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

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Contents

Table I

Table I - Costs Incurred in Exploration, Property Acquisitions and Development 1

Consolidated Companies · Affiliated Companies
Other
Millions of dollars	U.S.	Americas	Africa	Asia	Australia	Europe	Total	TCO	Other
Exploration
Wells	$127	$161	$109	$32	$82	$—	$511	$—	$—
Geological and geophysical	115	140	162	19	2	—	438	—	—
Other	75	71	92	21	28	—	287	—	—
Total exploration	317	372	363	72	112	—	1,236	—	—
Proved	19,947	22,987	—	838	—	—	43,772	—	—
Unproved	1,783	28,141	15	—	—	—	29,939	—	—
Total property acquisitions	21,730	51,128	15	838	—	—	73,711	—	—
Development4	8,532	2,402	1,390	1,180	963	71	14,538	577	21
Total Costs Incurred5	$30,579	$53,902	$1,768	$2,090	$1,075	$71	$89,485	$577	$21
Exploration
Wells	$193	$2	$155	$94	$4	$—	$448	$—	$—
Geological and geophysical	173	81	47	23	3	—	327	—	—
Other	62	62	70	15	30	—	239	—	—
Total exploration	428	145	272	132	37	—	1,014	—	—
Proved - Other	11	—	95	—	—	—	106	—	—
Unproved - Other	69	38	22	—	—	—	129	—	—
Total property acquisitions	80	38	117	—	—	—	235	—	—
Development4	9,334	1,261	895	774	1,015	54	13,333	1,480	7
Total Costs Incurred5	$9,842	$1,444	$1,284	$906	$1,052	$54	$14,582	$1,480	$7
Exploration
Wells	$280	$92	$36	$111	$11	$—	$530	$—	$—
Geological and geophysical	84	49	83	—	—	—	216	—	—
Other	50	104	57	15	32	4	262	—	—
Total exploration	414	245	176	126	43	4	1,008	—	—
Proved - Other	10,123	—	—	—	—	—	10,123	—	—
Unproved - Other	504	1	—	3	—	—	508	—	—
Total property acquisitions	10,627	1	—	3	—	—	10,631	—	—
Development4	9,645	986	784	619	822	64	12,920	2,278	86
Total Costs Incurred5	$20,686	$1,232	$960	$748	$865	$68	$24,559	$2,278	$86

1 Includes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement obligations. See Note 25 Asset Retirement Obligations.
2 Includes wells, equipment and facilities associated with proved reserves. Does not include properties acquired in nonmonetary transactions.
3 Majority of proved and unproved property acquisitions represent assets acquired from Hess Corporation.
4 Includes $89, $59 and $208 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2025, 2024, and 2023, respectively.
5 Reconciliation of consolidated companies total cost incurred to Upstream Capex - $ billions:
2025 · 2024 · 2023
Total cost incurred by Consolidated Companies	$89.5	$14.6	$24.6
Acquisitions	(73.5)	—	(10.5)	(2025: Hess Corporation; 2023: PDC Energy, Inc.)
Expensed exploration costs	(0.7)	(0.6)	(0.5)	(Geological and geophysical and other exploration costs)
Non-oil and gas activities	1.8	0.6	1.4	(Primarily LNG and transportation activities)
ARO reduction/(build)	(1.2)	(0.3)	(1.3)
Upstream Capex	$15.9	$14.3	$13.7	Reference page 49 Upstream Capex

Supplemental Information on Oil and Gas Producing Activities - Unaudited	Financial Table of Contents

estimated net proved reserve quantities, standardized measure of estimated discounted future net cash flows related to proved reserves, and changes in estimated discounted future net cash flows. The amounts for consolidated companies are organized by geographic areas including the United States, Other Americas, Africa, Asia, Australia and Europe. Amounts for affiliated companies include Chevron’s equity interests in Tengizchevroil (TCO) in the Republic of Kazakhstan and in other affiliates, principally in Angola. Refer to Note 15 Investments and Advances for a discussion of the company’s major equity affiliates.

Table II - Capitalized Costs Related to Oil and Gas Producing Activities
Consolidated Companies · Affiliated Companies
Other
Millions of dollars	U.S.	Americas	Africa	Asia	Australia	Europe	Total	TCO	Other
Unproved properties	$4,183	$27,415	$290	$534	$1,881	$—	$34,303	$108	$—
Proved properties and related producing assets	137,610	38,756	41,133	30,262	24,401	2,376	274,538	39,515	1,637
Support equipment	4,129	1,444	1,607	788	19,135	—	27,103	853	—
Deferred exploratory wells	91	144	206	177	1,067	74	1,759	—	—
Other uncompleted projects	5,238	6,411	1,541	1,392	2,666	29	17,277	970
Gross Capitalized Costs	151,251	74,170	44,777	33,153	49,150	2,479	354,980	41,446	1,637
Unproved properties valuation	133	1,150	224	534	3	—	2,044	84	—
Proved producing properties – Depreciation and depletion	77,504	12,574	36,580	19,126	15,441	1,083	162,308	15,989	1,206
Support equipment depreciation	1,260	213	1,265	634	7,214	—	10,586	600	—
Accumulated provisions	78,897	13,937	38,069	20,294	22,658	1,083	174,938	16,673	1,206
Net Capitalized Costs	$72,354	$60,233	$6,708	$12,859	$26,492	$1,396	$180,042	$24,773	$431
Unproved properties	$2,473	$1,545	$287	$536	$1,882	$—	$6,723	$108	$—
Proved properties and related producing assets	109,147	15,739	48,391	29,265	24,310	2,283	229,135	35,374	1,612
Support equipment	2,075	213	1,565	698	19,134	—	23,685	733	—
Deferred exploratory wells	17	69	204	179	1,119	74	1,662	—	—
Other uncompleted projects	8,918	650	1,756	1,040	1,814	69	14,247	4,634	—
Gross Capitalized Costs	122,630	18,216	52,203	31,718	48,259	2,426	275,452	40,849	1,612
Unproved properties valuation	119	1,119	213	533	5	—	1,989	80	—
Proved producing properties – Depreciation and depletion	69,545	10,314	41,485	18,251	14,038	956	154,589	11,441	1,014
Support equipment depreciation	1,265	152	1,231	556	6,375	—	9,579	535	—
Accumulated provisions	70,929	11,585	42,929	19,340	20,418	956	166,157	12,056	1,014
Net Capitalized Costs	$51,701	$6,631	$9,274	$12,378	$27,841	$1,470	$109,295	$28,793	$598
Unproved properties	$2,541	$1,666	$265	$536	$1,882	$—	$6,890	$108	$—
Proved properties and related producing assets	100,680	23,867	47,635	30,387	23,842	2,228	228,639	23,139	1,609
Support equipment	2,121	191	1,555	688	19,118	—	23,673	673	—
Deferred exploratory wells	—	73	205	178	1,119	74	1,649	—	—
Other uncompleted projects	10,872	734	1,271	1,121	1,469	52	15,519	15,438	130
Gross Capitalized Costs	116,214	26,531	50,931	32,910	47,430	2,354	276,370	39,358	1,739
Unproved properties valuation	168	1,214	183	533	5	—	2,103	77	—
Proved producing properties – Depreciation and depletion	65,055	14,009	39,921	18,941	12,082	834	150,842	10,279	866
Support equipment depreciation	1,295	155	1,202	529	5,478	—	8,659	478	—
Accumulated provisions	66,518	15,378	41,306	20,003	17,565	834	161,604	10,834	866
Net Capitalized Costs	$49,696	$11,153	$9,625	$12,907	$29,865	$1,520	$114,766	$28,524	$873

Supplemental Information on Oil and Gas Producing Activities - Unaudited	Financial Table of Contents

Table III - Results of Operations for Oil and Gas Producing Activities 1

The company’s results of operations from oil and gas producing activities for the years 2025, 2024 and 2023 are shown in the following table. Net income (loss) from exploration and production activities as reported on page 82 reflects income taxes computed on an effective rate basis.

Income taxes in Table III are based on statutory tax rates, reflecting allowable deductions and tax credits. Interest income and expense are excluded from the results reported in Table III and from the upstream net income amounts on page 82.

Consolidated Companies · Affiliated Companies
Other
Millions of dollars	U.S.	Americas	Africa	Asia	Australia	Europe	Total	TCO	Other
Revenues from net production
Sales	$9,302	$3,478	$423	$3,409	$4,630	$284	$21,526	$8,362	$895
Transfers	16,783	1,832	3,880	1,796	3,970	—	28,261	—	—
Total	26,085	5,310	4,303	5,205	8,600	284	49,787	8,362	895
Production expenses excluding taxes	(6,983)	(828)	(1,464)	(1,058)	(523)	(79)	(10,935)	(636)	(68)
Taxes other than on income	(1,452)	(52)	(190)	(20)	(211)	(3)	(1,928)	(1,378)	—
Proved producing properties:
Depreciation and depletion	(9,324)	(2,339)	(1,206)	(1,206)	(2,195)	(145)	(16,415)	(4,621)	(179)
Accretion expense2	(236)	(33)	(120)	(60)	(108)	(7)	(564)	(8)	(4)
Exploration expenses	(169)	(359)	(379)	(57)	(131)	(3)	(1,098)	—	—
Unproved properties valuation	(57)	(36)	(23)	—	—	—	(116)	—	—
Other income (loss)3	350	(161)	125	129	62	(82)	423	53	(206)
Results before income taxes	8,214	1,502	1,046	2,933	5,494	(35)	19,154	1,772	438
Income tax (expense) benefit	(1,825)	(480)	(305)	(1,641)	(1,816)	(52)	(6,119)	(535)	22
Results of Producing Operations	$6,389	$1,022	$741	$1,292	$3,678	$(87)	$13,035	$1,237	$460
Revenues from net production
Sales	$6,657	$799	$622	$3,376	$5,856	$319	$17,629	$7,240	$700
Transfers	18,043	3,110	5,227	2,101	4,237	—	32,718	—	—
Total	24,700	3,909	5,849	5,477	10,093	319	50,347	7,240	700
Production expenses excluding taxes	(5,472)	(928)	(1,662)	(939)	(540)	(74)	(9,615)	(696)	(46)
Taxes other than on income	(1,445)	(67)	(165)	(24)	(209)	(3)	(1,913)	(1,117)	—
Proved producing properties:
Depreciation and depletion	(7,231)	(981)	(1,616)	(1,236)	(2,547)	(103)	(13,714)	(1,222)	(154)
Accretion expense2	(205)	(26)	(127)	(63)	(104)	(8)	(533)	(5)	(3)
Exploration expenses	(352)	(141)	(308)	(233)	(33)	(1)	(1,068)	—	—
Unproved properties valuation	(68)	(31)	(30)	(1)	—	—	(130)	—	—
Other income (loss)3	247	1,556	534	139	(8)	(4)	2,464	(80)	(150)
Results before income taxes	10,174	3,291	2,475	3,120	6,652	126	25,838	4,120	347
Income tax (expense) benefit	(2,238)	(954)	(1,240)	(1,684)	(2,010)	(95)	(8,221)	(1,238)	12
Results of Producing Operations	$7,936	$2,337	$1,235	$1,436	$4,642	$31	$17,617	$2,882	$359

1 The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.

2 Represents accretion of ARO liability. Refer to Note 25 Asset Retirement Obligations.

3 Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.

Supplemental Information on Oil and Gas Producing Activities - Unaudited	Financial Table of Contents

Table III - Results of Operations for Oil and Gas Producing Activities 1, continued

Consolidated Companies · Affiliated Companies
Other
Millions of dollars	U.S.	Americas	Africa	Asia	Australia	Europe	Total	TCO	Other
Revenues from net production
Sales	$6,658	$724	$515	$3,309	$6,780	$368	$18,354	$6,831	$891
Transfers	15,948	3,243	5,979	2,151	4,753	—	32,074	—	—
Total	22,606	3,967	6,494	5,460	11,533	368	50,428	6,831	891
Production expenses excluding taxes	(5,459)	(1,000)	(1,619)	(1,103)	(556)	(64)	(9,801)	(602)	(44)
Taxes other than on income	(1,222)	(69)	(142)	(27)	(256)	(4)	(1,720)	(675)	—
Proved producing properties:
Depreciation and depletion	(7,133)	(1,042)	(1,414)	(1,114)	(2,561)	(115)	(13,379)	(895)	(173)
Accretion expense2	(176)	(25)	(126)	(120)	(92)	(8)	(547)	(7)	(3)
Exploration expenses	(439)	(274)	(151)	(33)	(32)	(5)	(934)	—	—
Unproved properties valuation	(71)	(68)	(44)	—	—	—	(183)	—	—
Other income (loss)3	(2,673)	(69)	45	89	(52)	4	(2,656)	32	(185)
Results before income taxes	5,433	1,420	3,043	3,152	7,984	176	21,208	4,684	486
Income tax (expense) benefit	(1,195)	(389)	(832)	(1,576)	(2,776)	(196)	(6,964)	(1,408)	24
Results of Producing Operations	$4,238	$1,031	$2,211	$1,576	$5,208	$(20)	$14,244	$3,276	$510

2 Represents accretion of ARO liability. Refer to Note 25 Asset Retirement Obligations.

3 Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses. 2023 also includes a loss related to decommissioning obligations from certain previously divested oil and gas production assets in the Gulf of America.

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