CHEVRON CORP
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
CVX$212.61-0.2%Stored close · as of Nov 6, 2026
Contents
Selected Operating Data
| Management’s Discussion and Analysis of Financial Condition and Results of Operations | Financial Table of Contents |
|---|
Selected Operating Data 1,2
| Unit | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| U.S. Upstream | ||||
| Net Crude Oil and Natural Gas Liquids (NGLs) Production | MBD | 1,341 | 1,152 | 997 |
| Net Natural Gas Production3 | MMCFD | 3,099 | 2,684 | 2,112 |
| Net Oil-Equivalent Production | MBOED | 1,858 | 1,599 | 1,349 |
| Sales of Natural Gas4 | MMCFD | 5,717 | 5,172 | 4,637 |
| Sales of Natural Gas Liquids | MBD | 536 | 490 | 354 |
| Revenues from Net Production | ||||
| Crude | $/BBL | $62.22 | $73.47 | $75.04 |
| NGLs | $/BBL | $18.80 | $19.88 | $20.04 |
| Liquids (weighted average of Crude and NGLs) | $/BBL | $48.13 | $56.24 | $59.19 |
| Natural Gas | $/MCF | $2.05 | $1.04 | $1.67 |
| International Upstream | ||||
| Net Crude Oil and NGLs Production5 | MBD | 962 | 823 | 833 |
| Net Natural Gas Production3 | MMCFD | 5,416 | 5,494 | 5,632 |
| Net Oil-Equivalent Production5 | MBOED | 1,865 | 1,739 | 1,771 |
| Sales of Natural Gas | MMCFD | 5,535 | 5,678 | 6,025 |
| Sales of Natural Gas Liquids | MBD | 126 | 132 | 94 |
| Revenues from Liftings | ||||
| Crude | $/BBL | $63.25 | $73.72 | $74.29 |
| NGLs | $/BBL | $21.19 | $26.49 | $24.01 |
| Liquids (weighted average of Crude and NGLs) | $/BBL | $61.58 | $71.38 | $71.7 |
| Natural Gas | $/MCF | $7.04 | $7.32 | $7.69 |
| Worldwide Upstream | ||||
| United States | MBOED | 1,858 | 1,599 | 1,349 |
| International | MBOED | 1,865 | 1,739 | 1,771 |
| Total | MBOED | 3,723 | 3,338 | 3,120 |
| U.S. Downstream | ||||
| Gasoline Sales6 | MBD | 685 | 667 | 642 |
| Other Refined Product Sales | MBD | 632 | 619 | 645 |
| Total Refined Product Sales | MBD | 1,317 | 1,286 | 1,287 |
| Sales of Natural Gas4 | MMCFD | 28 | 28 | 32 |
| Sales of Natural Gas Liquids | MBD | 26 | 21 | 22 |
| Refinery Crude Unit Inputs8 | MBD | 1,038 | 917 | 962 |
| International Downstream | ||||
| Gasoline Sales6 | MBD | 388 | 382 | 353 |
| Other Refined Product Sales | MBD | 1,096 | 1,113 | 1,092 |
| Total Refined Product Sales7 | MBD | 1,484 | 1,495 | 1,445 |
| Sales of Natural Gas4 | MMCFD | 1 | — | 1 |
| Sales of Natural Gas Liquids | MBD | 123 | 136 | 153 |
| Refinery Crude Unit Inputs8 | MBD | 652 | 646 | 636 |
| 1 Includes company share of equity affiliates. | ||||
| 2 MBD – thousands of barrels per day; MMCFD – millions of cubic feet per day; MBOED – thousands of barrels of oil-equivalents per day; Bbl – barrel; MCF – thousands of cubic feet. Oil-equivalent gas (OEG) 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: | ||||
| United States | MMCFD | 64 | 60 | 64 |
| International | MMCFD | 582 | 549 | 532 |
| 4 Downstream sales of Natural Gas separately identified from Upstream. | ||||
| 5 Includes net production of synthetic oil: | ||||
| Canada | MBD | — | 46 | 51 |
| 6 Includes branded and unbranded gasoline. | ||||
| 7 Includes sales of affiliates: | MBD | 384 | 386 | 389 |
| 8 Includes crude oil and other inputs. | ||||
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