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Chevron (CVX) USD

At a glance: strengths & risks
✓Commodity price +28% vs 1-yr · +5% vs 3-yr✗Revenue declining (-7%)✗Profit falling (-30%)✗Only 10 years of reserves✗Priced above model value✗Pricier than own history (EV/EBITDA 10.0 vs avg 7.1)

Sector: Oil & gas

Geography: United States, Australia, Kazakhstan

COMM_CVX

Price chart

194.42 USDDay 0.75%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
194.42 USD · 0.75%
Market cap
360.8 bn USD

Growth

Δ revenue y/y
2.1%
Δ EBITDA y/y
0.5%

Multiples

P/E (LTM)
32.8x
3y avg: 17.1x
P/B (FY)
1.9x
P/E (ann.)
40.8x
EV/EBITDA (LTM)
10.0x
3y avg: 7.1x
EV/EBITDA (ann.)
10.2x

Cash return

Dividend yield
3.6%
FCF yield (LTM)
2.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-42.5%
↓ details

Liquidity

Daily turnover (listing)
519.1 mln USD

Shares: yahoo_fundamentals_timeseries/CVX

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)OK48.6
y/y 2.1%
3.9
y/y -29.3%
5.8
y/y 40.9%
9.8
y/y 0.5%
2.2
y/y -36.9%
2.5-4.1329.6
y/y 28.5%
183.7
y/y 23.1%
4.8%39.1Link
2025-12-31Q4 2025 (3M)OK46.9
y/y -10.2%
4.6
y/y -24.1%
5.9
y/y 18.3%
10.5
y/y -5.0%
2.8
y/y -14.5%
10.8-3.6324.0
y/y 26.1%
186.4
y/y 22.4%
6.5%49.4Link
2025-09-30Q3 2025 (3M)OK49.7
y/y -1.9%
5.4
y/y -16.6%
5.8
y/y 37.2%
11.2
y/y 4.6%
3.5
y/y -21.1%
9.4-4.4326.5
y/y 25.9%
189.8
y/y 21.5%
2.8%32.8Link
2025-06-30Q2 2025 (3M)OK44.8
y/y -12.4%
4.1
y/y -41.1%
4.3
y/y 8.5%
8.5
y/y -23.1%
2.5
y/y -43.8%
8.6-3.7250.8
y/y -3.8%
146.4
y/y -8.0%
6.7%24.1Link
2025-03-31Q1 2025 (3M)OK47.6
y/y -2.3%
5.6
y/y -29.5%
4.1
y/y 0.8%
9.7
y/y -19.2%
3.5
y/y -36.4%
5.2-5.6256.4
y/y -2.0%
149.2
y/y -7.1%
9.3%23.5Link
2024-12-31Q4 2024 (3M)OK52.2
y/y 10.7%
6.1
y/y 73.6%
5.0
y/y -20.5%
11.0
y/y 13.2%
3.2
y/y 43.4%
8.7-4.3256.9
y/y -1.8%
152.3
y/y -5.4%
11.4%29.6Link
2024-09-30Q3 2024 (3M)OK50.7
y/y -6.3%
6.5
y/y -25.7%
4.2
y/y 4.7%
10.7
y/y -16.1%
4.5
y/y -31.2%
9.7-4.1259.2
y/y -1.8%
156.2
y/y -5.5%
3.8%20.1Link
2024-06-30Q2 2024 (3M)OK51.2
y/y 4.7%
7.0
y/y -10.2%
4.0
y/y 13.7%
11.0
y/y -2.8%
4.4
y/y -26.2%
6.3-4.0260.6
y/y 3.5%
159.2
y/y 0.6%
11.1%19.2Link
2024-03-31Q1 2024 (3M)OK48.7
y/y -4.1%
7.9
y/y -16.8%
4.1
y/y 16.0%
12.0
y/y -7.9%
5.5
y/y -16.3%
6.8-4.1261.7
y/y 2.3%
160.6
y/y 0.7%
13.7%15.6Link
2023-12-31Q4 2023 (3M)OK47.2
y/y —
3.5
y/y —
6.3
y/y —
9.7
y/y —
2.3
y/y —
12.4-4.2261.6
y/y —
161.0
y/y —
13.1%22.4Link
2023-09-30Q3 2023 (3M)OK54.1
y/y —
8.7
y/y —
4.0
y/y —
12.8
y/y —
6.5
y/y —
9.7-4.7263.9
y/y —
165.3
y/y —
5.4%14.6Link
2023-06-30Q2 2023 (3M)OK48.9
y/y —
7.8
y/y —
3.5
y/y —
11.4
y/y —
6.0
y/y —
6.3-3.9251.8
y/y —
158.3
y/y —
15.1%11.9Link
2023-03-31Q1 2023 (3M)OK50.8
y/y —
9.5
y/y —
3.5
y/y —
13.0
y/y —
6.6
y/y —
7.2-3.0255.9
y/y —
159.4
y/y —
—7.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-30%-20%-10%0%10%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-2 50002 5005 0007 50010 00012 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

010 00020 00030 00040 00050 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas Integrated

Proved reserves
10 591 mln boe
2025
Reserve life (R/P)
9.7 yrs
reserves ÷ annual output
Annual production
1 095 mln boe
2022

Production, mln boe

257.8920201 13120211 0952022540.362023

Proved reserves

YearReserves, mln boe
202510 591
20249 804
202311 069
202211 229
202111 264
202011 134

Production

YearProduction, mln boeper day
2023540.36 * (6M)
−0.3%		2 958 839
20221 095
−3.2%		2 999 000
20211 1313 099 000
2020257.89 * (3M)2 824 301

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 98spot vs LTM +19%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +9.2%

37233572342232713120202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): -2.2% · Reserves life (R/P): 7.8 yr

110691075310436101209804202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-313,72310,591——
2024-12-313,3389,804——
2023-12-313,12011,069——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix assumption used (default 55% oil / 35% gas / 10% NGL). Set `spot_forecast.revenue_mix` to override or wire `operations.production_pricing` in `data/us_ep_operations_patch.json`.
Spot 12M revenue
200 091 USDm
+5.9% vs LTM
Spot 12M EBITDA
37 152 USDm
-7.1% vs LTM
EV / Spot EBITDA
10.8x
current EV 399 885m ÷ spot EBITDA 37 152m
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)188 942 USDm
LTM EBITDA (last 4 quarters)40 003 USDm
Baseline cash costs (revenue − EBITDA)148 939 USDm
Revenue mix: oil / gas / NGL / other55.0% / 35.0% / 10.0% / 0.0%
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 84.38 · LTM avg 73.99 · 3y avg — → spot move +14.0%
Gas — spot & 3y avg vs LTMspot 2.93 · LTM avg 3.36 · 3y avg — → spot move -12.7%
NGL — spot & 3y avg vs LTMspot 6 375.00 · LTM avg 5 053.15 · 3y avg — → spot move +26.2%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.094
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)162 939 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue200 091 USDm
= Spot EBITDA37 152 USDm
= EBITDA at 3y avg commodity prices19 908 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)399 885 USDm
EV ÷ Spot EBITDA10.8x

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 worldwide oil-equivalent net production and year-end total proved reserves. R/P 7.8 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)3,723
Proved reserves (net, MMboe)10,591

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 worldwide oil-equivalent net production and year-end total proved reserves. R/P 8.0 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)3,338
Proved reserves (net, MMboe)9,804

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 worldwide oil-equivalent net production and year-end total proved reserves. R/P 9.7 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)3,120
Proved reserves (net, MMboe)11,069

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -7% vs +1% the year before — a -7.7 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -18% · 2024 +1% · 2025 -7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.1x · target 75th pct (3y) 13.9x · LTM avg 9.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-191.78 USDEx-dividend: 1.78 USD per sharePaidYahoo Finance (ex-div)
2026-02-171.78 USDEx-dividend: 1.78 USD per sharePaidYahoo Finance (ex-div)
2025-11-181.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2025-08-191.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2025-05-191.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2025-02-141.71 USDEx-dividend: 1.71 USD per sharePaidYahoo Finance (ex-div)
2024-11-181.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2024-08-191.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2024-05-161.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2024-02-151.63 USDEx-dividend: 1.63 USD per sharePaidYahoo Finance (ex-div)
2023-11-161.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2023-08-171.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2023-05-181.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2023-02-151.51 USDEx-dividend: 1.51 USD per sharePaidYahoo Finance (ex-div)
2022-11-171.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2022-08-181.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2022-05-181.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2022-02-151.42 USDEx-dividend: 1.42 USD per sharePaidYahoo Finance (ex-div)
2021-11-171.34 USDEx-dividend: 1.34 USD per sharePaidYahoo Finance (ex-div)
2021-08-181.34 USDEx-dividend: 1.34 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Chevron (CVX) — from primary filings.

Chevron Corporation is an integrated energy company that explores for, produces, and transports crude oil and natural gas, and refines crude oil into petroleum products, lubricants, and renewable fuels. It also manufactures petrochemicals and operates in carbon capture and storage.

Frequently asked questions

What is Chevron (CVX)'s P/E ratio?
Chevron (CVX) trades at a P/E of 32.8x (price to trailing 12-month earnings).
What is Chevron (CVX)'s EV/EBITDA?
Chevron (CVX) trades at 10.0x EV/EBITDA.
What is Chevron (CVX)'s P/B ratio?
Chevron (CVX) trades at a P/B of 1.9x.
What is Chevron (CVX)'s dividend yield?
Chevron (CVX)'s trailing 12-month dividend yield is 3.6%.
What is Chevron (CVX)'s return on equity (ROE)?
Chevron (CVX)'s ROE is 4.7%.
What is Chevron (CVX)'s market capitalization?
Chevron (CVX)'s market cap is 360.8 bn USD.