CHEVRON CORP (CVX)

Chevron Corporation, a Delaware corporation incorporated in 1926 as Standard Oil Company of California, is an integrated energy and chemicals company. The parent manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries. Its stated strategy is to safely deliver lower carbon energy to a growing world, with the aim of growing its oil and gas business, lowering the carbon intensity of its operations and growing new energies businesses.

Upstream operations consist mainly of exploring for, developing, producing and transporting crude oil and natural gas; liquefied natural gas (LNG) processing, liquefaction, transportation and regasification; transporting crude oil through major international export pipelines; transporting, storing and marketing natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist mainly of refining crude oil into petroleum products; marketing crude oil, refined products and lubricants; manufacturing and marketing renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing commodity petrochemicals, industrial plastics, and fuel and lubricant additives. At year-end 2025, proved reserves were about 10.6 billion barrels of oil-equivalent, with 43 percent in the United States, 15 percent in Australia and 11 percent in Kazakhstan. Worldwide oil-equivalent production was 3.7 million barrels per day in 2025, up about 12 percent, helped by the July 2025 acquisition of Hess, the Future Growth Project at Tengizchevroil, record Permian Basin output and ramp-up in the Gulf of America. The company also reports 42,980 gross productive oil wells and 3,500 gross productive gas wells among consolidated companies.

Chevron's activities are widely dispersed, with operations in North America, South America, Europe, Africa, Asia and Australia, managed by the Oil, Products and Gas organization. It sells crude oil, natural gas and natural gas liquids under various contracts, including delivery commitments for natural gas in the U.S., Australia and Israel, some with indexed or Brent-linked pricing. Customers include third parties and affiliates, as well as industrial and individual consumers of energy, fuels and chemicals. Prices for its products are generally set by supply and demand, influenced by OPEC, Russian and U.S. production, economic conditions, weather, the pace of energy transition and government policy. The company had 43,039 employees at December 31, 2025, including 5,179 service station employees.

Chevron faces strong competition in all sectors. Upstream, it competes with major integrated global petroleum companies, independents and national oil companies for leases, properties, equipment and labor. Downstream, it competes with integrated majors, independent refining, marketing, transportation and chemicals companies, and national petroleum companies. Significant subsidiaries are listed in Exhibit 21.1. The text does not state its headquarters location.