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Chevron Corporation

Integrated Oil & GasFounded 1879
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
12 historical events · Editorial analysis

Chevron Company Profile: Revenue, Business Model & Strategy

Research depth: 12 milestones · 10 FAQs

Chevron is a Houston-based U.S. oil and gas major with Standard Oil of California roots. It reported $189.0B in 2025 revenue and $12.3B net income, and is led by Chairman and CEO Mike Wirth.

How Chevron makes money: Chevron earns money by producing and selling oil and gas (upstream) and by refining crude into gasoline, diesel, jet fuel, lubricants and additives that it sells through wholesale, commercial and branded retail channels…

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)$189B
Employees43,039
CEOMichael Wirth
Founded1879
IndustryEnergy
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Integrated Oil & Gas

Chevron Corporation key figures

Chevron Corporation had revenue of $189B for fiscal year 2025, down 6.8% from FY2024.

Source: company filing · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
+5.7% a year
Compound annual rate, $114.5B to $189B
Peak revenue year
FY2022
$246.3B; the latest reported year is 23.2% below the peak
Revenue per employee
$4.4M
FY2025 revenue divided by 43,039 employees; headcount may use another date
Current chief executive
Michael K. Wirth
In the role since 2018 (8 years)
Documented transactions
4
Between 1984 and 2025
Founded
1879
147 years ago
Where was Chevron founded?
Chevron was founded in San Ramon, California in 1879.
When did Chevron start?
Chevron was founded in 1879.
How old is Chevron?
Chevron is 147 years old as of 2026.
In-Depth Analysis
344 words · 2 min read

Chevron Corporation (NYSE: CVX) is one of the largest oil and gas companies in the world and the second-largest in the United States after ExxonMobil. It traces its roots to Pacific Coast Oil Company, founded in 1879, and to Standard Oil of California, which became independent after the 1911 Standard Oil breakup. Today Chevron is headquartered in Houston, Texas, and is led by Chairman and CEO Mike Wirth.

How Chevron makes money

Chevron runs an integrated model. Its upstream business produces crude oil and natural gas from the Permian Basin, the DJ and Bakken basins, the Gulf of America, Guyana, Kazakhstan, Australia and Israel, and usually generates most of its profit. Its downstream business refines crude into fuels and sells them under the Chevron, Texaco and Caltex brands, and it owns 50% of Chevron Phillips Chemical.

Revenue and recent results

Chevron reported $189.0 billion in 2025 revenue, down from $202.8 billion in 2024, and $12.3 billion in net income. In Q2 2026 it earned $12.1 billion ($6.11 per diluted share) on roughly $70.1 billion of revenue, helped by higher oil prices, stronger refining margins and production of about 4.07 million barrels of oil equivalent per day.

The Hess acquisition and Guyana

Chevron completed its $53 billion acquisition of Hess on July 18, 2025, after an arbitration panel rejected ExxonMobil's claim over Hess's Guyana stake. Chevron now owns 30% of the Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered, plus 463,000 net acres in the Bakken.

Competitors

Chevron's main rivals are ExxonMobil, Shell, BP and TotalEnergies, plus national oil companies such as Saudi Aramco and Petrobras. In refining it competes with Phillips 66, Valero and Marathon Petroleum.

Outlook

Chevron's growth now depends on Guyana, the Tengiz expansion in Kazakhstan, U.S. shale and deepwater projects, along with cost cuts that include reducing its workforce by 15-20% by the end of 2026. Lower-carbon spending focuses on renewable fuels, carbon capture, hydrogen and power for data centers. The biggest variables remain oil prices and the pace of the energy transition.

Table of Contents

Chevron Corporation Key Facts

CompanyChevron Corporation
Annual revenue change-6.8% (FY2024–FY2025)
Financials$189B (FY2025, last reviewed October 2026)
Market Cap$401.0B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1879
Founder(s)Frederick Taylor, D.G. Scofield
CEOMichael Wirth
HeadquartersHouston, Texas
IndustryIntegrated Oil & Gas
Employees43,039+

Chevron Company Profile: Revenue, Business Model & Strategy

"Chevron reported $189.0 billion in 2025 revenue and $12.3 billion in net income, then earned $12.1 billion in Q2 2026 alone as production hit about 4.07 million barrels of oil equivalent per day after the Hess acquisition."

Why Chevron Corporation Wins

Chevron wins through low-cost resource positions, integrated operations, balance-sheet discipline, project execution, and the ability to keep investing through commodity cycles.

Chevron Corporation operates in a competitive market alongside Exxon Mobil Corporation, Shell plc, BP plc, TotalEnergies SE, Petroleo Brasileiro S.A. - Petrobras. Analysts frequently compare Chevron Corporation and Exxon Mobil Corporation due to their overlapping products, target markets, and strategic positioning.

Chevron is a Houston-based U.S. oil and gas major with Standard Oil of California roots. It reported $189.0B in 2025 revenue and $12.3B net income, and is led by Chairman and CEO Mike Wirth.

Revenue

$189.0B

Founded

1879

Employees

43K+

Market Cap

$401.0B

Author: CorpDigest Research DeskCompany Research

Key Facts

  • Founded: Chevron Corporation was established in 1879 and is headquartered in Houston, Texas.
  • Revenue: Chevron Corporation had $189.0B in annual revenue (FY2025).
  • Valuation: Market capitalization of approximately $401.0B.
  • Scale: Chevron Corporation employs 43,039 people globally.
  • Business Model: Chevron earns money by producing and selling oil and gas (upstream) and by refining crude into gasoline, diesel, jet.
  • Competitive Edge: Chevron's main advantages are low-cost, long-life resources and a strong balance sheet.

How Chevron Makes Money

Capital Allocation & Scaling Mechanics

Chevron earns money by producing and selling oil and gas (upstream) and by refining crude into gasoline, diesel, jet fuel, lubricants and additives that it sells through wholesale, commercial and branded retail channels (downstream). Upstream usually generates the bulk of earnings because its profit rises directly with oil and gas prices. Downstream adds revenue volume and partial balance: refining margins depend on the spread between crude costs and fuel prices, so they can hold up when crude falls. Chevron also earns equity income from joint ventures such as Tengizchevroil in Kazakhstan and Chevron Phillips Chemical, and sells long-term contracted LNG from Australia to Asian buyers.

Explore Chevron Corporation In Depth

📅Chevron Corporation History & Milestones💼How Chevron Corporation Makes Money📊Chevron Corporation Revenue & Financials⚔️Chevron Corporation Competitive Strategy & SWOT👤Chevron Corporation Founders & Origin Story🏆Chevron Corporation CEO History & Leadership🤝Chevron Corporation Acquisitions & Deals

What Is Chevron Corporation's Growth Strategy?

Chevron grows mainly through large, low-cost resource positions and selective acquisitions. Key deals include Noble Energy (2020), Renewable Energy Group (2022), PDC Energy (2023) and Hess (completed July 18, 2025), which added a 30% interest in Guyana's Stabroek Block and 463,000 net acres in the Bakken. Organic growth comes from the Permian, Tengiz, Guyana and the Gulf of America, while lower-carbon investment focuses on renewable fuels, carbon capture, hydrogen and power for data centers rather than wind and solar.

How Much Revenue Does Chevron Generate?

Chevron's revenue tracks oil and gas prices: $94.7 billion in 2020, a peak of $246.3 billion in 2022, $200.9 billion in 2023, $202.8 billion in 2024 and $189.0 billion in 2025. 2025 net income was $12.3 billion. In the second quarter of 2026, Chevron reported earnings of $12.1 billion ($6.11 per diluted share; adjusted $12.0 billion, $6.06 per share) on roughly $70.1 billion of revenue, with cash flow from operations excluding working capital of nearly $20 billion. Shareholder returns are prioritized in this order: grow the dividend, fund disciplined capital spending, keep a strong balance sheet, then buy back shares with surplus cash. Chevron Corporation is one of the world's supermajor oil companies, sustaining a market valuation typically over $300 billion.

Financial MetricEstimated Value (2026)
Market Capitalization$401.0B
Employee Count43,039 +
Latest Annual Revenue$189.0B (FY2025)

Historical Revenue Chart

Chevron Corporation Annual Revenue History

All figures in USD.

Fiscal YearRevenue FigureYoY Change
FY2016$114.5BN/A
FY2017$141.7B+23.8%
FY2018$166.3B+17.4%
FY2019$146.5B-11.9%
FY2020$94.7B-35.4%
FY2021$162.5B+71.6%
FY2022$246.3B+51.6%
FY2023$200.9B-18.4%
FY2024$202.8B+0.9%
FY2025$189B-6.8%

The source for each year is listed on the Chevron Corporation financials page.

Core Strength

Chevron holds one of the largest acreage positions in the Permian Basin, much of it accumulated decades ago with low royalty burdens, giving it a long inventory of drilling locations without buying land at today's prices.

Key Weakness

Chevron's lower-carbon business, focused on renewable fuels, carbon capture, hydrogen and gas-fired power for data centers, is small relative to its oil and gas operations and does not yet contribute meaningful earnings.

Deep Dive into Chevron Corporation SWOT Analysis

Who Are Chevron Corporation's Main Competitors?

Chevron's closest rival is ExxonMobil, the other large Standard Oil descendant, which is bigger by market value and became the Permian's largest producer after buying Pioneer Natural Resources in 2024. The two are now partners in Guyana's Stabroek Block, after Exxon's arbitration challenge to the Hess deal failed in July 2025. Chevron also competes with European majors Shell, BP and TotalEnergies, which have historically invested more in renewables, with national oil companies such as Saudi Aramco and Petrobras for resources and partnerships, and with U.S. shale producers such as ConocoPhillips, EOG Resources and Occidental for Permian acreage and services. In refining and fuel retail it competes with Phillips 66, Valero and Marathon Petroleum. Chevron positions itself as a capital-disciplined oil and gas company that is lowering the carbon intensity of its operations rather than reinventing itself as a diversified power company.

Top CompetitorsHead-to-Head Analysis

What Is Chevron Corporation's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1879 -

Chevron traces its roots to Pacific Coast Oil Company in California.

1911 -

Standard Oil of California emerged from the breakup of the Standard Oil trust.

1984 -

Standard Oil of California acquired Gulf Oil and adopted the Chevron name.

2001 -

Chevron completed its merger with Texaco in October 2001, forming ChevronTexaco.

2005 -

Chevron bought Unocal in August 2005 after a rival bid from the Chinese company CNOOC was withdrawn.

2024 -

Chevron announced in August 2024 that it would move its headquarters from San Ramon, California, to Houston, Texas.

2025 -

Chevron reported $189.031 billion in FY2025 revenue and 43,039 total employees.

2025 -

Chevron closed its $53 billion acquisition of Hess on July 18, 2025, gaining a 30% interest in Guyana's Stabroek Block.

2026 -

Chevron reported Q2 2026 earnings of $12.1 billion and production of about 4.07 million boe/d.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

Chevron's biggest risk is a faster-than-expected decline in fossil-fuel demand or a sustained low-price environment that weakens returns, cash flow, and investor support.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Chevron Start and Grow?

Established

1879

Fiscal Revenue (FY2025)

$189.0B

Workforce

43K+

HQ Location

Houston, Texas

Key Turning Point

: The Strategic Shift That Created a Behemoth

Facing declining California production growth and intense domestic competition, Chevron's predecessor Socal made a strategic commitment to international expansion that culminated in the 1933 Saudi Arabia concession agreement. This represented a fundamental strategic pivot from a primarily domestic California company to an internationally oriented energy producer, a transformation that would define the company's global character for the rest of the 20th century and create the foundation for what became Saudi Aramco, the world's most valuable oil company.

Explore Chevron In Depth

Detailed research across every dimension of Chevron — history, financials, leadership, and strategy.

Company History

Chevron Corporation is a U.S. integrated energy company headquartered in Houston, Texas, after moving its head office from San Ramon, California, starting in 2024.

Full Chevron history →

Revenue & Financials

Chevron had $189B in revenue for fiscal year 2025. Data covers 10 fiscal years. Market capitalization stands at approximately $401B.

Chevron financials →

Founders

Chevron was founded by Frederick Taylor, D.G. Scofield in 1879. Explore each founder's background, motivations, and their role in building the company.

Chevron founders →

CEO & Leadership

Chevron is currently led by Michael Wirth. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Chevron CEO history →

Business Model

Chevron earns money by producing and selling oil and gas (upstream) and by refining crude into gasoline, diesel, jet fuel, lubricants and additives that it sells through wholesale, commercial and branded retail channels…

How Chevron makes money →

Acquisitions

Chevron has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Chevron acquisitions →

Competitive Strategy

Chevron grows mainly through large, low-cost resource positions and selective acquisitions. Key deals include Noble Energy (2020), Renewable Energy Group (2022), PDC Energy (2023) and Hess (completed July 18, 2025),…

Chevron strategy →

CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About Chevron

What is Chevron and what does it do?

Chevron Corporation (NYSE: CVX) is a Houston-based integrated energy company. It produces crude oil and natural gas, makes and sells LNG, refines fuels, sells them under the Chevron, Texaco and Caltex brands, and owns 50% of Chevron Phillips Chemical. It reported $189.0 billion in 2025 revenue.

How does Chevron make money?

Most of Chevron's profit comes from upstream oil and gas production, whose earnings rise and fall with commodity prices. Downstream refining and marketing adds revenue and partial balance, while equity income from joint ventures such as Tengizchevroil and Chevron Phillips Chemical contributes additional earnings.

Who is the CEO of Chevron?

Mike Wirth (Michael K. Wirth) has been Chairman and CEO of Chevron since February 1, 2018. A chemical engineer who joined Chevron in 1982, he previously led the company's downstream and chemicals business.

Who owns Chevron?

Chevron is publicly traded on the New York Stock Exchange under the ticker CVX and is owned by its shareholders, mainly large institutional investors and index funds. It is a component of the Dow Jones Industrial Average and the S&P 500.

Where is Chevron headquartered?

Chevron is headquartered in Houston, Texas. It announced in August 2024 that it would move its headquarters from San Ramon, California, with CEO Mike Wirth relocating before the end of 2024 and other corporate functions moving over about five years.

Did Chevron complete the Hess acquisition?

Yes. Chevron completed its $53 billion all-stock acquisition of Hess on July 18, 2025, after an arbitration panel rejected ExxonMobil's claim to preemption rights over Hess's Guyana stake. The deal added a 30% interest in Guyana's Stabroek Block and 463,000 net acres in the Bakken.

Who are Chevron's main competitors?

Chevron's main competitors are ExxonMobil, Shell, BP and TotalEnergies, along with national oil companies such as Saudi Aramco and Petrobras. In U.S. shale it competes with ConocoPhillips, EOG Resources and Occidental, and in refining with Phillips 66, Valero and Marathon Petroleum.

What were Chevron's latest quarterly results?

For Q2 2026, Chevron reported earnings of $12.1 billion ($6.11 per diluted share) and adjusted earnings of $12.0 billion ($6.06 per share), on roughly $70.1 billion of revenue. Production was about 4.07 million barrels of oil equivalent per day, up about 20% from a year earlier.

Who founded Chevron?

Chevron originated from the Pacific Coast Oil Company and Standard Oil of California, tracing back to figures like Charles N. Felton and Lloyd Tevis.

Analysis: How Chevron Corporation Makes Money

Deep dive into the Chevron Corporation business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

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    Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

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    Editorial Methodology

    Company Research

    We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

    1. Primary Sources

    Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

    2. Expert Curation

    We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

    3. Multi-Pass Audit

    Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

    Swet Parvadiya
    SEC filings & public records methodology
    Sourced from public financial records

    Explore Related Pages for Chevron Corporation

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    Sources & References

    The data and narrative synthesized in this intelligence report were verified against primary sources:

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