What it does
Chevron Corporation manages investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international businesses. The company states that its Upstream business explores for, develops, produces and transports crude oil and natural gas, including LNG-related processing, transportation and regasification, natural-gas marketing, carbon capture and storage, and gas-to-liquids operations. Its Downstream business refines crude oil; markets crude oil, refined products and lubricants; makes and markets renewable fuels, petrochemicals, industrial-use plastics, and fuel and lubricant additives; and transports products through pipelines, vessels, motor equipment and rail cars.
Source: Chevron Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing describes an integrated energy and chemicals business whose results are influenced by prices for crude oil, natural gas, LNG, petroleum products and petrochemicals, which are generally set by supply and demand. Upstream activities generate sales of crude oil, natural gas and natural gas liquids from producing operations, including under contractual obligations. Downstream activities include refining crude oil into petroleum products and the marketing of crude oil, refined products, lubricants, renewable fuels and petrochemicals. The company also states that downstream earnings depend on refined-product supply and demand and the margins on refined-product sales. Segment income statements are provided in Note 14.
Source: Chevron Corporation Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
Customers and geography
Chevron states that its upstream and downstream activities, including those of equity affiliates, are widely dispersed geographically. The filing lists operations and projects in North America, South America, Europe, Africa, Asia and Australia. Its products serve the energy, fuel and chemical needs of industry and individual consumers. In the United States, the company has contractual commitments to deliver NGLs and natural gas to third parties and affiliates. Outside the United States, it has commitments to deliver natural gas to third parties and affiliates, mainly from operations in Australia and Israel. The filing does not identify individual customers.
Source: Chevron Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that strong competition exists throughout the petroleum and petrochemical industries. In upstream, it competes for crude-oil and natural-gas leases, other properties, equipment and labor with fully integrated major global petroleum companies, independent companies and national petroleum companies. In downstream, it competes in refining, manufacturing, sales and marketing of fuels, lubricants, additives and petrochemicals with fully integrated major petroleum companies, independent refining and marketing, transportation and chemicals entities, and national petroleum companies. The filing does not name specific competitors.
Source: Chevron Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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The filing identifies exposure to changing prices for crude oil, natural gas and natural gas liquids, including the effects of extended periods of low prices or demand.
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The company states that its business will decline if it does not successfully develop resources and replace the hydrocarbons it produces.
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Operations could be disrupted by natural or human causes beyond the company’s control, including severe weather, conflicts, accidents, cyber threats and other events.
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Cyberattacks and events affecting operational technology networks or other digital infrastructure could materially affect the business and results of operations.
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The company’s operations have inherent risks and hazards that require significant and continuous oversight.
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Legislation, regulation and other actions related to GHG emissions and climate change could increase costs and reduce demand for hydrocarbon products.
Source: Chevron Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
Chevron had 43,039 employees at December 31, 2025. The company states that its approach to attracting, developing and retaining a skilled and diverse global workforce is grounded in an environment supporting growth, engagement and operational excellence. It describes employee health, safety and well-being as a priority and says its safety culture gives every workforce member stop-work authority without repercussion for potential unsafe conditions. The filing states that upstream and downstream activities are managed by the Oil, Products and Gas organization. It does not state that the business is seasonal.
Source: Chevron Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov