Chevron Corporation
- Open
- 208.50
- Day high
- 211.06
- Day low
- 207.80
- Prev close
- 206.15
- Volume
- 7.2M
- Mkt cap
- $417.0B
- P/E (TTM)
- 20.2
- EPS (TTM)
- $10.47
- P/B
- 2.2
- P/S
- 2.0
- Yield
- 3.34%
- Per share
- $7.05
- ▼Insiders net selling -$228.6M over the last 3 months (0 open-market buys, 14 sales)
- 🏛Institutions mixed (13F)
Chevron Corporation (CVX) is a Energy company listed on NYSE. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 14 sales (SEC Form 4). Drillr has 103 published research articles covering CVX.
Chevron Corporation (CVX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CVX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $5.55 | $6.06 | +9.2% | $70.1B | +13.6% |
| May 1, 2026 | $1.01 | $1.41 | +39.3% | $48.6B | -5.6% |
| Jan 30, 2026 | $1.41 | $1.52 | +7.8% | $45.8B | -2.7% |
| Oct 31, 2025 | $1.69 | $1.85 | +9.3% | $48.2B | -1.5% |
| Aug 1, 2025 | $1.73 | $1.77 | +2.1% | $44.4B | +0.4% |
| May 2, 2025 | $2.16 | $2.18 | +0.8% | $47.6B | -1.2% |
| Jan 31, 2025 | $2.43 | $2.06 | -15.2% | $52.2B | +12.0% |
| Nov 1, 2024 | $2.42 | $2.51 | +3.9% | $48.9B | +0.2% |
| Aug 2, 2024 | $2.91 | $2.55 | -12.4% | $49.6B | -1.1% |
| Apr 26, 2024 | $2.86 | $2.93 | +2.4% | $46.6B | -3.0% |
| Feb 2, 2024 | $3.29 | $3.45 | +4.9% | $48.9B | +3.6% |
| Oct 27, 2023 | $3.80 | $3.05 | -19.7% | $51.9B | +6.6% |
CVX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Pate R. Hewittofficer: Chief Legal Officer | Sell | 2,470 | $205.11 |
| Aug 19, 2026 | Walz Andrew Benjaminofficer: President, DM&C | Sell | 16,800 | $201.06 |
| Aug 19, 2026 | Walz Andrew Benjaminofficer: President, DM&C | Option | 4,100 | $88.20 |
| Aug 19, 2026 | Walz Andrew Benjaminofficer: President, DM&C | Option | 12,700 | $132.69 |
| Aug 18, 2026 | Wirth Michael Kdirector, officer: Chairman and CEO | Sell | 306,789 | $200.44 |
| Aug 18, 2026 | Wirth Michael Kdirector, officer: Chairman and CEO | Sell | 10,311 | $201.05 |
| Aug 18, 2026 | Wirth Michael Kdirector, officer: Chairman and CEO | Option | 317,100 | $88.20 |
| Aug 13, 2026 | GUSTAVSON JEFF Bofficer: President, New Energies | Option | 4,561 | $113.01 |
| Aug 13, 2026 | GUSTAVSON JEFF Bofficer: President, New Energies | Sell | 14,044 | $194.95 |
| Aug 13, 2026 | GUSTAVSON JEFF Bofficer: President, New Energies | Option | 4,633 | $125.35 |
| Aug 13, 2026 | GUSTAVSON JEFF Bofficer: President, New Energies | Option | 4,850 | $117.24 |
| Aug 7, 2026 | Wirth Michael Kdirector, officer: Chairman and CEO | Sell | 5,547 | $187.00 |
| Aug 5, 2026 | HESS JOHN Bdirector | Option | 117,498 | $73.21 |
| Aug 5, 2026 | HESS JOHN Bdirector | Option | 74,310 | $138.10 |
| Aug 5, 2026 | HESS JOHN Bdirector | Sell | 118,657 | $193.29 |
Source: CVX SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full CVX insider & 13F page →CVX research & analysis
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Chevron Corporation company profile
Overview
Chevron Corporation (NYSE:CVX) is one of the world's largest integrated oil and gas companies, tracing its roots back to 1879 when it was founded as the Pacific Coast Oil Company. The company was formerly known as ChevronTexaco Corporation following its 2001 merger with Texaco, before adopting its current name in 2005. Headquartered in San Ramon, California (with plans to relocate to Houston), Chevron has evolved into a global energy giant operating across the entire petroleum value chain, from exploration and production to refining and marketing. The company has maintained a dividend for 38 consecutive years and is recognized as one of the major integrated oil companies alongside ExxonMobil, Shell, BP, and TotalEnergies.
Business
Chevron operates as an integrated oil and gas company, meaning it participates in every stage of the petroleum industry value chain. The company is organized into two primary business segments that generate distinct revenue streams: Upstream Operations (Oil & Gas Exploration and Production) represent the company's exploration, development, and production activities for crude oil and natural gas worldwide. This segment involves finding oil and gas reserves through geological surveys and exploratory drilling, developing those reserves through infrastructure construction, and producing hydrocarbons for sale. The upstream business also includes liquefied natural gas (LNG) operations, which involve processing natural gas into liquid form for easier transportation across oceans, and pipeline transportation of crude oil. Key upstream assets include the Permian Basin in Texas and New Mexico, operations in Kazakhstan through the Tengizchevroil joint venture, Gulf of Mexico deepwater projects, and international assets in countries like Australia and Angola. Downstream Operations (Refining and Marketing) encompass the company's refining of crude oil into petroleum products like gasoline, diesel, and jet fuel, along with the marketing and distribution of these refined products. This segment operates refineries that convert raw crude oil into consumer and industrial products, manages a network of retail gas stations under the Chevron and Texaco brands, and produces specialty chemicals and lubricants. The downstream business also includes renewable fuels production, particularly biodiesel and renewable diesel, as well as petrochemicals manufacturing for industrial applications. Based on recent financial reports, the upstream segment typically generates approximately 65-70% of total company earnings, while downstream operations contribute 25-30%, with the remainder coming from corporate activities and emerging energy ventures. The company also has growing investments in New Energies, including carbon capture and storage, hydrogen production, and renewable fuels, though these remain a small portion of overall revenue.
Revenue model
Chevron generates revenue through multiple complementary business models across its integrated operations. The upstream segment operates on a commodity sales model, selling crude oil and natural gas at prevailing market prices. Revenue fluctuates directly with global oil and gas prices, production volumes, and the company's cost structure. Customers include other oil companies, refiners, and industrial users who purchase these raw materials for further processing or energy generation. The downstream segment employs a manufacturing and retail model, purchasing crude oil (both from its own upstream operations and external suppliers), refining it into higher-value products, and selling these products to consumers and businesses. This segment benefits from refining margins - the difference between crude oil costs and refined product prices - rather than absolute commodity prices. Revenue comes from gasoline sales at retail stations, bulk sales of diesel and jet fuel to commercial customers, and sales of specialty chemicals and lubricants. Several factors significantly impact Chevron's profitability margins. Commodity price volatility represents the most significant external factor, as oil and gas prices directly affect upstream revenues while also influencing downstream input costs. Global supply and demand dynamics, including OPEC production decisions, geopolitical events, and economic growth rates, create substantial earnings variability. Refining crack spreads - the difference between crude oil prices and refined product prices - determine downstream profitability independent of absolute oil prices. Operational factors also influence margins, including production efficiency improvements, planned and unplanned facility downtime, and the company's ability to control operating expenses. Currency fluctuations affect international operations, while regulatory changes in environmental standards, tax policies, and trade restrictions can impact both costs and market access. The company's capital allocation efficiency in developing new projects and maintaining existing assets directly influences long-term profitability, as does its ability to achieve economies of scale in operations and procurement.
Competitive moat
Chevron possesses a moderate to strong economic moat built primarily on scale advantages, integrated operations, and strategic asset positioning, though this moat faces long-term challenges from energy transition trends. The company's integrated business model provides natural hedging between upstream and downstream operations - when oil prices rise, upstream profits increase while downstream margins may compress, and vice versa. This integration also enables the company to optimize crude oil flows between its own production and refining assets, reducing transportation costs and market timing risks. Scale and operational advantages form another key moat component. Chevron's massive global operations enable it to spread fixed costs across large production volumes, negotiate favorable terms with suppliers and service companies, and maintain specialized technical expertise that smaller competitors cannot afford. The company's established relationships with host governments and joint venture partners provide preferential access to high-quality oil and gas reserves, particularly in politically stable regions. Strategic asset quality strengthens the moat through ownership of long-life, low-cost production assets like the Permian Basin and Tengiz field in Kazakhstan. These assets generate substantial cash flows even during low oil price environments, providing competitive advantages over higher-cost producers. The company's downstream assets, including strategically located refineries and extensive retail networks, benefit from geographic positioning and established customer relationships. However, Chevron's moat faces significant long-term disruption risks from the global energy transition toward renewable energy sources and electric vehicles. While this transition will likely unfold over decades rather than years, it represents an existential challenge to the traditional oil and gas business model. Regulatory pressures for carbon emissions reduction, potential carbon pricing mechanisms, and shifting investor sentiment toward ESG considerations also threaten long-term competitive positioning. Technological disruption in areas like battery storage, renewable energy generation, and electric transportation could accelerate demand destruction for petroleum products faster than currently anticipated.
Risks & safety
Chevron demonstrates a strong margin of safety with robust financial metrics and conservative capital structure, though commodity price volatility creates earnings uncertainty. Financial Strength: • Net debt ratio of approximately 14% indicates minimal solvency risk • Strong current ratio of 1.08 suggests adequate short-term liquidity • Free cash flow generation of $15+ billion annually provides substantial financial flexibility • Cash and short-term investments of $4.6-6.8 billion offer additional liquidity buffer Valuation Metrics: • Price-to-earnings ratio of 14-21x appears reasonable for integrated oil company • EV/EBITDA of 6-8x suggests moderate valuation relative to cash generation • Price-to-book ratio of 1.7-2.0x reflects market recognition of asset quality • Graham number calculations indicate potential undervaluation at current levels Other Considerations: • Dividend yield supported by strong cash flow generation and 38-year growth streak • Diversified geographic and operational exposure reduces single-point-of-failure risks • Commodity price sensitivity creates earnings volatility but company maintains profitability across price cycles • Capital discipline and cost reduction initiatives enhance downside protection
Recent development
Over the past several years, Chevron has pursued a strategy focused on capital discipline, operational efficiency, and selective growth in both traditional and new energy sectors. The company has significantly enhanced its Permian Basin operations, achieving record production levels approaching 1 million barrels per day through technological improvements and strategic acquisitions, including the integration of PDC Energia assets that exceeded synergy targets. A major strategic milestone has been the progression of the Tengizchevroil (TCO) Future Growth Project in Kazakhstan, which achieved first oil in 2024 after years of development. This project represents one of the world's largest oil expansion projects and is expected to generate substantial free cash flow once fully operational. Similarly, Chevron has advanced several Gulf of Mexico deepwater projects, including achieving first oil at Ballymore and developing enhanced 20,000 psi drilling capabilities. The company has made significant moves in portfolio optimization, completing approximately $8 billion in asset sales across Canada, Alaska, and Congo while simultaneously investing in higher-return opportunities. Chevron has also relocated its headquarters from San Ramon to Houston, reflecting its strategic focus on major oil and gas basins. In new energy ventures, Chevron has expanded its renewable fuels business through the REG acquisition and Geismar plant operations, selling over 20 million barrels of bio-based diesel. The company is advancing carbon capture, utilization, and storage (CCUS) projects, hydrogen initiatives, and exploring power solutions for AI data centers, leveraging its natural gas position and power generation expertise. A key strategic initiative involves targeting $2-3 billion in structural cost reductions by 2026 through technology implementation, process standardization, and global capability centers.
CVX company profile · for informational purposes only — not investment advice.
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