Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
Risk Factors
1B.
Guyana Chevron has a 30 percent nonoperated interest in the Stabroek Block, offshore Guyana, covering approximately 6.6 million acres, following its acquisition of Hess.
Business and properties / Guyana ownership interest · Dépôt 24/02/2026
In August 2025, the One Guyana Floating Production, Storage and Offloading vessel (FPSO) with a production capacity of approximately 250,000 gross barrels of oil per day, achieved first production.
Business and properties / One Guyana first production · Dépôt 24/02/2026
The company’s proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), eight percent higher than 2024.
Business and properties / year-end proved reserves · Dépôt 24/02/2026
Apart from acquisitions, the company’s ability to add proved reserves can be affected by events and circumstances that are outside the company’s control, such as delays in government permitting, partner approvals of development plans, changes in oil and gas prices, OPEC constraints, geopolitical uncertainties, civil unrest, events of war or military conflicts.
Supplemental oil and gas information / constraints on reserve additions · Dépôt 24/02/2026
Refinery crude unit inputs were down 63,000 barrels per day, or 10 percent, compared to the year-ago period due to supply disruptions from the Middle East conflict.
Results of operations / international refinery supply disruptions · Dépôt 06/08/2026
Strong competition exists in all sectors of the petroleum and petrochemical industries in supplying the energy, fuel and chemical needs of industry and individual consumers.
Business / petroleum and petrochemical competition · Dépôt 24/02/2026
•Achieved $1.5 billion of Hess-related annual run-rate synergies ahead of schedule, exceeding the initial target by 50 percent.
Second-quarter results / achieved Hess synergy run rate · Dépôt 31/07/2026
•Achieved $3 billion of annual run-rate structural cost reductions since 2024, as part of a program that aims to reduce structural costs by $3-4 billion by the end of 2026.
Second-quarter results / achieved structural cost reduction run rate · Dépôt 31/07/2026
•U.S. refinery crude unit throughput was a record 1.07 million barrels per day, reflecting reliable crude unit capacity utilization of more than 97 percent.
Financial highlights / U.S. refinery throughput and utilization · Dépôt 31/07/2026
In the United States, cost pressures for services and select equipment remain elevated, reflecting cross-industry demand and supplier capital discipline.
Supply chain and inflation impacts / elevated service and equipment costs · Dépôt 06/08/2026
The revised agreements extend the Bakken contracts and are expected to reduce Chevron's Bakken unit midstream costs by approximately 50%, enhancing future earnings and return on capital employed.
Bakken midstream transaction / expected future unit-cost reduction · Dépôt 06/10/2026
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by year-end 2026.
Bakken midstream transaction / closing conditions and expected timing · Dépôt 06/10/2026
The company’s commodity sales are typically based on prevailing market-based prices and may include discounts and allowances.
Revenue recognition / prevailing market-based commodity prices · Dépôt 24/02/2026
The decrease in income before taxes for the company was primarily the result of higher upstream depreciation, depletion and amortization, lower upstream realizations, unfavorable foreign exchange impacts, and higher operating costs, partially offset by higher upstream sales volumes and higher downstream margins.
MD&A / reasons for lower 2025 income before taxes · Dépôt 24/02/2026
Upstream Net crude oil and natural gas liquids production MBD 1,491 1,218 1,476 1,189 Net natural gas production(3) MMCFD 3,520 2,864 3,450 2,861 Net oil-equivalent production MBOED 2,077 1,695 2,051 1,666 Sales of natural gas MMCFD 5,794 5,594 5,934 5,506 Sales of natural gas liquids MBD 583 514 577 511 Revenue from net production Crude $/BBL $ 95.66 $ 61.49 $ 82.43 $ 65.52 NGLs $/BBL $ 21.56 $ 18.39 $ 19.90 $ 20.75 Liquids (weighted average of Crude and NGLs) $/BBL $ 70.80 $ 47.77 $ 61.52 $ 51.40 Natural gas $/MCF $ 0.91 $ 1.75 $ 1.67 $ 2.12 International Upstream Net crude oil and natural gas liquids production MBD 1,094 850 1,034 836 Net natural gas production(3) MMCFD 5,390 5,099 5,277 5,235 Net oil-equivalent production MBOED 1,993 1,701 1,914 1,708 Sales of natural gas MMCFD 5,556 5,507 5,481 5,443 Sales of natural gas liquids MBD 152 110 141 122 Revenue from liftings Crude $/BBL $ 99.38 $ 60.61 $ 90.22 $ 65.04 NGLs $/BBL $ 27.00 $ 22.27 $ 26.05 $ 23.83 Liquids (weighted average of Crude and NGLs) $/BBL $ 96.41 $ 58.88 $ 87.38 $ 63.12 Natural gas $/MCF $ 7.84 $ 7.20 $ 7.43 $ 7.16 U.S.
Operating statistics / second-quarter and first-half production and realizations · Dépôt 06/08/2026
Most of the equity LNG offtake from the operated Australian LNG assets is committed under binding long-term contracts, with some sold in the Asian spot LNG market.
Business environment / binding Australian LNG offtake · Dépôt 06/08/2026
Outside the United States, the company is contractually committed to deliver a total of 3.2 trillion cubic feet of natural gas to third parties and affiliates from 2026 through 2028 mainly from operations in Australia and Israel.
Delivery commitments / international gas deliveries for 2026–2028 · Dépôt 24/02/2026
Refined product sales were down 186,000 barrels per day, or 13 percent, compared to the year-ago period due to supply disruption from the Middle East conflict and lower demand for gasoline and diesel fuel.
Results of operations / international refined-product sales decline · Dépôt 06/08/2026
The Australia sales contracts contain variable pricing formulas that generally reference the prevailing market price for crude oil, natural gas or other petroleum products at the time of delivery.
Delivery commitments / Australian variable pricing formulas · Dépôt 24/02/2026
These commitments are primarily based on contracts with indexed pricing terms.
Delivery commitments / U.S. indexed pricing terms · Dépôt 24/02/2026
Earnings & Cash Flow Summary
Unit
2Q 2026
1Q 2026
2Q 2025
YTD 2026
YTD 2025
Total Earnings / (Loss)
$ MM
12,072
2,210
2,490
14,282
5,990
Upstream
$ MM
8,182
3,909
2,727
12,091
6,485
Downstream
$ MM
4,868
(817)
737
4,051
1,062
All Other
$ MM
(978)
(882)
(974)
(1,860)
(1,557)
Earnings Per Share - Diluted
$/Share
6.11
1.11
1.45
7.21
3.45
Adjusted Earnings (1)
$ MM
11,977
2,793
3,053
14,770
6,866
Adjusted Earnings Per Share - Diluted (1)
Earnings and cash flow summary / quarterly segment earnings · Dépôt 31/07/2026
Financial and Business Highlights
Unit
1Q 2026
4Q 2025
1Q 2025
Return on Capital Employed (ROCE)
%
4.5
%
5.4
%
8.3
%
Capital Expenditures (Capex)
$ B
$
4.1
$
5.3
$
3.9
Affiliate Capex
$ B
$
0.3
$
0.4
$
0.5
Free Cash Flow (FCF) (1)
$ B
$
(1.5)
$
5.5
$
1.3
Adjusted Free Cash Flow (1)
$ B
$
4.1
$
4.2
$
4.2
Debt-to-CFFO
Ratio
1.5x
1.2x
1.0x
Net debt-to-CFFO (1)
Ratio
1.3x
1.0x
0.8x
Net Oil-Equivalent Production
MBOED
3,858
4,045
3,353
(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments
Financial Highlights
•Reported earnings decreased compared to first quarter 2025 primarily due to unfavorable timing effects of approximately $2.9 billion.
First-quarter financial highlights / unfavorable earnings timing effects · Dépôt 01/05/2026
These effects include timing mismatches in earnings recognition related to the mark‑to‑market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting.
First-quarter financial highlights / derivatives and LIFO timing · Dépôt 01/05/2026
This includes $1.4 billion in favorable timing effects1.
Second-quarter financial highlights / favorable earnings timing effects · Dépôt 31/07/2026
Net Cash Provided by Operating Activities
33,939
31,492
35,609
Investing Activities
Acquisition of businesses, net of cash received
1,056
Acquisition of Hess Corporation common stock
(2,225)
Capital expenditures
(17,347)
(16,448)
(15,829)
Proceeds and deposits related to asset sales and returns of investment
1,826
7,704
669
Net maturities of (investments in) time deposits
(4)
Net sales (purchases) of marketable securities
175
Net repayment (borrowing) of loans by equity affiliates
778
(233)
(302)
Net Cash Used for Investing Activities
(15,911)
(8,936)
(15,232)
Financing Activities
Net borrowings (repayments) of short-term obligations
(1,061)
4,868
135
Proceeds from issuances of long-term debt
11,402
150
Repayments of long-term debt and other financing obligations
(4,475)
(1,778)
(4,340)
Cash dividends - common stock
(12,751)
(11,801)
(11,336)
Net contributions from (distributions to) noncontrolling interests
(323)
(195)
(40)
Net sales (purchases) of treasury shares
(11,855)
(15,044)
(14,678)
Net Cash Provided by (Used for) Financing Activities
(19,063)
(23,472)
(30,109)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(97)
(114)
Net Change in Cash, Cash Equivalents and Restricted Cash
(977)
(1,013)
(9,846)
Cash, Cash Equivalents and Restricted Cash at January 1
8,262
9,275
19,121
Cash, Cash Equivalents and Restricted Cash at December 31
7,285
8,262
9,275
See accompanying Notes to the Consolidated Financial Statements.
Consolidated cash flows / investment, distributions and financing · Dépôt 24/02/2026
5 Table of Contents CHEVRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended June 30 2026 2025 (Millions of dollars) Operating Activities Net Income (Loss) $ 14,507 $ 6,027 Adjustments Depreciation, depletion and amortization 11,890 8,467 Dry hole expense 144 177 Distributions more (less) than income from equity affiliates 474 1,176 Net before-tax losses (gains) on asset retirements and sales (232) (299) Net foreign currency effects 168 470 Deferred income tax provision 34 509 Net decrease (increase) in operating working capital (1,680) (2,130) Decrease (increase) in long-term receivables 129 (10) Net decrease (increase) in other deferred charges 133 (227) Cash contributions to employee pension plans (396) (444) Other (24) 49 Net Cash Provided by Operating Activities 25,147 13,765 Investing Activities Acquisition of Hess Corporation common stock — (2,225) Capital expenditures (8,601) (7,639) Proceeds and deposits related to asset sales and returns of investment 355 990 Net maturities of (investments in) time deposits 1 — Net repayment (borrowing) of loans by equity affiliates 979 (176) Net Cash Used for Investing Activities (7,266) (9,050) Financing Activities Net borrowings (repayments) of short-term obligations (794) 1,891 Proceeds from issuances of long-term debt 99 5,491 Repayments of long-term debt and other financing obligations (3,069) (2,651) Cash dividends - common stock (7,030) (5,918) Net contributions from (distributions to) noncontrolling interests (269) (30) Net sales (purchases) of treasury shares (4,480) (6,432) Net Cash Provided by (Used for) Financing Activities (15,543) (7,649) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (41) 47 Net Change in Cash, Cash Equivalents and Restricted Cash 2,297 (2,887) Cash, Cash Equivalents and Restricted Cash at January 1 7,285 8,262 Cash, Cash Equivalents and Restricted Cash at June 30 $ 9,582 $ 5,375 See accompanying notes to consolidated financial statements.
Consolidated cash flows / first-half 2026 investment, distributions and financing · Dépôt 06/08/2026
Cash provided by operating activities in the first six months of 2026 was $25.1 billion, compared with $13.8 billion in the year-ago period, primarily reflecting higher commodity prices and increased cash distributions from TCO.
Liquidity and capital resources / commodity prices and TCO cash distributions · Dépôt 06/08/2026
56
financial results – 35%
Adjusted ROCE: Excluding special items and FX, ROCE for 2025 was 7.9%, lower than Plan mainly due to lower Downstream volumes and lower Chemical margins, partly offset by higher Upstream natural gas realizations.
Executive compensation / 2025 adjusted ROCE below plan · Dépôt 07/04/2026
Wirth had a stock ownership base salary multiple of 17.9.
Stock ownership guidelines / actual CEO ownership multiple · Dépôt 07/04/2026
All other NEOs met their respective ownership requirement and had an average stock ownership base salary multiple of 7.0.
Stock ownership guidelines / actual other NEO ownership · Dépôt 07/04/2026
This resulted in a performance multiplier of 15% for the period.
Performance shares / final 2023 grant performance multiplier · Dépôt 07/04/2026
Represents the cash value of vested performance shares granted in 2023 for the performance period January 2023 through December 2025, paid in February 2026.
Compensation table notes / February 2026 performance-share payment · Dépôt 07/04/2026
what we do Robust stockholder engagement plan to ensure alignment with stockholder interests Stock ownership guidelines for the Chief Executive Officer, six times base salary; for all other executive officers, four times base salary Two-year RSU post-vesting holding period for executive officers MCC has discretion to reduce performance share payouts Deferred accounts inaccessible until a minimum of one year following termination Limited perquisites and personal benefits Misconduct-based, discretionary forfeiture, and repayment provisions included in the CIP, long-term incentive plans, Deferred Compensation Plan, Retirement Restoration Plan, and Employee Savings Investment Plan–Restoration Plan Company’s Dodd-Frank Clawback Policy intended to supplement discretionary forfeiture and repayment provisions in compensation plans by mandating recovery of certain incentive-based compensation from Section 16 reporting officers in the event of a required accounting restatement Significant CEO pay at risk (92%) Thorough assessment of Company and individual performance MCC composed entirely of independent Directors Independent compensation consultant hired by and reports directly to the MCC Annual assessment of incentive compensation risks what we don’t do X No individual supplemental executive retirement plans X No stock option repricing, reloads, or exchanges without stockholder approval X No loans or purchases of Chevron equity securities on margin X No transferability of stock options (except in the case of death) X No stock options granted below fair market value X No hedging or pledging of Chevron equity securities X No change-in-control agreements for NEOs X No tax gross-ups for NEOs X No “golden parachutes” or “golden coffins” for NEOs Chevron Corporation 2026 Proxy Statement 49 Table of Contents executive compensation compensation discussion and analysis in detail compensation planning and governance The graphic below illustrates the timing and key governance elements of the executive compensation planning cycle: The MCC oversees executive compensation programs and policies.
Compensation governance / holding rules, clawback and independent committee · Dépôt 07/04/2026
In Kazakhstan, the Future Growth Project started up and ramped to design capacity of more than one million BOED of gross production in less than 30 days.
Stockholder letter / completed Future Growth Project ramp-up · Dépôt 07/04/2026
Production The company’s worldwide net oil-equivalent production in the first six months of 2026 averaged 3.97 million barrels per day, up 18 percent from a year ago due to the acquisition of Hess and growth in the Permian Basin and the Gulf of America.
Production / first-half growth and acquisition contribution · Dépôt 06/08/2026
In 2025, your Board held seven regular Board meetings, with each regular meeting including an executive session of non-employee Directors led by our independent Lead Director and at least one executive session of independent Directors led by our independent Lead Director during the year.
Corporate governance / actual Board and executive sessions · Dépôt 07/04/2026
All Directors attended 100% of their Board and Committee meetings in 2025.
Corporate governance / actual director meeting attendance · Dépôt 07/04/2026
Wirth* 65 Chairman of the Board and Chief Executive Officer (since Feb 2018) Chairman of the Board and Chief Executive Officer Eimear P.
Executive officers / combined chairman and CEO roles · Dépôt 24/02/2026
The energy companies most similar to Chevron in size, complexity, geographic reach, business lines, and location of operations are BP, ExxonMobil, Shell, and TotalEnergies.
Compensation peer selection / named comparable energy companies · Dépôt 07/04/2026
These companies are key competitors for stockholder investments within the larger global energy sector.
Compensation peer selection / competition for stockholder investments · Dépôt 07/04/2026
