A global integrated energy company involved in oil and gas production, refining, fuels, chemicals, and lower-carbon energy solutions.
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Cyclical
What Chevron does
Chevron explores for and produces oil and natural gas and manufactures, transports, refines, markets, and sells fuels, lubricants, chemicals, and other energy products.
Founded
1879
Houston, Texas
CEO
Mike Wirth
Since 2018
Market cap
$402.42B
36
Revenue (FY25)
$184.43B
-4.6% YoY
30-Second Summary
A plain-English explanation of Chevron's business model
If you only remember one thing
Chevron is an integrated energy company. It finds and produces oil and natural gas, transports and processes those resources, and turns crude oil into fuels and other products through its downstream business. The company earns revenue by selling energy, fuels, lubricants, chemicals, and related products to customers around the world.
Business Segments
Where Chevron's $184.43B Fiscal year 2025 (ended December 31, 2025) comes from
$184.43B
Fiscal year 2025
29% of revenue ·+14.1% YoY
71% of revenue ·-10.6% YoY
Chevron has two reportable business segments: Upstream and Downstream. In fiscal 2025, Upstream generated $53.452B of sales and other operating revenues and Downstream generated $130.876B.
Fiscal year 2025 ended December 31, 2025. Segment percentages below are calculated from the combined reportable-segment sales and other operating revenues of $184.328B. Consolidated sales and other operating revenues were $184.432B after including $104M of All Other revenue.
Business Model
How Chevron makes money — the ecosystem flywheel
Find & Produce Energy
Process & Deliver
Strengths & Risks
What makes Chevron strong — and what could go wrong
Global Energy Scale
Chevron operates across major parts of the global energy value chain with large upstream production, refining, marketing, transportation, and energy infrastructure operations.
Integrated Business Model
The company combines upstream oil and gas production with downstream refining, fuels, lubricants, transportation, and marketing activities.
Record Production
Chevron reported record worldwide and U.S. net oil-equivalent production in 2025, with the Hess acquisition contributing additional production.
Diversified Asset Base
Chevron has major positions across the United States and international markets, including the Permian Basin, Kazakhstan, Australia, and Guyana.
Strong Cash Generation
Chevron generated $33.939B of operating cash flow in FY2025 and $16.592B of free cash flow based on operating cash flow less capital expenditures.
Financial Overview
Fiscal year 2025 (ended December 31, 2025)
$184.43B
-4.6% YoY
FY25
$12.3B
-30.4% YoY
FY25
$16.59B
+10.3% YoY
FY25
Chevron generated $184.432B of sales and other operating revenues and $12.299B of net income attributable to Chevron Corporation in fiscal 2025. Operating cash flow was $33.939B and capital expenditures were $17.347B, producing $16.592B of free cash flow under Chevron's standard operating-cash-flow-less-capex calculation.
Financial History
5-year reported trend, fiscal years 2021–2025; free cash flow is calculated as operating cash flow less capital expenditures
$184.43B
+19% since FY21
Business Ecosystem
Who Chevron depends on — and who depends on Chevron
Oil & Gas Partners
Joint ventures, resource owners, oilfield service providers, and infrastructure partners support Chevron's exploration and production activities.
Transportation & Distribution
Pipelines, shipping, terminals, distributors, and logistics networks move crude oil, natural gas, fuels, lubricants, and other energy products to markets.
Industrial & Consumer Customers
Transportation companies, manufacturers, retailers, businesses, and consumers purchase Chevron fuels, lubricants, chemicals, and other energy products.
Chevron
Integrated energy company
Competitors
Companies used as broad comparison references for Chevron's integrated energy business. Because Chevron combines upstream production, refining, fuels, transportation, and related businesses, no single company is a perfect one-to-one competitor. Market caps use an October 7, 2026 snapshot.
ExxonMobil
$678.75B
The largest U.S.-based integrated energy company, operating across upstream production, refining, fuels, chemicals, and specialty products.
Shell
$275.03B
Global integrated energy company with upstream, LNG, refining, marketing, chemicals, and other energy businesses.
TotalEnergies
$188.86B
Exxon Mobil Corporation
A global integrated energy and petrochemical company involved in oil and gas production, fuels, chemicals, specialty products, and lower-emission technologies.
NextEra Energy, Inc.
A major North American energy company combining a large regulated electric utility with one of the world's leading renewable energy platforms.
