award is subject to execution of a Production Sharing Agreement, advancing Chevron’s exploration growth strategy in North Africa and the Eastern Mediterranean.
Chevron’s diversified exploration portfolio spans Nigeria, Angola, Equatorial Guinea, Namibia, Guinea-Bissau, Egypt and includes a February MoU in Syria.

Feb 11, 2026, 2:15 PM

Press Release

Bridger Photonics posts record annual performance

CVX

New Projects/Investments

Achieved best‐ever annual results, with customer count up 30% and 32 upstream oil clients, powering full-value-chain emission data capture.
Expanded 2025 product suite to cover end-to-end emission management, from LDAR leak detection and repair to advanced analytics for OGMP 2.0 and EPA/EU compliance.
Reduced data delivery cycle by 48%, enabling faster transition from detection to mitigation across complex operations.
Plans to scale globally into 10+ countries by 2026—including upgraded LiDAR-based monitoring in Europe—to bolster precision and standardization.
Continues heavy investment in core R&D and AI to enhance real-time operability and reliability of its emission monitoring platform.

Feb 4, 2026, 8:49 PM

Press Release

Chevron partner Bridger Photonics reports record year of methane emissions intelligence

CVX

Revenue Acceleration/Inflection

Product Launch

New Projects/Investments

Bridger Photonics achieved its strongest year ever in 2025, with record asset coverage, record revenue, and global adoption of its methane emissions data across onshore, midstream, LNG and offshore operators, driving 30%+ customer growth and multiple eight-digit contracts.
The company reduced data delivery time by 48%, accelerating customers’ transition from detection to mitigation, and leverages advanced analytics, AI and machine learning to provide actionable insights.
Global operations expanded to six countries in 2025, with plans to operate in over a dozen countries in 2026, underscoring LiDAR as a superior emissions-measurement technology.
Launched an end-to-end emissions management portfolio—from LDAR methane detection through advanced trend and root-cause analytics—covering all assets, stations and locations to meet voluntary and regulatory frameworks like OGMP 2.0.

Feb 4, 2026, 8:42 PM

Press Release

Chevron signs MoU for Syria offshore exploration

CVX

New Projects/Investments

Chevron signed a memorandum of understanding with the Syrian Petroleum Company and a Qatari partner to explore Syria’s first offshore oil and gas field in an initial two-month step toward formal contracts.
Syrian officials aim to rebuild the energy sector and attract investment after recent onshore field seizures, appointing a technical team to convert the MoU into a binding contract.
Analysts say the deal could reshape the eastern Mediterranean energy corridor and has been linked to recent commodity price gains: US crude +9.83%, Brent +10.26%, natural gas +18.10% month-on-month.
Chevron’s scale underpins the project, with proven reserves of 9.8 billion barrels of oil equivalent, ~3.0 million boe/day production, and ongoing commitment to the Yoyo-Yolanda gas project (2.5 Tcf).

Feb 4, 2026, 4:18 PM

CNBC

Chevron announces Q4 2025 results

CVX

Earnings

Guidance Update

New Projects/Investments

Chevron reported Q4 2025 earnings of $2.8 billion ($1.39/share) and adjusted EPS of $1.52, with cash from operations of $10.8 billion, full‐year adjusted free cash flow of $20 billion (up >35% YoY), organic CapEx of $5.1 billion, and $3 billion in share repurchases, ending the year with a net debt coverage ratio of 1x.
Production hit record levels, driven by the Tengiz Future Growth Project adding 260,000 boe/d, startups at Ballymore and Whale, ramp-up of Anchor, and Permian output above 1 million boe/d, supporting guidance for 7–10% YoY production growth in 2026 (ex-asset sales).
Downstream achieved the highest U.S. refinery throughput in two decades, reflecting recent expansions and improved efficiencies.
Delivered $1.5 billion in structural cost savings in 2025 (>$2 billion run rate) and reaffirmed 2026 TCO free cash flow guidance of $6 billion at $70 Brent, targeting $3–4 billion of efficiency gains by end-2026.

Jan 30, 2026, 4:00 PM

Transcript

Chevron reports Q4 2025 results

CVX

Earnings

Share Buyback

Guidance Update

Delivered adjusted Q4 earnings of $3.0 billion (EPS $1.52) and cash flow from operations of $10.8 billion; repurchased $3 billion of shares and maintained net debt coverage of 1x.
Achieved record 2025 adjusted free cash flow of $20 billion, up over 35% YoY (ex-asset sales), and returned a record amount to shareholders; raised quarterly dividend by 4%.
Reached record global production, including 1.0 million boed in the Permian, with net oil-equivalent growth at the upper end of 6–8% guidance; high-margin project startups in Guyana, Gulf of Mexico, and Eastern Mediterranean to add ~200 kbd in 2026.
Projected 2026 Chevron-share free cash flow from TCO of $6 billion at $70 Brent, and anticipates 7–10% YoY production growth (ex-asset sales) driven by low-risk ramp-ups and efficiency gains.

Jan 30, 2026, 4:00 PM

Transcript

Chevron reports Q4 2025 results

CVX

Earnings

Guidance Update

Share Buyback

Chevron reported Q4 earnings of $2.8 billion (EPS $1.39) and adjusted earnings of $3 billion (EPS $1.52). Cash flow from operations was $10.8 billion; organic CapEx was $5.1 billion, and the net debt coverage ratio ended at 1×.
In 2025, Chevron achieved record global and U.S. production, and adjusted free cash flow grew by over 35% year-over-year despite a 15% decline in oil prices.
For 2026, Chevron expects 7–10% year-over-year production growth (excluding asset sales), driven by project ramp-ups, a full year of Hess assets, and Permian production above 1 million barrels of oil equivalent per day.
Venezuelan ventures have increased production by over 200,000 bpd since 2022 to approximately 250,000 bpd, with potential for up to 50% additional growth in the next 18–24 months under a self-funding model.
In the Eastern Mediterranean, Leviathan’s expansion reached FID targeting gross capacity of 2.1 billion cu ft/d by 2030, Tamar optimization is underway to 1.6 billion cu ft/d, and Aphrodite has entered FEED.