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CHEVRON CORP - Quarter Report: 2025 June (Form 10-Q)

Registrant’s telephone number, including area code: () 
NONE
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      ☑        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      ☑        No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐       No  

There were shares of the company’s common stock outstanding on June 30, 2025.

Table of Contents

TABLE OF CONTENTS
 
 Page No.
2
PART I
FINANCIAL INFORMATION
3
4
Consolidated Balance Sheet at June 30, 2025 and December 31, 2024
5
6
7
8
26
43
43
PART II
OTHER INFORMATION
44
44
44
45
45
46
1
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CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This quarterly report on Form 10-Q of Chevron Corporation contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
2
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PART I.
FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars, except per-share amounts)
Revenues and Other Income
Sales and other operating revenues$ $ $ $ 
Income (loss) from equity affiliates    
Other income (loss)()   
Total Revenues and Other Income    
Costs and Other Deductions
Purchased crude oil and products    
Operating expenses    
Selling, general and administrative expenses    
Exploration expenses    
Depreciation, depletion and amortization    
Taxes other than on income    
Interest and debt expense    
Other components of net periodic benefit costs    
Total Costs and Other Deductions    
Income (Loss) Before Income Tax Expense    
Income Tax Expense (Benefit)    
Net Income (Loss)    
Less: Net income (loss) attributable to noncontrolling interests    
Net Income (Loss) Attributable to Chevron Corporation$ $ $ $ 
Per Share of Common Stock
Net Income (Loss) Attributable to Chevron Corporation
- Basic$ $ $ $ 
- Diluted$ $ $ $ 
Weighted Average Number of Shares Outstanding (000s)
- Basic    
- Diluted    
See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
(Millions of dollars)
Net Income (Loss)$ $ $ $ 
Currency translation adjustment () ()
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period () ()
Derivatives
Net derivatives gain (loss) on hedge transactions ()()()
Reclassification to net income    
Income taxes on derivatives transactions()()() 
Total   ()
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements    
Actuarial gain (loss) arising during period    
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments()()()()
Prior service (costs) credits arising during period    
Defined benefit plans sponsored by equity affiliates - benefit (cost) ()  
 Income (taxes) benefit on defined benefit plans()()()()
Total    
Other Comprehensive Gain (Loss), Net of Tax    
Comprehensive Income (Loss)    
Comprehensive loss (income) attributable to noncontrolling interests()()()()
Comprehensive Income (Loss) Attributable to Chevron Corporation$ $ $ $ 





See accompanying notes to consolidated financial statements.
4
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
At June 30,
2025		At December 31,
2024
(Millions of dollars)
Assets
Cash and cash equivalents$ $ 
Time deposits  
Accounts and notes receivable (less allowance: 2025 - $; 2024 - $)
  
Inventories:
Crude oil and products  
Chemicals  
Materials, supplies and other  
Total inventories  
Prepaid expenses and other current assets  
Total Current Assets  
Long-term receivables (less allowance: 2025 - $; 2024 - $)
  
Investments and advances  
Properties, plant and equipment, at cost  
Less: Accumulated depreciation, depletion and amortization  
Properties, plant and equipment, net  
Deferred charges and other assets  
Goodwill  
Assets held for sale  
Total Assets$ $ 
Liabilities and Equity
Short-term debt
$ $ 
Accounts payable  
Accrued liabilities  
Federal and other taxes on income  
Other taxes payable  
Total Current Liabilities  
Long-term debt  





See accompanying notes to consolidated financial statements.
5
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
 20252024
(Millions of dollars)
Operating Activities
Net Income (Loss)$ $ 
Adjustments
Depreciation, depletion and amortization  
Dry hole expense  
Distributions more (less) than income from equity affiliates ()
Net before-tax losses (gains) on asset retirements and sales()()
Net foreign currency effects ()
Deferred income tax provision  
Net decrease (increase) in operating working capital()()
Decrease (increase) in long-term receivables() 
Net decrease (increase) in other deferred charges()()
Cash contributions to employee pension plans()()
Other ()
Net Cash Provided by Operating Activities  
Investing Activities
Acquisition of Hess Corporation common stock() 
Capital expenditures()()
Proceeds and deposits related to asset sales and returns of investment  
Net sales (purchases) of marketable securities  
Net repayment (borrowing) of loans by equity affiliates()()
Net Cash Used for Investing Activities()()
Financing Activities
Net borrowings (repayments) of short-term obligations  
Proceeds from issuances of long-term debt  
Repayments of long-term debt and other financing obligations()()
Cash dividends - common stock()()
Net contributions from (distributions to) noncontrolling interests() 
Net sales (purchases) of treasury shares()()
Net Cash Provided by (Used for) Financing Activities()()
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash ()
Net Change in Cash, Cash Equivalents and Restricted Cash()()
Cash, Cash Equivalents and Restricted Cash at January 1  
Cash, Cash Equivalents and Restricted Cash at June 30
$ $ 





See accompanying notes to consolidated financial statements.
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Millions of dollars)AccumulatedTreasuryChevron Corp.Non-
CommonRetainedOther Comp.StockStockholders’ControllingTotal
Three Months Ended June 30
Stock(1)
EarningsIncome (Loss)(at cost)EquityInterestsEquity
Balance at March 31, 2024$ $ $()$()$ $ $ 
Treasury stock transactions — — —  —  
Net income (loss)—  — —    
Cash dividends ($ per share)
— ()— — ()()()
Stock dividends— ()— — ()— ()
Other comprehensive income— —  —  —  
Purchases of treasury shares(2)
— — — ()()— ()
Issuances of treasury shares()— —   —  
Other changes, net— ()— — ()()()
Balance at June 30, 2024$ $ $()$()$ $ $ 
Balance at March 31, 2025$ $ $()$()$ $ $ 
Treasury stock transactions — — —  —  
Net income (loss)—  — —    
Cash dividends ($ per share)
— ()— — ()()()
Stock dividends— ()— — ()— ()
Other comprehensive income— —  —  —  
Purchases of treasury shares(2)
— — — ()()— ()
Issuances of treasury shares()— —   —  
Other changes, net — ()— — ()— ()
Balance at June 30, 2025$ $ $()$()$ $ $ 
Six Months Ended June 30
Balance at December 31, 2023$ $ $()$()$ $ $ 
Treasury stock transactions — — —  —  
Net income (loss)—  — —    
Cash dividends ($ per share)
— ()— — ()()()
Stock dividends— ()— — ()— ()
Other comprehensive income— —  —  —  
Purchases of treasury shares— — — ()()— ()
Issuances of treasury shares()— —   —  
Other changes, net— ()— — () ()
Balance at June 30, 2024$ $ $()$()$ $ $ 
Balance at December 31, 2024$ $ $()$()$ $ $ 
Treasury stock transactions — — —  —  
Net income (loss)—  — —    
Cash dividends ($ per share)
— ()— — ()()()
Stock dividends— ()— — ()— ()
Other comprehensive income— —  —  —  
Purchases of treasury shares(2)
— — — ()()— ()
Issuances of treasury shares()— —   —  
Other changes, net— ()— — ()— ()
Balance at June 30, 2025$ $ $()$()$ $ $ 
(Number of Shares)Common Stock - 2025Common Stock - 2024
Three Months Ended June 30
Issued(3)
TreasuryOutstanding
Issued(3)
TreasuryOutstanding
Balance at March 31 ()  () 
Purchases— ()()— ()()
Issuances—   —   
Balance at June 30 ()  () 
Six Months Ended June 30
Balance at December 31 ()  () 
Purchases— ()()— ()()
Issuances—   —   
Balance at June 30 ()  () 
(1) , and $() associated with Chevron’s Benefit Plan Trust. Changes reflect capital in excess of par.
(2)
(3) shares associated with Chevron’s Benefit Plan Trust for all periods.





See accompanying notes to consolidated financial statements.
7
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.
Note 2.
)$()$ $()$()Components of Other Comprehensive Income (Loss):Before Reclassifications()()() ()
Reclassifications(2) (3)
     Net Other Comprehensive Income (Loss)()()()  Balance at June 30, 2024$()$()$()$()$()Balance at December 31, 2024$()$()$()$()$()Components of Other Comprehensive Income (Loss):Before Reclassifications  ()  
Reclassifications(2) (3)
     Net Other Comprehensive Income (Loss)     Balance at June 30, 2025$()$()$ $()$()
(1)All amounts are net of tax.
(2)Refer to Note 14 Financial and Derivative Instruments for reclassified components of cash flow hedging.
(3)Refer to Note 8 Employee Benefits for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs, and settlement losses, totaling $ that are included in employee benefit costs for the six months ended June 30, 2025. Related income taxes for the same period, totaling $, are reflected in “Income Tax Expense (Benefit)” on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
8
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 3.  $ (Income) loss from equity affiliates()()Distributions more (less) than income from equity affiliates$ $()Net decrease (increase) in operating working capital was composed of the following:Decrease (increase) in accounts and notes receivable$ $()Decrease (increase) in inventories ()Decrease (increase) in prepaid expenses and other current assets   Increase (decrease) in accounts payable and accrued liabilities () Increase (decrease) in income and other taxes payable()()Net decrease (increase) in operating working capital$()$()Net cash provided by operating activities included the following cash payments:Interest on debt (net of capitalized interest)$ $ Income taxes  Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:Proceeds and deposits related to asset sales$ $ Returns of investment from equity affiliates  Proceeds and deposits related to asset sales and returns of investment$ $ 
Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits$()$ Maturities of time deposits  Net maturities of (investments in) time deposits$ $ Net sales (purchases) of marketable securities consisted of the following gross amounts:Marketable securities purchased$ $ Marketable securities sold  Net sales (purchases) of marketable securities$ $ 
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates$()$()Repayment of loans by equity affiliates  Net repayment (borrowing) of loans by equity affiliates$()$()
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations$ $ Repayments of short-term debt obligations() Net borrowings (repayments) of short-term debt obligations with three months or less maturity() Net borrowings (repayments) of short-term obligations$ $ 
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests$()$()Contributions from noncontrolling interests  Net contributions from (distributions to) noncontrolling interests$()$ Net sales (purchases) of treasury shares consisted of the following gross and net amounts:Shares issued for share-based compensation plans$ $ Shares purchased under share repurchase and executive compensation plans ()()Share Repurchase excise tax payment() Net sales (purchases) of treasury shares$()$()
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

per share of common stock in second quarter 2025. This compares to dividends of $ per share paid in the year-ago corresponding period.  $ Additions to investments  Current-year dry hole expenditures $ 


15
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 8.
percent each year. Certain life insurance benefits are paid by the company. $ $ $ Interest cost    Expected return on plan assets()()()()Amortization of prior service costs (credits)     Amortization of actuarial losses (gains)    Curtailment losses (gains)    Total United States    InternationalService cost    Interest cost    Expected return on plan assets()()()()Amortization of prior service costs (credits)    Amortization of actuarial losses (gains)    Total International    Net Periodic Pension Benefit Costs$ $ $ $ Other Benefits*Service cost$ $ $ $ Interest cost    Amortization of prior service costs (credits)()()()()Amortization of actuarial losses (gains)()()()()Net Periodic Other Benefit Costs$ $ $ $ 
Through June 30, 2025, a total of $ million was contributed to employee pension plans (including $ million to the U.S. plans). Contribution amounts are dependent upon plan investment returns, changes in pension obligations, regulatory requirements, and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

million to its OPEB plans.
Note 9.
million of net properties, plant and equipment as “Assets held for sale” on the Consolidated Balance Sheet. These assets are associated with downstream operations that are anticipated to be sold in the next 12 months. The revenues and earnings contributions of these assets in 2024 and the first six months of 2025 were not material.
Note 10.
billion between quarterly periods from $ billion in 2024 to $ billion in 2025. The company’s income before income tax expense decreased $ billion from $ billion in 2024 to $ billion in 2025, primarily due to lower upstream realizations, lower equity affiliate earnings at TCO due to higher depreciation, depletion and amortization, and an unfavorable fair market valuation adjustment for Hess Corporation (Hess) common stock. The company’s effective tax rate increased between quarterly periods from percent in 2024 to percent in 2025. The change in effective tax rate was primarily due to current period unfavorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions.
The income tax expense decreased $ billion between the six-month periods from $ billion in 2024 to $ billion in 2025. The company’s income before income tax decreased $ billion from $ billion in 2024 to $ billion in 2025, primarily due to lower upstream realizations, lower equity affiliate earnings at TCO due to higher depreciation, depletion and amortization, unfavorable foreign exchange impacts and lower earnings due to asset sales. The company’s effective tax rate increased between six-month periods from percent in 2024 to percent in 2025. The change in effective tax rate was primarily due to current period unfavorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions.
The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in various jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Note 11.
separate lawsuits filed by various U.S. cities and counties, U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, Native American tribes, and a trade group in both federal and state courts.1 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. Further such proceedings are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and the U.S. Supreme Court has denied petitions for writ of certiorari on jurisdictional questions to date. The U.S. Supreme Court has also denied petitions for certiorari to review a decision from the Hawaii Supreme Court allowing claims brought by the City and County of Honolulu to proceed past the pleadings. The unprecedented legal theories set forth in these proceedings include claims for damages (both compensatory and punitive), injunctive and other forms of equitable relief, including without limitation abatement, contribution to abatement funds, disgorgement of profits and equitable relief for pollution, impairment and destruction of natural resources, civil penalties and liability for fees and costs of suits. Due to the unprecedented nature of the suits, the company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change and will vigorously defend against such proceedings.

1 The cases are: Municipality of Bayamon et al. v. Exxon Mobil Corp., et al., No. 22-cv-1550 (D.P.R.); City of Annapolis v. BP P.L.C., et al., No. C-02-CV-21-000250 (Md. Cir. Ct.) (dismissed on the merits; Plaintiff’s appeal pending); Anne Arundel County v. BP P.L.C., et al., No. C-02-CV-21-000565 (Md. Cir. Ct.) (dismissed on the merits; Plaintiff’s appeal pending); Mayor and City Council of Baltimore v. BP P.L.C., et al., No. 24-C-18-004219 (Md. Cir. Ct.) (dismissed on the merits; Plaintiff’s appeal pending); People ex rel. Bonta v. Exxon Mobil Corp., et al., No. CGC-23-609134 (Cal. Super. Ct.); Bucks County v. BP P.L.C., et al., No. 2024-01836 (Pa. Ct. Com. Pl.) (dismissed on the merits); City of Charleston v. Brabham Oil Co., et al., No. 2020-CP-10-3975 (S.C. Ct. of Com. Pl.) (dismissed on the merits and for lack of personal jurisdiction; appeal may be filed); District of Columbia v. Exxon Mobil Corp., et al., No. 2020-CA-002892-B (D.C. Super. Ct.); Delaware ex rel. Jennings v. BP America Inc., et al., C.A. No. N20C-09-097 (Del. Super. Ct.) (dismissed on the merits in substantial part; appeal may be filed); City of Hoboken v. Exxon Mobil Corp., et al., No. HUD-L-003179-20 (N.J. Super. Ct.); City and County of Honolulu, et al. v. Sunoco LP, et al., No. 1CCV-20-0000380 (Haw. Cir. Ct.); City of Imperial Beach v. Chevron Corp., et al., No. C17-01227 (Cal. Super. Ct.); King County v. BP P.L.C., et al., No. 18-2-11859-0 (Wash. Super. Ct.) (voluntarily dismissed); Makah Indian Tribe v. Exxon Mobil Corp., et al., No. 23-25216-1-SEA (Wash. Super. Ct.); County of Marin v. Chevron Corp., et al., No. 17-cv-02586 (Cal. Super. Ct.); County of Maui v. Sunoco LP, et al., No. 2CCV-20-0000283 (Haw. Cir. Ct.); County of Multnomah v. Exxon Mobil Corp., et al., No. 23-cv-25164 (Or. Cir. Ct.); Municipality of San Juan, Puerto Rico v. Exxon Mobil Corp., et al., No. 23-cv-01608 (D.P.R.); City of Oakland v. BP P.L.C., et al., No. RG17875889 (Cal. Super. Ct.); Platkin, et al. v. Exxon Mobil Corp., et al., No. MER-L-001797-22 (N.J. Super. Ct.) (dismissed on the merits; Plaintiff’s appeal pending); Estado Libre Asociado de Puerto Rico [Commonwealth of Puerto Rico] v. Exxon Mobil Corp., et al., No. SJ2024CV06512 (Tribunal de Primera Instancia, Estado Libre Asociado de P.R.) [P.R. Ct. of First Instance, Commonwealth of P.R.] (voluntarily dismissed); City of New York v. Chevron Corp., et al., No. 18-cv-00182 (S.D.N.Y.) (dismissed on the merits); Pacific Coast Federation of Fishermen’'Associations, Inc. v. Chevron Corp., et al., No. CGC-18-571285 (Cal. Super. Ct.) (voluntarily dismissed); State of Rhode Island v. Chevron Corp., et al., C.A. No. PC-2018-4716 (R.I. Super. Ct.); City of Richmond v. Chevron Corp., et al., No. C18-00055 (Cal. Super. Ct.); City of San Francisco v. BP P.L.C., et al., No. CGC-17-561370 (Cal. Super. Ct.); County of San Mateo v. Chevron Corp., et al., No. 17-CIV-03222 (Cal. Super. Ct.); City of Santa Cruz v. Chevron Corp., et al., No. 17-CV-03243 (Cal. Super. Ct.); County of Santa Cruz v. Chevron Corp., et al., No. 17-CV-03242 (Cal. Super. Ct.); Shoalwater Bay Indian Tribe v. Exxon Mobil Corp., et al., No. 23-2-25215-2-SEA (Wash. Super. Ct.); City of Chicago v. BP P.L.C., et al., No. 2024CH01024 (Ill. Cir. Ct.); Maine v. BP P.L.C. et al., No. PORSC-CV-24-442 (Me. Super. Ct.); State of Hawaii v. BP P.L.C., et al., 1CCV-25-0000717 (Haw. Cir. Ct.).
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coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking remediation damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA). Chevron entities are defendants in of these cases.2 million in a trial against Chevron entities. However, the United States Supreme Court subsequently granted a petition for writ of certiorari in a related case and will determine if certain of these cases belong in federal, rather than state, court. A state court judge then continued a hearing on Plaquemines Parish’s motion for entry of judgment on the trial verdict and stayed that case pending a decision by the United States Supreme Court. The company denies this liability and plans to appeal any judgment based on the jury verdict. The jury’s decision was unique to the facts and circumstances of the case and may not be representative of future outcomes for other claims brought against Chevron entities under the SLCRMA. In accordance with guidance on the evaluation of loss contingencies, the company has recorded an accrual of $ million, which the company believes to be a reasonably estimable loss in light of the available defenses. It is reasonably possible that the estimate of the loss could change based on the progression of the case, including the appeals process. However, because of the uncertainties associated with ongoing litigation, we are unable to estimate the range of reasonably possible loss that may be attributable to liabilities, if any, in excess of the amount accrued. While the company believes the jury verdict is not legally or factually supported and intends to appeal and vigorously pursue post-judgment remedies, there can be no assurances that such defense efforts will be successful. To the extent the company is required to pay remediation damages in these cases, it may have a material adverse effect on our financial position and results of operations. Management believes that the claims in these lawsuits lack legal and factual merit and will continue to vigorously defend against such proceedings.

2 The cases are: Jefferson Parish v. Atlantic Richfield Company, et al., No. 732-768 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Chevron U.S.A. Holdings, Inc., et al., No. 732-769 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Destin Operating Company, Inc., et al., No. 732-770 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Canlan Oil Company, et al., No. 732-771 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Anadarko E&P Onshore LLC, et al., No. 732-772 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. ExxonMobil Corporation, et al., No. 732-774 (24th Jud. Dist. Ct., Jefferson Par.); Jefferson Parish v. Equitable Petroleum Corporation, et al., No. 732-775 (24th Jud. Dist. Ct., Jefferson Par.); Plaquemines Parish v. ConocoPhillips Co., et al., No. 60-982 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. HHE Energy Co., et al., No. 60-983 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Exchange Oil & Gas Corp., et al., No. 60-984 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. LLOG Exploration & Production Co., et al., No. 60-985 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Equitable Petroleum Corporation, et al., No. 60-986 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. June Energy, et al., No. 60-987 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Linder Oil Company, et al., No. 60-988 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Riverwood Production Company, et al., No. 60-989 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Helis Oil & Gas Company, et al., No. 60-990 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Northcoast Oil Company, et al., No. 60-992 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Goodrich Petroleum Company, L.L.C., et al., No. 60-994 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Devon Energy Production Company, L.P., et al., No. 60-995 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Rozel Operating Co., et al., No. 60-996 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Palm Energy Offshore, L.L.C., et al., No. 60-997 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Great Southern Oil & Gas Company, Inc., et al., No. 60-998 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Hilcorp Energy Company, et al., No. 60-999 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Apache Oil Corporation, et al., No. 61-000 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. Campbell Energy Corporation, et al., No. 61-001 (25th Jud. Dist. Ct., Plaquemines Par.); Plaquemines Parish v. TotalPetrochemicals & Refining USA, Inc., et al., No. 61-002 (25th Jud. Dist. Ct., Plaquemines Par.); Cameron Parish v. Alpine Exploration Companies, Inc., et al., No. 10-19580 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Apache Corporation (of Delaware), et al., No. 10-19579 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Ballard Exploration Company, Inc., et al., No. 10-19574 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Bay Coquille, Inc., et al., No. 10-19581 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. BEPCO, LP, et al., No. 10-19572 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. BP America Production Company, et al., No. 10-19576 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Brammer Engineering, Inc., et al., No. 10-19573 (38th Jud. Dist. Ct., Cameron Par.); Cameron Parish v. Burlington Resources, et al., No. 10-19575 (38th Jud. Dist. Ct., Cameron Par.); Stutes v. Gulfport Energy Corporation, et al., No. 102,146 (15th Jud. Dist. Ct., Vermilion Par.); St. Bernard Parish v. Atlantic Richfield, et al., No. 16-1228 (34th Jud. Dist. Ct. St., Bernard Par.); City of New Orleans v. Apache Louisiana Mins, LLC, et al., No. 19-cv-08290, (E.D. La.).
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Note 12.
 billion in the second quarter, as the company finalized two 20-year U.S. Gulf Coast LNG take-or-pay export agreements that commence in 2028. The total balance at the end of second quarter 2025 is $ billion, up from $ billion at year-end 2024.
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billion.
Note 13.
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 $ $ $ $ $ $ $ Derivatives - designated           Total Assets at Fair Value $ $ $ $ $ $ $ $ Derivatives - not designated        Derivatives - designated           Total Liabilities at Fair Value$ $ $ $ $ $ $ $ 
Derivatives The company records most of its derivative instruments — other than any commodity derivative contracts that are accounted for as normal purchase and normal sale — on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges that, if applicable, are reflected in the table above. Derivatives classified as Level 1 include futures, swaps and options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party broker quotes, industry pricing services, and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information.
Assets and liabilities carried at fair value at June 30, 2025, and December 31, 2024, are as follows:
Cash and Cash Equivalents The company holds cash equivalents in U.S. and non-U.S. portfolios. The instruments classified as cash equivalents are primarily bank deposits with maturities of days or less, and money market funds. “Cash and cash equivalents” had carrying/fair values of $ billion and $ billion at June 30, 2025, and December 31, 2024, respectively. The fair values of cash and cash equivalents are classified as Level 1 and reflect the cash that would have been received if the instruments were settled at June 30, 2025.
Restricted Cash had a carrying/fair value of $ billion and $ billion at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, restricted cash is classified as Level 1 and includes primarily restricted funds related to certain upstream decommissioning activities, a tax-deferred transaction and financing programs that are reported in “Prepaid expenses and other current assets” and “Deferred charges and other assets” on the Consolidated Balance Sheet.
Investments in Hess Common Stock are classified as Level 1, had a fair value of $ billion at June 30, 2025, and are reflected in the “Investments and advances” line on the Consolidated Balance Sheet. During second quarter 2025 and for the six months ended June 30, 2025, the company recognized a fair value loss of $ million and $ million, respectively, in “Other income (loss)” on the Consolidated Statement of Income. The fair value of the Hess stock was $ billion at the close of market on July 17, 2025, the day before Chevron completed the acquisition of Hess, and the company will recognize a gain of $ million on the investment in the third quarter. In the aggregate, the company will recognize a gain of $ million on this investment in 2025.
Long-Term Debt excluding amounts reclassified from short-term debt and finance lease obligations had a net carrying value of $ billion and $ billion at June 30, 2025, and December 31, 2024, respectively. Long-term debt primarily includes corporate issued bonds. The fair value of these obligations was $ billion and $ billion at June 30, 2025, and December 31, 2024, respectively. At June 30, 2025, the fair value of these obligations classified as Level 1 is $ billion and Level 2 is $ million.
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Note 14.
 $ CommodityLong-term receivables, net  
Total Assets at Fair Value
$ $ CommodityAccounts payable$ $ CommodityDeferred credits and other noncurrent obligations  
Total Liabilities at Fair Value
$ $  $()$()$()CommodityPurchased crude oil and products() ()()CommodityOther income (loss)() () Total$ $()$()$()
The amount reclassified from AOCL to “Sales and other operating revenues” from designated hedges for the first six months of 2025 was a loss of $ million compared with a loss of $ million in the same period of the prior year. At June 30, 2025, before-tax deferred gains in AOCL related to outstanding crude oil price hedging contracts were $ million, of which all is expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.
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 $ $ $ $ Derivative Assets - designated$ $ $ $ $ Derivative Liabilities - not designated$ $ $ $ $ Derivative Liabilities - designated$ $ $ $ $ At December 31, 2024Derivative Assets - not designated$ $ $ $ $ Derivative Assets - designated$ $ $ $ $ Derivative Liabilities - not designated$ $ $ $ $ Derivative Liabilities - designated$ $ $ $ $ 
Note 15.
billion and $ billion at June 30, 2025, and December 31, 2024, respectively. Other items included in “Accounts and notes receivable” represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements, and product exchanges, which are accounted for outside the scope of Accounting Standard Codification (ASC) 606
Note 16.
million and $ million at June 30, 2025, and December 31, 2024, respectively, with a majority of the allowance relating to non-trade receivable balances.
The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $ billion at June 30, 2025, which reflects the company’s diversified sources of revenues and is dispersed across the company’s broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring prepayments, letters of credit or other acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default and loss given default, which takes into consideration current and forward-looking market data as well as the company’s historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days.
Chevron’s non-trade receivable balance was $ billion at June 30, 2025, which includes receivables from certain governments in their capacity as joint venture partners. Joint venture partner balances that are paid per contract terms or are not yet due are subject to the statistical analysis described above, while past due balances are subject to additional qualitative management quarterly review. This management review includes
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Note 17.
 billion in aggregate principal amount of floating and fixed rate notes as detailed in the table below.
Principal
(Millions of dollars)
% notes due 2027
$ 
Floating rate notes due 2027 
% notes due 2028
 
Floating rate notes due 2028 
% notes due 2030
 
% notes due 2032
 
% notes due 2035
 
Total Long-Term Debt Issued$ 
Note 18.
billion, including million shares of Hess common stock purchased in open market transactions in the first quarter of 2025 and  million shares of Chevron common stock issued as closing consideration in July. As part of the transaction, the company assumed debt with an aggregate outstanding principal value of $ billion. The shares issued represented approximately percent of the shares of Chevron common stock outstanding immediately after the transaction closed on July 18, 2025.
The acquisition will be accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Provisional fair value measurement will be made in the third quarter 2025 for acquired assets and assumed liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date as information necessary to complete the analysis is obtained.
See Item 1A. Risk Factors for a discussion of risks related to the Hess acquisition.
Note 19.
 Accruals/Adjustments Payments()Balance at June 30, 2025$ 
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Second Quarter 2025 Compared with Second Quarter 2024
Key Financial Results
Earnings by Business Segment
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)(Millions of dollars)
Upstream
United States$1,418 $2,161 $3,276 $4,236 
International1,309 2,309 3,209 5,473 
Total Upstream2,727 4,470 6,485 9,709 
Downstream
United States404 280 507 733 
International333 317 555 647 
Total Downstream737 597 1,062 1,380 
Total Segment Earnings3,464 5,067 7,547 11,089 
All Other(974)(633)(1,557)(1,154)
Net Income (Loss) Attributable to Chevron Corporation (1) (2)
$2,490 $4,434 $5,990 $9,935 
(1) Includes foreign currency effects.
$(348)$(243)$(486)$(158)
(2) Income (loss) net of tax; also referred to as “earnings” in the discussions that follow.

Net income attributable to Chevron Corporation for second quarter 2025 was $2.5 billion ($1.45 per share — diluted), compared with $4.4 billion ($2.43 per share — diluted) in second quarter 2024. The net income attributable to Chevron Corporation for the first six months of 2025 was $6.0 billion ($3.45 per share —diluted), compared with $9.9 billion ($5.40 per share — diluted) in the first six months of 2024.
Upstream earnings in second quarter 2025 were $2.7 billion compared with $4.5 billion in the corresponding 2024 period. The decrease was mainly due to lower liquids realizations and lower affiliate earnings at TCO. Earnings for the first six months of 2025 were $6.5 billion compared with $9.7 billion a year earlier. The decrease was mainly due to lower liquids realizations, lower affiliate earnings at TCO, lower sales volumes, an unfavorable swing in tax effects and unfavorable foreign currency effects.
Downstream earnings in second quarter 2025 were $737 million compared with $597 million in the corresponding 2024 period. The increase was mainly due to higher margins on refined product sales and lower operating expenses, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company and unfavorable foreign currency effects. Earnings for the first six months of 2025 were $1.1 billion compared with $1.4 billion a year earlier. The decrease was mainly due to lower earnings from the 50 percent-owned Chevron Phillips Chemical Company and unfavorable foreign currency effects, partly offset by lower operating expenses.
Refer to “Results of Operations” for additional discussion of results by business segment and “All Other” activities for the second quarter and first six months of 2025 versus the same period in 2024.



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Business Environment and Outlook
Chevron Corporation3 is a global energy company with direct and indirect subsidiaries and affiliates that conduct substantial business activities in the following countries: Angola, Argentina, Australia, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Guyana, Israel, Kazakhstan, Mexico, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Singapore, South Korea, Thailand, the United Kingdom, the United States, and Venezuela.
The company’s objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. Earnings of the company depend mostly on the profitability of its upstream business segment. The most significant factor affecting the results of operations for the upstream segment is the price of crude oil, which is determined in global markets outside of the company’s control. In the company’s downstream business, crude oil is the largest cost component of refined products. Periods of sustained lower commodity prices could result in the impairment or write-off of specific assets in future periods and cause the company to adjust operating expenses, including employee reductions, and capital expenditures, along with other measures intended to improve financial performance.
Some governments, companies, communities and other stakeholders are supporting efforts to address climate change. International initiatives and national, regional and state legislation and regulations that aim to directly or indirectly reduce GHG emissions are in various stages of design, adoption and implementation. These policies and programs, some of which support the global net zero emissions ambitions of the Paris Agreement, can change the amount of energy consumed, the rate of energy-demand growth, the energy mix and the relative economics of one fuel versus another. Implementation of jurisdiction-specific policies and programs can be dependent on, and can affect the pace of, technological advancements; the granting of necessary permits by governing authorities; the availability and acceptability of cost-effective, verifiable carbon credits; the availability of suppliers that can meet our sustainability-related standards; evolving regulatory or other requirements affecting ESG standards or disclosures and evolving standards and regulations for tracking, reporting, marketing and advertising relating to emissions and emissions reductions and removals.
Significant uncertainty remains as to the pace and extent to which the transition to a lower carbon future will progress, which is dependent, in part, on further advancements and changes in policy, technology, and customer and consumer preferences. The level of expenditure required to comply with new or potential climate change-related laws and regulations and the amount of additional investments needed in new or existing technology or facilities, such as carbon capture and storage, is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted, available technology options, customer and consumer preferences, the company’s activities and market conditions. Although the future is uncertain, many published outlooks conclude that fossil fuels will remain a significant part of an energy system that increasingly incorporates lower carbon sources of supply for many years to come.
Chevron supports the Paris Agreement’s global approach to governments addressing climate change and continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy. Chevron believes that broad, market-based mechanisms are the most efficient approach to addressing GHG emissions reductions. Chevron integrates climate change-related issues and the regulatory and other responses to these issues into its strategy and planning, capital investment reviews and risk management tools and processes, where it believes they are applicable. They are also factored into the company’s long-range supply, demand and energy price forecasts. These forecasts reflect estimates of long-range effects from climate change-related policy actions, such as electric vehicle and renewable fuel penetration, energy efficiency standards and demand response to oil and natural gas prices.
3 Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole, but unless stated otherwise they do not include “affiliates” of Chevron — i.e., those companies generally owned 50 percent or less. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
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The company will continue to develop oil and gas resources to meet customers’ and consumers’ demand for energy. At the same time, Chevron believes that the future of energy is lower carbon. The company will continue to maintain flexibility in its portfolio to be responsive to changes in policy, technology, and customer and consumer preferences. Chevron aims to grow its oil and gas business, lower the carbon intensity of its operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies. To grow its new businesses, Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified, while leveraging the company’s capabilities, assets, partnerships and customer relationships. The company’s oil and gas business may increase or decrease depending upon market, economic, legislative and regulatory forces, among other factors.
Chevron’s previously disclosed 2050 net zero upstream aspiration, GHG intensity targets and planned lower-carbon capital spend through 2028 can be found on pages 36 through 37 of the company’s 2024 Annual Report on Form 10-K.
Chevron regularly evaluates its aspirations, targets and goals and expects to change or eliminate some of its aspirations, targets and goals for various reasons, including market conditions; its strategy or portfolio; and financial, operational, policy, reputational, legal and other factors. The company’s ability to achieve any aspiration, target or goal is subject to numerous risks and contingencies, many of which are outside of Chevron’s control. Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including the continuing progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) the availability and acceptability of cost-effective, verifiable carbon credits; (4) the availability of suppliers that can meet our sustainability-related standards; (5) evolving regulatory requirements, including changes to IPCC’s Global Warming Potentials and the U.S. EPA Greenhouse Gas Reporting Program, affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emissions reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; (8) actions taken by the company’s competitors in response to legislation and regulations; and (9) successful negotiations for carbon capture and storage and nature-based solutions with customers, suppliers, partners and governments. Please refer to the risk factors regarding our strategy, aspirations, targets, and disclosures related to environmental, social, and governance matters included on pages 23 through 27 of the company’s 2024 Annual Report on Form 10-K.
Income Taxes The effective tax rate for the company can change substantially during periods of significant earnings volatility. This is due to the mix effects that are impacted by both the absolute level of earnings or losses and whether they arise in higher or lower tax rate jurisdictions. As a result, a decline or increase in the effective income tax rate in one period may not be indicative of expected results in future periods. Additional information related to the company’s effective income tax rate is included in Note 10 Income Taxes to the Consolidated Financial Statements.
Several years ago, the Organization for Economic Co-operation and Development (OECD) issued model rules for a new 15 percent global minimum tax (Pillar Two), and various jurisdictions in which the company operates enacted or are in the process of enacting Pillar Two legislation. Enacted Pillar Two legislation did not have a material impact on our results of operations, and we do not expect it to have a material impact going forward.
On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (the “OBBBA”), which made significant changes to U.S. tax law. We are continuing to evaluate the impact that the OBBBA may have on the company’s future results of operations.
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Supply Chain and Inflation Impacts The company is actively managing its contracting, procurement and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company’s operational goals. Third party costs for capital and operating expenses can be subject to external factors beyond the company’s control including, but not limited to: severe weather or civil unrest, delays in construction, global and local supply chain distribution issues, inflation, tariffs or other taxes imposed on goods or services, and market-based prices charged by the industry’s material and service providers. Chevron utilizes contracts with various pricing mechanisms, which may result in a lag before the company’s costs reflect changes in market trends.
Trends in the costs of goods and services vary by spend category. Chevron has applied inflation mitigation strategies to temper cost increases, including fixed price and index-based contracts. Lead times for key capital equipment remain long due to strong demand levels. Chevron has addressed equipment cost increases and long lead times by partnering with suppliers on demand planning, volume commitments, standardization, and scope optimization. The offshore market remains competitive for vessels and subsea equipment. In the United States, cost pressures for materials and standard onshore drilling and completion equipment continue to ease.
In 2025, the U.S. announced the imposition of various changing tariffs on imports from our trade partners. The tariff impact in 2025 is currently estimated at less than one percent of the company’s third party spend and is not expected to be material to the company’s financial results. The company continues to work with partners across its supply chain to identify alternative sourcing options and mitigate the impact of the tariffs. However, there is significant uncertainty as to the duration and magnitude of these and any future tariffs that may be imposed and, accordingly, as to the resultant impacts these tariffs could have on the company and its suppliers and the company’s future results of operations.
Acquisition and Disposition of Assets The company continually evaluates opportunities to dispose of assets that are not expected to provide sufficient long-term value and to acquire assets or operations complementary to its asset base to help augment the company’s financial performance and value growth. The company is targeting $10-15 billion of asset sales over the five-year period ending in 2028. Asset dispositions and restructurings may result in significant gains or losses in future periods. In addition, some assets are sold along with their related liabilities, such as abandonment and decommissioning obligations. In certain instances, such transferred obligations have reverted, and may in the future revert, to the company and result in losses that could be significant. The company has historically recognized losses and could have additional significant obligations revert, primarily in the United States, but is not currently aware of any such obligations that are reasonably possible to be material. Refer to Note 12 Other Contingencies and Commitments for additional information.
In October 2023, the company announced that it had entered into a definitive merger agreement with Hess. During first quarter 2025, the company purchased approximately 5 percent of the outstanding shares of Hess in open market transactions. The company then acquired the remaining outstanding shares of Hess on July 18, 2025. The company expects the acquisition to have favorable impacts on its future production and free cash flow. In addition, the company anticipates recognizing transaction-related costs, including employee severance and advisor fees, in third quarter 2025. Refer to Note 18 Acquisition of Hess Corporation for additional information.
Other Impacts The company closely monitors developments in the financial and credit markets, the level of worldwide economic activity, and the implications for the company of movements in commodity prices and downstream margins. Management takes these developments into account in the conduct of daily operations and for business planning.
The company has announced plans to achieve $2-3 billion in structural cost reductions by the end of 2026. These cost savings will largely come from optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including expanded use of global capability centers. In relation to these efforts, the company recognized a restructuring charge in fourth quarter 2024, and could incur additional charges in future periods.
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Comments related to earnings trends for the company’s major business areas are as follows:
Upstream Earnings for the upstream segment are closely aligned with industry prices for crude oil, natural gas and natural gas liquids (NGLs). These prices are subject to external factors over which the company has no control, including product demand connected with global economic conditions, industry production and inventory levels, technology advancements, production quotas or other actions imposed by OPEC+ countries, actions of regulators, weather-related damage and disruptions, competing fuel prices, natural and human causes beyond the company’s control, and regional supply interruptions or fears thereof that may be caused by military conflicts, civil unrest or political uncertainty. Any of these factors could also inhibit the company’s production capacity in an affected region. The company closely monitors developments in the countries in which it operates and holds investments and seeks to manage risks in operating its facilities and businesses.
The longer-term trend in earnings for the upstream segment is also a function of other factors, including the company’s ability to efficiently find, acquire and produce crude oil, natural gas and NGLs, changes in fiscal terms of contracts, the pace of energy transition, and changes in tax, environmental and other applicable laws and regulations.
Chevron has interests in Venezuelan assets operated by independent affiliates. Chevron has been conducting limited activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government. The financial results for Chevron’s business in Venezuela have been recorded as non-equity investments since 2020, where income is only recognized when cash is received, and production and reserves are not included in the company’s results. Crude oil liftings in Venezuela started in first quarter 2023, which positively impacted the company’s results. Between March 4, 2025, and July 21, 2025, Chevron activities were restricted under applicable general licenses. As of July 21, 2025, Chevron is maintaining its presence in Venezuela consistent with the U.S. government sanctions policy, and pursuant to this policy, expects to deliver a limited amount of crude oil to the U.S. from these affiliates in the third quarter.
Chevron maintains an equity interest in the Caspian Pipeline Consortium (CPC) that provides a primary export route for Tengiz field production in Kazakhstan. An adverse event or incident affecting CPC operations, which CPC has experienced from time to time, could have a negative impact on the Tengiz field and the company’s results of operations and financial position. The financial impacts of such risks remain uncertain.
Governments (including Russia) have imposed and may impose additional sanctions and other trade laws, restrictions and regulations that could lead to disruption in our ability to produce, transport, and/or export crude in the region around Russia.
Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in the Tamar field in Israel. The conflict between Israel and various regional adversaries has not significantly impacted the company’s operations, with the company continuing to maintain safe and reliable operations while meeting its contractual commitments. The company continues to monitor the potential for further conflict in the region, and any future impacts on the company’s results of operations and financial condition remain uncertain.

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4
Sources: Platts (crude) & Energy Intelligence (natural gas)

The chart above shows the trend in benchmark prices for Brent crude oil, West Texas Intermediate (WTI) crude oil, and U.S. Henry Hub natural gas. The Brent price averaged $72 per barrel for the first six months of 2025, compared with $84 per barrel during the first six months of 2024, and ended July at about $73 per barrel. For every dollar change in Brent crude oil prices, the company’s annual after-tax earnings and cash flow sensitivity is approximately $450 million. The WTI price averaged $68 per barrel for the first six months of 2025, compared to $79 per barrel in the first six months of 2024, and ended July at about $69 per barrel.
The U.S. Henry Hub natural gas price averaged $3.71 per thousand cubic feet (MCF) for the first six months of 2025, compared with $2.24 per MCF during the first six months of 2024, and ended July at about $2.98 per MCF. See page 39 for the company’s U.S. and international average realizations for the first six months of 2025 and the same period last year.
Crude oil pricing was volatile during second quarter 2025 due to increased geopolitical tensions; however, prices eased relative to the first quarter as a result of a series of announcements by OPEC+ conveying their intent to unwind voluntary production cuts, while non-OPEC+ production continued to grow.
In contrast to price movements in the global market for crude oil, prices for natural gas are more impacted by regional supply and demand and infrastructure conditions in local markets. In the United States, mild spring weather and strong production drove the U.S. natural gas storage levels above the five-year average during second quarter 2025, leading to lower U.S. Henry Hub prices relative to first quarter 2025.
Outside the United States, prices for natural gas also depend on a wide range of supply, demand and regulatory circumstances. The company’s long-term contract prices for liquified natural gas (LNG) are typically linked to crude oil prices. 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.
Production The company’s worldwide net oil-equivalent production in the first six months of 2025 averaged 3.37 million barrels per day, up 2 percent from a year ago as growth in the Permian Basin, TCO, and the Gulf of America was partly offset by the impacts of asset sales. About 23 percent of the company’s net oil-equivalent production in the first six months of 2025 occurred in the OPEC+ member countries of Equatorial Guinea, Kazakhstan, Nigeria, and the Partitioned Zone between Saudi Arabia and Kuwait.
Refer to the “Results of Operations” section on page 33 for additional discussion of the company’s upstream business.
Downstream Earnings for the downstream segment are closely tied to margins on the refining, manufacturing and marketing of products that include gasoline, diesel, jet fuel, lubricants, fuel oil, fuel and lubricant
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additives, petrochemicals and renewable fuels. Industry margins are sometimes volatile and can be affected by the global and regional supply-and-demand balance for refined products and petrochemicals, and by changes in the price of crude oil, other refinery and petrochemical feedstocks, and natural gas. Industry margins can also be influenced by inventory levels, geopolitical events, costs of materials and services, refinery or chemical plant capacity utilization, maintenance programs, and disruptions at refineries or chemical plants resulting from unplanned outages due to severe weather, fires or other operational events.
Other factors affecting profitability for downstream operations include the reliability and efficiency of the company’s refining, marketing and petrochemical assets, the effectiveness of its crude oil and product supply functions, and the volatility of tanker-charter rates for the company’s shipping operations, which are driven by the industry’s demand for crude oil and product tankers. Other factors beyond the company’s control include the general level of inflation and energy costs to operate the company’s refining, marketing and petrochemical assets, and changes in tax, environmental, and other applicable laws and regulations.
The company’s most significant marketing areas are the West Coast and Gulf Coast of the United States and Asia Pacific. Chevron operates or has significant ownership interests in refineries in each of these areas.
Refer to the “Results of Operations” section beginning on page 34 for additional discussion of the company’s downstream operations.
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
Refer to “Cautionary Statements Relevant to Forward-Looking Information” on page 2 and to “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K for a discussion of some of the inherent risks that could materially impact the company’s results of operations or financial condition.

Noteworthy Developments
Certain noteworthy developments in recent months included the following:
•Brazil - Winning bidder on 9 blocks in auction for offshore exploration licenses.
•Egypt - Winning bidder on 2 blocks in auction for offshore exploration licenses.
•United States - Started production from the Geismar renewable diesel plant in Louisiana, after increasing plant capacity from 7,000 to 22,000 barrels per day.
•United States - Entered U.S. lithium sector by acquiring approximately 125,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for direct lithium extraction.
•United States - Entered long-term contracts to purchase LNG, bringing Chevron’s total U.S. Gulf Coast LNG offtake capacity to 7 million tonnes per year, further strengthening the company’s global gas and LNG value chain.
•United States - Completed the acquisition of Hess in July after a favorable arbitration outcome related to Hess’s offshore Guyana asset.
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Results of Operations
Business Segments The following section presents the results of operations and variances on an after-tax basis for the company’s business segments — Upstream and Downstream — as well as for “All Other.” (Refer to Note 7 Operating Segments and Geographic Data for a discussion of the company’s “reportable segments,” as defined under the accounting standards for segment reporting.)
Upstream
 Three Months Ended
June 30		Six Months Ended
June 30
Unit (1)
2025202420252024
U.S. Upstream
Earnings$MM$1,418 $2,161 $3,276 $4,236 
Net Oil-Equivalent ProductionMBOED1,695 1,572 1,666 1,573 
Liquids ProductionMBD1,218 1,132 1,189 1,131 
Natural Gas ProductionMMCFD2,864 2,643 2,861 2,650 
Liquids Realization$/BBL$47.77 $59.85 $51.40 $58.61 
Natural Gas Realization$/MCF$1.75 $0.76 $2.12 $1.00 
(1)  MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day.
Three Month Periods Ended June 30, 2025 and 2024
U.S. upstream earnings decreased by $743 million primarily due to lower liquids realizations of $1.0 billion, higher depreciation, depletion and amortization of $260 million and higher operating expenses of $190 million, partly offset by higher sales volumes of $380 million, higher natural gas realizations of $180 million, and a $115 million gain on the sale of certain non-operated U.S. pipeline assets.
Net oil-equivalent production was up 123,000 barrels per day, or 8 percent. The increase was primarily due to higher production in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies.
Six Month Periods Ended June 30, 2025 and 2024
U.S. upstream earnings decreased by $960 million primarily due to lower liquids realizations of $1.2 billion, higher operating expenses of $470 million, including a legal reserve, and higher depreciation, depletion and amortization of $400 million, partly offset by higher sales volumes of $440 million, higher natural gas realizations of $430 million, and a $115 million gain on the sale of certain non-operated U.S. pipeline assets.
Net oil-equivalent production was up 93,000 barrels per day, or 6 percent. The increase was primarily due to higher production in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies.
 Three Months Ended
June 30		Six Months Ended
June 30
 
Unit (2)
2025202420252024
International Upstream
Earnings (1)
$MM$1,309 $2,309 $3,209 $5,473 
Net Oil-Equivalent ProductionMBOED1,701 1,720 1,708 1,746 
Liquids ProductionMBD850 823 836 831 
Natural Gas ProductionMMCFD5,099 5,378 5,235 5,494 
Liquids Realization$/BBL$58.88 $74.92 $63.12 $73.73 
Natural Gas Realization$/MCF$7.20 $6.86 $7.16 $7.06 
(1)  Includes foreign currency effects
$MM$(236)$(237)$(372)$(215)
(2)  MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day.
Three Month Periods Ended June 30, 2025 and 2024
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International upstream earnings decreased by $1.0 billion primarily due to lower affiliate earnings at TCO of $550 million, largely due to higher depreciation, depletion and amortization and lower realizations, partly offset by higher sales volumes, following Future Growth Project (FGP) start-up. Lower liftings of $320 million following asset sales and lower liquids realizations of $250 million also reduced earnings, which were partly offset by lower operating expenses of $130 million, mainly from asset sales.
Net oil-equivalent production was down 19,000 barrels per day, or 1 percent. The decrease was primarily due to asset sales in Canada and Republic of Congo, partly offset by higher production in Kazakhstan as FGP at TCO reached name-plate capacity.
Six Month Periods Ended June 30, 2025 and 2024
International upstream earnings decreased by $2.3 billion primarily due to lower affiliate earnings at TCO of $910 million, largely due to higher depreciation, depletion and amortization and lower realizations, partly offset by higher sales volumes, following Future Growth Project (FGP) start-up. Lower liftings of $830 million following asset sales and lower liquids realizations of $550 million also reduced earnings. Foreign currency effects had an unfavorable impact on earnings of $157 million between periods.
Net oil-equivalent production was down 38,000 barrels per day, or 2 percent. The decrease was primarily due to asset sales in Canada and Republic of Congo, partly offset by higher production in Kazakhstan as FGP at TCO reached name-plate capacity.
Downstream
 Three Months Ended
June 30		Six Months Ended
June 30
 
Unit *
2025202420252024
U.S. Downstream
Earnings$MM$404 $280 $507 $733 
Refinery Crude Unit InputsMBD1,051 900 1,034 889 
Refined Product SalesMBD1,381 1,327 1,337 1,288 
* MBD — thousands of barrels per day.
Three Month Periods Ended June 30, 2025 and 2024
U.S. downstream earnings increased by $124 million primarily due to higher margins on refined product sales of $140 million and lower operating expenses of $100 million, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company (CPChem) of $150 million.
Refinery crude unit inputs were up 151,000 barrels per day, or 17 percent, primarily due to improved operational availability at the El Segundo, California refinery, the absence of the prior year turnaround at the Pascagoula, Mississippi refinery, and increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project.
Refined product sales were up 54,000 barrels per day, or 4 percent compared to the year-ago period primarily due to higher demand for jet fuel and gasoline.
Six Month Periods Ended June 30, 2025 and 2024
U.S. downstream earnings decreased by $226 million primarily due to lower earnings from CPChem of $220 million and lower margins on refined product sales of $110 million, partly offset by lower operating expenses of $100 million.
Refinery crude unit inputs were up 145,000 barrels per day, or 16 percent, primarily due to improved operational availability at the El Segundo, California refinery, the absence of the prior year turnaround at the Pascagoula, Mississippi refinery, and increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project.
Refined product sales were up 49,000 barrels per day, or 4 percent compared to the year-ago period primarily due to higher demand for gasoline and jet fuel.

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 Three Months Ended
June 30		Six Months Ended
June 30
 
Unit (2)
2025202420252024
International Downstream
Earnings (1)
$MM$333 $317 $555 $647 
Refinery Crude Unit InputsMBD661 650 640 651 
Refined Product SalesMBD1,473 1,485 1,436 1,457 
(1)  Includes foreign currency effects
$MM$(102)$(1)$(99)$55 
(2)  MBD — thousands of barrels per day.
Three Month Periods Ended June 30, 2025 and 2024
International downstream earnings increased by $16 million primarily due to higher margins on refined product sales of $190 million, partly offset by unfavorable tax impacts of $70 million. Foreign currency effects had an unfavorable impact on earnings of $101 million between periods.
Refinery crude unit inputs were up 11,000 barrels per day, or 2 percent, from the year-ago period.
Refined product sales were down 12,000 barrels per day, or 1 percent, from the year-ago period.
Six Month Periods Ended June 30, 2025 and 2024
International downstream earnings decreased by $92 million primarily due to unfavorable foreign currency effects of $154 million and unfavorable tax impacts of $70 million, partly offset by higher margins on refined product sales of $130 million.
Refinery crude unit inputs were down 11,000 barrels per day, or 2 percent.
Refined product sales were down 21,000 barrels per day, or 1 percent.
All Other
 Three Months Ended
June 30		Six Months Ended
June 30
 Unit2025202420252024
All Other
Earnings/(Charges)*$MM$(974)$(633)$(1,557)$(1,154)
*  Includes foreign currency effects$(10)$(5)$(15)$2 
Three Month Periods Ended June 30, 2025 and 2024
Net charges increased by $341 million primarily due to an unfavorable fair market valuation adjustment for Hess shares, higher interest expense and pension curtailment costs, partly offset by the absence of prior year unfavorable tax effects.
Six Month Periods Ended June 30, 2025 and 2024
Net charges increased by $403 million primarily due to higher interest expense and an unfavorable fair market valuation adjustment for Hess shares, partly offset by the absence of prior year unfavorable tax effects.
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Consolidated Statement of Income
Explanations of variations between periods for selected income statement categories are provided below:
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Sales and other operating revenues$44,375 $49,574 $90,476 $96,154 
Sales and other operating revenues for second quarter 2025 decreased mainly due to lower refined product and crude oil prices and lower crude oil sales volumes, partially offset by higher natural gas prices and higher refined product and natural gas sales volumes. Sales and other operating revenues for the six-month period decreased mainly due to lower refined product and crude oil prices, partially offset by higher natural gas prices and higher refined product sales volumes.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Income from equity affiliates$536 $1,206 $1,356 $2,647 
Income from equity affiliates in second quarter and for the six-month period 2025 decreased mainly due to lower upstream-related earnings from TCO in Kazakhstan as higher liftings from the FGP project were more than offset by higher depreciation, depletion and amortization and lower realizations, and lower downstream-related earnings from CPChem primarily due to lower chemicals margins.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Other income (loss)$(89)$401 $600 $1,096 
Other income (loss) for second quarter and for the six-month period 2025 decreased primarily due to an unfavorable swing in foreign currency effects, an unfavorable fair value adjustment for the investment in Hess common stock, and lower income from Venezuela, partially offset by higher income from the sale of non-operated U.S. pipeline assets.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Purchased crude oil and products$26,858 $30,867 $55,468 $58,608 
Purchased crude oil and products decreased for second quarter 2025 primarily due to lower crude oil and refined product prices and lower refined product volume, partially offset by higher crude oil volume. Purchased crude oil and products decreased for the six-month period primarily due to lower crude oil and refined product prices and lower refined product volume, partially offset by higher natural gas prices and higher crude oil volume.
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Three Months Ended
June 30		Six Months Ended
June 30
2025202420252024
(Millions of dollars)
Operating, selling, general and administrative expenses$7,563 $7,662 $15,192 $15,205 
Operating, selling, general and administrative expenses in second quarter 2025 decreased slightly primarily due to lower expenses mainly from asset sales and lower materials and supplies expenses, partially offset by higher legal and casualty loss expenses. Operating, selling, general and administrative expenses for the six-month period slightly decreased, primarily driven by lower expenses due to asset sales and lower transportation and materials and supplies costs, partially offset by higher legal reserves.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Exploration expenses$252 $263 $439 $392 
Exploration expenses for second quarter 2025 decreased primarily due to lower dry hole expenses. Exploration expenses for the six-month period increased mainly driven by higher geological and geophysical engineering costs.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Depreciation, depletion and amortization$4,344 $4,004 $8,467 $8,095 
Depreciation, depletion and amortization expenses for second quarter and for the six-month period 2025 increased primarily due to higher rates and higher production.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Taxes other than on income$1,301 $1,188 $2,556 $2,312 
Taxes other than on income for second quarter and for the six-month period 2025 increased primarily due to higher excise taxes related to downstream activities.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Interest and debt expense$274 $113 $486 $231 
Interest and debt expenses for second quarter and for the six-month period 2025 increased mainly due to higher debt balance compared to last year.
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Other components of net periodic benefit costs
$83 $48 $94 $96 
Other components of net periodic benefit costs for second quarter for the six-month period 2025 were higher mainly due to higher pension curtailment charges.
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Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
 (Millions of dollars)
Income tax expense/(benefit)$1,632 $2,593 $3,703 $4,964 
The company’s decrease in income tax expense for second quarter 2025 of $1.0 billion was primarily due to the decrease in total income before tax of $2.9 billion.
U.S. income before tax decreased from $2.5 billion in second quarter 2024 to $1.1 billion in second quarter 2025. This $1.4 billion decrease in income was primarily driven by lower upstream realizations, higher upstream depreciation, depletion and amortization and lower downstream equity affiliate income, partially offset by higher upstream sales volumes. The decrease in income had a direct impact on the company’s U.S. income tax, resulting in a decrease in income tax expense of $388 million between year-over-year periods, from $688 million in 2024 to $300 million in 2025.
International income before tax decreased from $4.6 billion in second quarter 2024 to $3.0 billion in second quarter 2025. This $1.5 billion decrease in income was primarily driven by lower upstream equity affiliate income, asset sale impacts, lower upstream realizations and unfavorable foreign exchange impacts, partially offset by higher downstream margins. The decrease in income had a direct impact on the company’s international income tax, resulting in a decrease in income tax expense of $573 million between year-over-year periods, from $1.9 billion in 2024 to $1.3 billion in 2025.
The company’s decrease in income tax expense for the first six months of 2025 of $1.3 billion was primarily due to the decrease in the total income before tax of $5.2 billion.
U.S. income before tax decreased between the six-month periods, from $5.1 billion in 2024 to $3.0 billion in 2025. This $2.1 billion decrease in income was primarily driven by lower upstream realizations, higher upstream depreciation, depletion and amortization, higher operating expenses, lower downstream equity affiliate income and lower downstream margins, partially offset by higher upstream sales volumes. The decrease in income had a direct impact on the company’s U.S. income tax, resulting in a decrease in income tax expense of $511 million between the six-month periods, from $1.3 billion in 2024 to $801 million in 2025.
International income before tax decreased between the six-month periods, from $9.9 billion in 2024 to $6.7 billion in 2025. This $3.1 billion decrease in income was primarily driven by lower upstream equity affiliate income, asset sale impacts, lower upstream realizations and unfavorable foreign exchange impacts, partially offset by higher downstream margins. The decrease in income had a direct impact on the company’s international income tax, resulting in a decrease in income tax expense of $750 million between year-over-year periods, from $3.7 billion in 2024 to $2.9 billion in 2025.
Additional information related to the company’s effective income tax rate is included in Note 10 Income Taxes to the Consolidated Financial Statements.
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Selected Operating Data
The following table presents a comparison of selected operating data:
Selected Operating Data (1) (2)
Three Months Ended
June 30		Six Months Ended
June 30
Unit2025202420252024
U.S. Upstream
Net crude oil and natural gas liquids productionMBD1,218 1,132 1,189 1,131 
Net natural gas production(3)
MMCFD2,864 2,643 2,861 2,650 
Net oil-equivalent productionMBOED1,695 1,572 1,666 1,573 
Sales of natural gasMMCFD5,594 5,242 5,506 5,189 
Sales of natural gas liquidsMBD514 458 511 450 
Revenue from net production
Crude$/BBL$61.49 $78.90 $65.52 $76.44 
NGLs$/BBL$18.39 $19.30 $20.75 $19.87 
Liquids (weighted average of Crude and NGLs)$/BBL$47.77 $59.85 $51.40 $58.61 
Natural gas$/MCF$1.75 $0.76 $2.12 $1.00 
International Upstream
Net crude oil and natural gas liquids production(4)
MBD850 823 836 831 
Net natural gas production(3)
MMCFD5,099 5,378 5,235 5,494 
Net oil-equivalent production(4)
MBOED1,701 1,720 1,708 1,746 
Sales of natural gasMMCFD5,507 5,389 5,443 5,580 
Sales of natural gas liquidsMBD110 130 122 124 
Revenue from liftings
Crude$/BBL$60.61 $77.58 $65.04 $76.18 
NGLs$/BBL$22.27 $22.32 $23.83 $22.12 
Liquids (weighted average of Crude and NGLs)$/BBL$58.88 $74.92 $63.12 $73.73 
Natural gas$/MCF$7.20 $6.86 $7.16 $7.06 
U.S. and International Upstream
Total net oil-equivalent production(4)
MBOED3,396 3,292 3,374 3,319 
U.S. Downstream
Gasoline sales(5)
MBD712 692 694 656 
Other refined product salesMBD669 635 643 632 
Total refined product salesMBD1,381 1,327 1,337 1,288 
Sales of natural gasMMCFD34 26 34 29 
Sales of natural gas liquidsMBD30 23 24 22 
Refinery crude unit inputsMBD1,051 900 1,034 889 
International Downstream
Gasoline sales(5)
MBD361 352 358 336 
Other refined product salesMBD722 739 706 729 
Share of affiliate salesMBD390 394 372 392 
Total refined product salesMBD1,473 1,485 1,436 1,457 
Sales of natural gasMMCFD— — 2 — 
Sales of natural gas liquidsMBD124 117 124 128 
Refinery crude unit inputsMBD661 650 640 651 
(1)  Includes company share of equity affiliates.
(2)  MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil; MBOED — thousands of barrels of oil-equivalent per day.
(3)  Includes natural gas consumed in operations (MMCFD):
United States57 61 54 59 
International560 531 567 537 
(4)  Includes net production of synthetic oil:
Canada— 53 — 50 
(5)  Includes branded and unbranded gasoline.
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Liquidity and Capital Resources
Cash, cash equivalents and marketable securities totaled $4.1 billion at June 30, 2025, and $6.8 billion at year-end 2024. The company holds its cash with a diverse group of major financial institutions and has processes and safeguards in place to manage its cash balances and mitigate the risk of loss. Cash provided by operating activities in the first six months of 2025 was $13.8 billion, compared with $13.1 billion in the year-ago period. Between January and March 2025, Chevron purchased 15.38 million shares of Hess common stock in open market transactions for approximately $2.2 billion. Capital expenditures totaled $7.6 billion in the first six months of 2025, down $416 million from the year-ago period largely due to lower spend in downstream. Proceeds and deposits related to asset sales and returns of investment totaled $990 million in the first six months of 2025, compared to $218 million in the year-ago period. Cash provided by financing activities includes proceeds from shares issued for stock option exercises of $229 million in the first six months of 2025, compared with $158 million in the year-ago period.
Dividends The company paid dividends of $5.9 billion to common stockholders during the first six months of 2025. In July 2025, the company declared a quarterly dividend of $1.71 per common share, payable in September 2025.
Debt and Finance Lease Liabilities Chevron’s total debt and finance lease liabilities were $29.5 billion at June 30, 2025, up from $24.5 billion at December 31, 2024, as the company issued $5.5 billion public bonds, retired $2.5 billion public bonds and increased commercial paper balances.
The company’s primary source for working capital needs is its commercial paper program. The outstanding balance for the company’s commercial paper program at June 30, 2025, was $7.5 billion, compared with $5.4 billion at December 31, 2024. The company’s debt and finance lease liabilities due within one year, consisting primarily of commercial paper, the current portion of long-term debt and redeemable long-term obligations, totaled $14.7 billion at June 30, 2025, and $12.7 billion at December 31, 2024. Of these amounts, $8.25 billion was reclassified to long-term at both June 30, 2025, and December 31, 2024. At June 30, 2025, settlement of these obligations was not expected to require the use of working capital within one year, as the company had the intent and the ability, as evidenced by committed credit facilities, to continually refinance them.
At June 30, 2025, the company had $8.25 billion in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations. The credit facilities allow the company the option to convert outstanding short-term obligations into a term loan for a period of up to one year from the facilities termination date. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at June 30, 2025. In addition, the company has an automatic shelf registration statement that expires in November 2027 for an unspecified amount of nonconvertible debt securities issued by Chevron Corporation or CUSA.
The major debt rating agencies routinely evaluate the company’s debt, and the company’s cost of borrowing can increase or decrease depending on these debt ratings. The company has outstanding bonds issued by Chevron Corporation, CUSA, Texaco Capital Inc. and Noble Energy, Inc. Most of these securities are the obligations of, or guaranteed by, Chevron Corporation and are rated AA- by Standard and Poor’s Corporation (S&P) and Aa2 by Moody’s Investors Service (Moody’s). The company’s U.S. commercial paper is rated A-1+ by S&P and P-1 by Moody’s. All of these ratings denote high-quality, investment-grade securities.
The company’s future debt level is dependent primarily on results of operations, cash that may be generated from asset dispositions, the capital program, lending commitments to affiliates, and shareholder distributions. Based on its high-quality debt ratings, the company believes that it has substantial borrowing capacity to meet unanticipated cash requirements. During extended periods of low prices for crude oil and natural gas and narrow margins for refined products and commodity chemicals, the company has the flexibility to modify capital spending plans, discontinue or curtail the stock repurchase program, sell assets, and increase
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borrowings to continue paying the common stock dividend. The company remains committed to retaining high-quality debt ratings.
Summarized Financial Information for Guarantee of Securities of Subsidiaries CUSA issued bonds that are fully and unconditionally guaranteed on an unsecured basis by Chevron Corporation (together, the “Obligor Group”). The tables below contain summary financial information for Chevron Corporation, as Guarantor, excluding its consolidated subsidiaries, and CUSA, as the issuer, excluding its consolidated subsidiaries. The summary financial information of the Obligor Group is presented on a combined basis, and transactions between the combined entities have been eliminated. Financial information for non-guarantor entities has been excluded.
Six Months Ended
June 30, 2025		Year Ended December 31, 2024
(Millions of dollars) (unaudited)
Sales and other operating revenues$47,162 $96,035 
Sales and other operating revenues - related party17,973 43,562 
Total costs and other deductions47,988 102,116 
Total costs and other deductions - related party15,357 35,454 
Net income (loss)$21,285 $73,119 


At June 30,
2025		At December 31,
2024
 (Millions of dollars) (unaudited)
Current assets$15,065 $16,918 
Current assets - related party2,641 2,626 
Other assets 61,217 57,921 
Current liabilities 30,519 30,563 
Current liabilities - related party18,664 22,997 
Other liabilities27,429 23,719 
Total net equity (deficit)$2,311 $186 
6,126 $5,068 
Pension Obligations Information related to pension plan contributions is included in Note 8 Employee Benefits to the Consolidated Financial Statements.
Capital Expenditures The company’s capital expenditures (capex) primarily includes additions to fixed assets or investments for the company’s consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. Capex was $7.6 billion in the first six months of 2025, compared with $8.1 billion in the corresponding 2024 period. Lower spend in downstream businesses was partly offset by the acquisition of lithium acreage.
Affiliate Capital Expenditures The company’s affiliate capital expenditures (affiliate capex) primarily includes additions to fixed assets or investments in the equity affiliate’s financial statements and does not require cash outlays by the company. Second quarter 2025 affiliate capex was $184 million lower than second quarter 2024 and year-to-date 2024 affiliate capex was $319 million lower than the year-ago period due to lower spend at TCO.
Capex and Affiliate Capex by Business Segment
 Three Months Ended
June 30		Six Months Ended
June 30
 2025202420252024
Capex(Millions of dollars)
United States
Upstream$2,281 $2,347 $4,826 $4,777 
Downstream154 338 309 767 
All Other111 109 174 181 
Total United States2,546 2,794 5,309 5,725 
International
Upstream1,112 1,121 2,235 2,250 
Downstream40 49 67 77 
All Other14 2 28 3 
Total International1,166 1,172 2,330 2,330 
Capex$3,712 $3,966 $7,639 $8,055 
Affiliate Capex
Upstream$173 $382 $379 $781 
Downstream269 244 551 468 
Affiliate Capex$442 $626 $930 $1,249 
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Contingencies and Significant Litigation
Climate Change Information related to climate change-related matters is included in Note 11 Litigation under the heading “Climate Change.”
Louisiana Information related to Louisiana coastal matters is included in Note 11 Litigation under the heading “Louisiana.”
Income Taxes Information related to income tax contingencies is included in Note 10 Income Taxes and in Note 12 Other Contingencies and Commitments under the heading “Income Taxes.”
Guarantees Information related to the company’s guarantees is included in Note 12 Other Contingencies and Commitments under the heading “Guarantees.”
Indemnification Information related to indemnification is included in Note 12 Other Contingencies and Commitments under the heading “Indemnification.”
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements Information related to the company’s long-term unconditional purchase obligations and commitments is included in Note 12 Other Contingencies and Commitments under the heading “Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements.”
Environmental Information related to environmental matters is included in Note 12 Other Contingencies and Commitments under the heading “Environmental.”
Acquisition and Disposition of Assets Information related to the company’s acquisition and disposition of assets is included in Note 12 Other Contingencies and Commitments under the headings “Decommissioning Obligations for Previously Sold Assets” and “Other Contingencies.”
Other Contingencies Information related to the company’s other contingencies is included in Note 12 Other Contingencies and Commitments under the heading “Other Contingencies.”
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Information about market risks for the six months ended June 30, 2025, does not differ materially from that discussed under Item 7A of Chevron’s 2024 Annual Report on Form 10-K.
Item 4.Controls and Procedures
(a) Evaluation of disclosure controls and procedures
The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company’s disclosure controls and procedures were effective as of June 30, 2025.
(b) Changes in internal control over financial reporting
During the quarter ended June 30, 2025, there were no changes in the company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.
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PART II
OTHER INFORMATION
Item 1.Legal Proceedings
Item 103 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (SEC) requires disclosure of certain legal proceedings that involve governmental authorities as a party and that the company reasonably believes would result in $1.0 million or more of monetary sanctions, exclusive of interest and costs, under federal, state and local laws that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment. The following proceedings include those matters relating to second quarter 2025 and any material developments with respect to matters previously reported in Chevron’s 2024 Annual Report on Form 10-K.
On June 26, 2025, the Colorado Energy & Carbon Management Commission (ECMC) issued a notice alleging violations of certain ECMC rules following the loss of well control incident that occurred in Galeton, Colorado, on April 6, 2025. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.
Please see information related to other legal proceedings in Note 11 Litigation.
Item 1A.Risk Factors
Some inherent risks could materially impact the company’s results of operations or financial condition. Information about risk factors for the six months ended June 30, 2025, does not differ materially from that set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K, other than as reflected in the risk factor below.
The Hess acquisition may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations. The success of the Hess acquisition, which closed in July 2025, will depend, in part, on Chevron’s ability to successfully integrate the business of Hess and realize the anticipated benefits, including the anticipated run-rate cost synergies, estimated five-year production and free cash flow growth rates, among other anticipated benefits, and anticipated higher returns to shareholders over the long-term. Difficulties in integrating Hess may result in a failure to realize anticipated synergies in the expected timeframe, in operational challenges, and in the diversion of management’s attention from ongoing business concerns as well as in unforeseen expenses associated with the acquisition, which may have an adverse impact on the company’s financial results.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
CHEVRON CORPORATION
ISSUER PURCHASES OF EQUITY SECURITIES 
Period
Total Number
of Shares
Purchased (1,2)
Average
Price Paid
per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Program
Approximate
Dollar Value of Shares
that May Yet Be
Purchased Under
the 2023 Program (2)
(Billions of dollars)
April 1 - April 30, 202511,783,184 $140.4111,769,564 $43.0
May 1 - May 31, 20256,837,101 $137.886,836,812 $42.1
June 1 - June 30, 2025635 $144.01— $42.1
Total18,620,920 $139.4818,606,376 
(1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings.
(2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program.

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Item 5.Other Information
Rule 10b5-1 Plan Elections
During the three months ended June 30, 2025,

Item 6.Exhibits
Exhibit Index
Exhibit
Number		Description
3.1
31.1*
31.2*
32.1**
32.2**
101*Interactive data files (formatted as Inline XBRL)
104*Cover Page Interactive Data File (contained in Exhibit 101)
____________________________________________
*    Filed herewith.
**     Furnished herewith.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
CHEVRON CORPORATION
(REGISTRANT)
/S/   ALANA K. KNOWLES
Alana K. Knowles, Vice President and Controller
(Principal Accounting Officer and
Duly Authorized Officer)
Date: August 7, 2025

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