Chevron (CVX) FY2025 results: revenue $189.0 billion, down 6.8% on the year

Chevron Corporation is a Delaware holding company whose subsidiaries and affiliates run integrated energy and chemicals operations. Upstream work covers exploring for, developing, producing and transporting crude oil and natural gas, the liquefaction, transport and regasification of LNG, crude transport through major international export pipelines, gas storage and marketing, carbon capture and storage, and a gas-to-liquids plant. Downstream work covers refining crude into petroleum products, marketing crude, refined products and lubricants, making renewable fuels, moving crude and products by pipeline, marine vessel, road and rail, and making commodity petrochemicals, plastics for industrial use and fuel and lubricant additives. Activities reach North America, South America, Europe, Africa, Asia and Australia, all managed by a single Oil, Products and Gas organisation. There were 37,860 non-service-station employees at the end of 2025, 19,366 of them in the United States.

Upstream

Worldwide oil-equivalent production was 3.7 million barrels per day in 2025, about 12 percent above 2024, which the company attributes to the acquisition of Hess Corporation, completion of the Future Growth Project at Tengizchevroil in Kazakhstan, record production in the Permian Basin and the ramp-up in the Gulf of America, partly offset by asset sales in Canada and the Republic of Congo. United States production was 1,858 MBD of oil equivalent against 1,599 MBD in 2024. Guyana contributed 120 MBD in 2025 having contributed nothing in 2024, and Africa gave 229 MBD, of which Nigeria was 134. Proved reserves at the end of 2025 were about 10.6 billion barrels of oil-equivalent, eight percent higher than 2024, with 43 percent in the United States, 15 percent in Australia and 11 percent in Kazakhstan.

Refining

The refining network could process 1.8 million barrels per day at the end of 2025, across eight refineries counting affiliates. The five consolidated United States refineries carry operable capacity of 369 thousand barrels per day at Pascagoula in Mississippi, 290 at El Segundo in California, 257 at Richmond in California, 125 at Pasadena in Texas and 58 at Salt Lake City in Utah. Average crude unit distillation capacity utilisation was 92.9 percent in 2025 against 87.9 percent in 2024, and 94.5 percent at the United States refineries alone. Imported crude oil accounted for about 60 percent of United States refinery inputs in both 2025 and 2024. The expansion of the Pasadena refinery became fully operational in 2025, taking light crude oil throughput capacity to 125,000 barrels per day and letting the company process more of its own Permian Basin crude. Outside the United States it holds 60.6 percent of Star Petroleum Refining, which runs the Map Ta Phut refinery in Thailand at 175 thousand barrels per day, and 50 percent each of the Yeosu refinery in South Korea at 400 thousand and the Pulau Merlimau refinery in Singapore at 145 thousand.

Marketing and renewable fuels

Petroleum products are sold under the Chevron, Texaco and Caltex brands. At the end of 2025 the company supplied, directly or through retailers and marketers, about 8,600 Chevron- and Texaco-branded service stations in the United States, mainly in the southern and western states, of which about 380 are company-owned or company-leased, plus about 5,200 branded stations outside the United States, marketed as Chevron and Texaco in Latin America and Caltex across Asia-Pacific. It owns and operates 11 biofuel refineries in the United States and Germany, eight of them producing biodiesel, one renewable diesel and two idle through 2025. The Geismar renewable diesel plant in Louisiana began production in 2025 after an expansion from 7,000 to 22,000 barrels per day. A 50 percent working interest in Bunge Chevron Ag Renewables produces soybean oil at Destrehan in Louisiana and Cairo in Illinois, a feedstock for renewable diesel, biodiesel and sustainable aviation fuel.

Chemicals

Chevron Oronite develops, manufactures and markets performance additives for lubricating oils and fuels, and at the end of 2025 it manufactured, blended or conducted research at 11 locations around the world. Chevron also owns 50 percent of Chevron Phillips Chemical Company, which produces olefins, polyolefins and alpha olefins and supplies aromatics and polyethylene pipe, and which owned or held joint-venture interests in 29 manufacturing facilities and two research and development centres at the end of 2025.

From Chevron's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.