Major ClientsNarrow moat

Chevron has no major clients to disclose. Its only concentration statement is geographic: no country other than the United States accounted for 10 percent or more of its sales¹. It sold $184,432 million of oil, gas, fuels and chemicals in 2025² to buyers who could buy the same product elsewhere at the same price, and Chevron could sell to others at the same price in turn.

Revenue concentration is therefore nil, and backlog concentration does not exist either, because Chevron reports no order book. Its long commitments run the other way: concessions it holds from governments, and since 2026 one power contract it has signed with a customer.

That makes the counterparties worth studying different from a manufacturer's. The pages below cover the absence of any customer that matters, the Microsoft power agreement that is Chevron's first named long-term customer³, the governments that are paid before the owners, and the owners themselves.

The common theme is that Chevron's counterparties decide little about its price. Microsoft's contract will fix one price for twenty years; everything else sells at the market.

The 10-K's segment note confirms the only customers that are large are Chevron's own divisions: American upstream transferred $23.7 billion of product to American downstream in 2025⁴. Chevron's biggest buyer is Chevron.

The measure is the share of Chevron's output sold under long-term contracts at fixed or indexed prices. Today it is close to zero outside LNG; a rising share, led by power contracts like Microsoft's, would be the first evidence of customers who value Chevron's product more than the market does.