Chevron(US:CVX)2026-02-24 20:03Reserves and Production - Chevron's proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), an increase of 8% compared to 2024[29]. - The largest additions to reserves were attributed to the acquisition of Hess Corporation and extensions and discoveries in shale and tight assets in the Permian Basin, along with project approvals in Australia and Guyana[29]. - At December 31, 2025, 43% of Chevron's net proved oil-equivalent reserves were located in the United States, 15% in Australia, and 11% in Kazakhstan[29]. - Total proved reserves of crude oil, condensate, and synthetic oil decreased from 4,777 million barrels in 2023 to 4,369 million barrels in 2025, a decline of approximately 8.5%[30]. - Average worldwide oil-equivalent production is projected to increase by 7% to 10% in 2026 compared to 2025, assuming a Brent crude oil price of $60 per barrel[33]. - Net production of crude oil, natural gas liquids, and natural gas reached 3.7 million barrels per day in 2025, representing a 12% increase from 2024, driven by the acquisition of Hess and record production in the Permian Basin[36]. - The total oil-equivalent production in 2025 included 1,429 thousand barrels per day of crude oil and 7,838 million cubic feet per day of natural gas[37]. - The total consolidated production for 2025 is projected to be 3,185 MBD of oil-equivalent, an increase from 2,925 MBD in 2024[37]. - The company has increased its production in Guyana, with 120 MBD in 2025 compared to no production in 2024[37]. - The company has a total of 472 MBD of production in Australia for 2025, slightly down from 479 MBD in 2024[37]. - The company has a total of 229 MBD of production in Africa for 2025, down from 267 MBD in 2024[37]. Workforce and Culture - Chevron's workforce consisted of 43,039 employees as of December 31, 2025, with 29% female representation[22]. - The company is focused on creating a diverse and inclusive work environment, rejecting quotas and making selection decisions based on merit[24]. - Chevron's total non-service station employees numbered 37,860, with 27% female representation and 73% male representation as of December 31, 2025[22]. - The company emphasizes the importance of operational excellence and employee safety, allowing employees to exercise stop-work authority to address unsafe conditions[25]. - Chevron aims to maintain a strong safety culture and environmental stewardship, with a focus on minimizing the impact of potential spills or leaks[169]. Strategic Direction and Goals - Chevron aims to safely deliver higher returns and lower carbon energy, leveraging its capabilities and partnerships to grow its oil and gas business[17]. - The company’s strategy focuses on delivering lower carbon energy while aiming for higher returns and superior shareholder value[17]. - Chevron's strategic direction includes lowering the carbon intensity of operations and expanding into new energy businesses[17]. - The company is investing in new energy solutions, including hydrogen and carbon capture technologies, to lower carbon intensity and create competitive returns[168]. Financial Overview - Chevron's financial condition and results of operations are discussed in detail in the Management's Discussion and Analysis section of the report[16]. - Chevron's average production cost per oil-equivalent barrel for 2025 is detailed in the financial statements, reflecting operational efficiency[31]. Exploration and Development - Chevron completed 1,059 productive wells in 2025, an increase from 804 in 2024[43]. - The company has a total of 386 wells drilling as of December 31, 2025, with 300 in the United States[43]. - Chevron's acquisition of Hess in 2025 expanded its pipeline infrastructure, enhancing its operational capabilities in the U.S.[158]. - Chevron was the apparent high bidder on 24 exploration blocks in the Gulf of America Big Beautiful Gulf 1 Lease Sale[70]. - Chevron secured nine additional offshore exploration blocks in Brazil, opening a new exploration frontier for the company[77]. - Chevron has a 30% nonoperated interest in the Stabroek Block, covering approximately 6.6 million acres, with an expected production capacity of 1.7 million gross barrels of oil per day by 2030[81]. - The One Guyana FPSO achieved first production in August 2025, with a capacity of approximately 250,000 gross barrels of oil per day, marking the fourth FPSO on the Stabroek Block[81]. - The Uaru development, sanctioned in April 2023, will utilize the Errea Wittu FPSO with a production capacity of approximately 250,000 gross barrels of oil per day, with first production expected in 2026[82]. - In 2025, Chevron was awarded a 90% working interest in exploration Blocks 5B and 6B offshore Guinea-Bissau[102]. Production Facilities and Capacity - Chevron's refining network had a capacity of 1.8 million barrels per day, with an average crude unit distillation capacity utilization of 92.9%[139]. - The expansion of the Pasadena Refinery became fully operational in 2025, increasing light crude oil throughput capacity to 125,000 barrels per day[141]. - Chevron's Gorgon LNG facility has a capacity of 15.6 million metric tons per year, with first gas from the Jansz-Io Compression project expected in 2028[128]. - In 2025, Chevron's Wheatstone LNG facility marked its 1,000th shipment since its commencement in 2017, with a capacity of 8.9 million metric tons per year[129]. - Chevron's Escravos Gas Plant in Nigeria has a total processing capacity of 680 million cubic feet per day of natural gas[109]. Environmental and Technological Initiatives - Chevron's Technology, Projects and Execution (TPE) organization focuses on innovation and operational excellence, supporting the delivery of cleaner energy solutions and holding over 4,000 patents[161][164]. - Chevron's marine fleet upgrades in 2025 included enhancements to four LNG vessels aimed at reducing emissions[160]. - Chevron's collaboration with startups and universities through Chevron Technology Ventures has supported over 140 startups in energy innovation[165]. - Chevron Phillips Chemical Company (CPChem) is constructing two major integrated polymer projects, with expected start-up in the first half of 2027, including the Golden Triangle Polymers Project in Texas and the Ras Laffan Petrochemical Project in Qatar[156]. - CPChem completed the Low Viscosity Poly Alpha Olefin Expansion Project in Belgium in 2025, enhancing its production capabilities[156].