CHEVRON CORP
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Table VII
| Supplemental Information on Oil and Gas Producing Activities - Unaudited | Financial Table of Contents |
|---|
Table VII - Changes in the Standardized Measure of Discounted Future Net Cash Flows From Proved Reserves
The changes in present values between years, which can be significant, reflect changes in estimated proved reserve quantities, prices and assumptions used in forecasting production volumes and costs. Changes in the timing of production are included with “Revisions of previous quantity estimates.”
| Total Consolidated and | |||
|---|---|---|---|
| Millions of dollars | Consolidated Companies | Affiliated Companies | Affiliated Companies |
| Present Value at January 1, 2023 | $170,472 | $41,466 | $211,938 |
| Sales and transfers of oil and gas produced net of production costs | (38,638) | (6,350) | (44,988) |
| Development costs incurred | 11,381 | 2,281 | 13,662 |
| Purchases of reserves | 9,628 | — | 9,628 |
| Sales of reserves | (51) | — | (51) |
| Extensions, discoveries and improved recovery less related costs | 7,262 | — | 7,262 |
| Revisions of previous quantity estimates | (14,389) | (493) | (14,882) |
| Net changes in prices, development and production costs | (80,284) | (23,517) | (103,801) |
| Accretion of discount | 23,306 | 5,722 | 29,028 |
| Net change in income tax | 30,070 | 7,142 | 37,212 |
| Net Change for 2023 | (51,715) | (15,215) | (66,930) |
| Present Value at December 31, 2023 | $118,757 | $26,251 | $145,008 |
| Sales and transfers of oil and gas produced net of production costs | (38,457) | (6,242) | (44,699) |
| Development costs incurred | 12,809 | 1,487 | 14,296 |
| Purchases of reserves | 1,607 | — | 1,607 |
| Sales of reserves | (8,904) | — | (8,904) |
| Extensions, discoveries and improved recovery less related costs | 7,328 | — | 7,328 |
| Revisions of previous quantity estimates | 2,897 | (154) | 2,743 |
| Net changes in prices, development and production costs | (17,755) | (1,898) | (19,653) |
| Accretion of discount | 15,867 | 3,601 | 19,468 |
| Net change in income tax | 1,739 | 1,007 | 2,746 |
| Net Change for 2024 | (22,869) | (2,199) | (25,068) |
| Present Value at December 31, 2024 | $95,888 | $24,052 | $119,940 |
| Sales and transfers of oil and gas produced net of production costs | (38,786) | (7,310) | (46,096) |
| Development costs incurred | 13,035 | 597 | 13,632 |
| Purchases of reserves | 18,711 | — | 18,711 |
| Sales of reserves | (1,181) | — | (1,181) |
| Extensions, discoveries and improved recovery less related costs | 8,368 | — | 8,368 |
| Revisions of previous quantity estimates | 6,688 | 1,466 | 8,154 |
| Net changes in prices, development and production costs | (28,416) | (5,040) | (33,456) |
| Accretion of discount | 13,511 | 3,187 | 16,698 |
| Net change in income tax | 4,926 | 2,126 | 7,052 |
| Net Change for 2025 | (3,144) | (4,974) | (8,118) |
| Present Value at December 31, 2025 | $92,744 | $19,078 | $111,822 |
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