Upstream InternationalNarrow moat

Chevron (CVX) — moat facet

Chevron's international upstream earned $7.0 billion in 2025 on $168 billion of assets, a return that Hess made harder, not easier.

International upstream is Chevron's largest profit centre and its largest pool of capital. External sales were $33,844 million in 20251, 18.4 percent of the total2; before eliminations the segment sold $42,861 million, $9,017 million of it to other Chevron segments3. Earnings were $7,007 million4.

Upstream International earnings ($M)13,5662014-4832016-825202017,663202213,290202311,00020247,0072025Chevron Forms 10-K FY2016, FY2022 and FY2025
Down by more than half from the 2022 peak.

Inside it are Australian LNG, Tengizchevroil and Karachaganak in Kazakhstan, Leviathan and Tamar off Israel, the Partitioned Zone, Angola, Nigeria and Equatorial Guinea, Argentina, Thailand, Bangladesh and, since July 2025, 30 percent of Guyana's Stabroek block5. Tengizchevroil contributes through equity earnings, $1,556 million in 20256.

It is paid in world prices and foreign currency. International liquids realised $96.41 a barrel in the second quarter of 20267, and foreign currency effects cost $469 million in 2025, largely in Australia89.

The history is larger than the American line and just as cyclical. International upstream earned $13,566 million in 201410, lost $483 million in 2016 and $825 million in 20201112, and earned $17,663 million in 2022, $13,290 million in 2023 and $11,000 million in 20241314. The 2025 fall to $7,007 million came with lower prices, lower TCO earnings and currency losses.

Per dollar of sales before eliminations, 2025 earnings were about 16.3 percent15; per dollar of year-end segment assets, which rose from $123,343 million to $168,200 million with Hess16, about 4.2 percent17. The asset base grew faster than the earnings.

The latest quarter was strong: $4,641 million against $1,309 million a year earlier, and $6,438 million in the first half against $3,209 million18, helped by Hess and prices and held back by curtailments in the Partitioned Zone19.

Much of this segment's value sits in equity affiliates rather than consolidated fields. Chevron's equity-method investments totalled $43,037 million at the end of 202520, and income from them fell from $5,131 million in 2023 to $3,000 million in 202521, about 42 percent22. Tengizchevroil is most of that decline; Angola LNG, in which Chevron holds 36.4 percent, earned $473 million for it in 202523.

Some of it comes with fixed end dates: Tengizchevroil's concession in 2033, Karachaganak's agreement in 2038, Leviathan's concession in 204424. International upstream is the richest segment and the one whose licences expire.

The outlook is Guyana's vessels and Tengiz's concession pulling in opposite directions. Earnings against the enlarged $168 billion asset base are what would change the verdict; a return that stays under 5 percent at ordinary prices would mean Hess added capital faster than profit.

Moat trajectory: Holding steady

Guyana rising, Tengiz earnings falling.

The number that tests this moat
Reported
Upstream International earnings, latest quarter
$4,641M (Q2 2026) against $1,309M a year earlier

The largest profit centre; returns on the $168bn asset base at ordinary prices are the test.

Source: Chevron Q2 2026 earnings release ↗
References
  1. ReportedExternal sales were $33,844 million in 2025, 18.4 percent of the total; before eliminations the segment sold $42,861 million, $9,017 million of it to other Chevron segments.
    Chevron Form 10-K for fiscal 2025 - downstream operations and Note 14 segment sales and intersegment eliminations. — FY2025 · publ. 24 February 2026 · source ↗
  2. Moat Explorer calcExternal sales were $33,844 million in 2025, 18.4 percent of the total; before eliminations the segment sold $42,861 million, $9,017 million of it to other Chevron segments.
    Moat Explorer calculation from Chevron's reported figures ($ millions unless stated). Segment mix 2025: external sales upstream US 19,608, upstream international 33,844, downstream US 65,331, downstream international 65,545, All Other 104, total 184,432; upstream 19,608 + 33,844 = 53,452, 53,452 / 184,432 = 29.0%; downstream 65,331 + 65,545 = 130,876, 130,876 / 184,432 = 71.0%; upstream US 19,608 / 184,432 = 10.6%; upstream international 33,844 / 184,432 = 18.4%; downstream US 65,331 / 184,432 = 35.4%; downstream international 65,545 / 184,432 = 35.5%. Upstream share of external sales 2015 (4,117 + 15,587) / 129,925 = 15.2%. Intersegment: upstream US 25,910 / 45,518 = 56.9%. Segment earnings 2025: upstream 12,822, downstream 3,022, sum 15,844; downstream 3,022 / 15,844 = 19.1%; upstream 12,822 / 15,844 = 80.9%. Downstream assets 55,243 / 324,012 = 17.0%. Change 2024 to 2025: upstream 12,822 - 18,602 = -5,780; downstream 3,022 - 1,727 = +1,295; 1,295 / 5,780 = 22.4%; Brent 81 - 69 = 12, 5,780 / 12 = about 480 per $1. 2022 upstream 12,621 + 17,663 = 30,284; downstream 5,394 + 2,761 = 8,155. Margins 2025 on sales before eliminations: upstream US 5,815 / 45,518 = 12.8%; upstream international 7,007 / 42,861 = 16.3%; downstream US 1,375 / 72,485 = 1.9%; downstream international 1,647 / 69,925 = 2.4%. Earnings over year-end segment assets: upstream 12,822 / 256,975 = 5.0%; upstream US 5,815 / 84,559 = 6.9%; upstream international 7,007 / 168,200 = 4.2%; downstream 3,022 / 55,243 = 5.5%; downstream US 1,375 / 33,745 = 4.1%; downstream international 1,647 / 21,146 = 7.8%. US downstream 531 / 3,904 - 1 = -86.4%. CPChem 352 / 8,985 = 3.9%; 352 / 903 - 1 = -61.0%. TCO revenue 21,986 / 18,872 - 1 = 16.5%; TCO net income 2,496 / 5,779 - 1 = -56.8%. Hess net income 193 / 48,000 = 0.4%. ROCE 2015-2025: 2.5, -0.1, 5.0, 8.2, 2.0, -2.8, 9.4, 20.3, 11.9, 10.1, 6.6; sum 73.1 / 11 = 6.6% average; years at or above 8%: 2018, 2021, 2022, 2023, 2024 = 5 of 11. Production: Permian 1,000 / US 1,858 = 54%; 1,000 / 3,723 = 27%; Australia 472 / 3,723 = 12.7%; Q2 2026 4,070 / 3,396 - 1 = 19.8%; 4,070 / 3,120 - 1 = 30.4%. Guyana 30% x 1.7 million gross = 510 thousand. Gas: 0.91 x 6 = 5.46 per barrel of oil equivalent; 5.46 / 70.80 = 7.7%; 1.8 billion cubic feet / 6,000 = 300 thousand boe a day. Reserves: 3,723 x 365 = 1,359 million boe a year; 10,591 / 1,359 = 7.8 years. California refining 290 + 257 = 547 of 1,099 = 49.8%. Largest holders 8.56 + 7.50 + 7.00 + 6.70 = 29.76%. Balance sheet and returns: net debt 34,461 / 17,756 = 1.94, up 94%; dividends per share 6.84 / 4.28 - 1 = 59.8%; 6.84 / 6.63 = 1.03; returns 27.1 / 12.3 = 2.2 times; free cash flow 16.6 - 12.751 = 3.8 bn; buyback authorisation 75 - 44 = 31 bn; Q2 2026 buyback 3.0 bn / 16.2 million = $185 a share; shares 1,980 / 1,755 - 1 = 12.8%, 1,980 - 1,755 = 225 million; employees 43,039 / 45,600 - 1 = -5.6%; operating and SG&A 33,444 / 29,240 - 1 = 14.4%, 33,444 - 29,240 = 4,204; DD&A 20,132 / 17,282 - 1 = 16.5%, +2,850; income tax 7,258 / 12,299 = 59.0%. Valuation: trailing sales 184,432 - 90,476 + 114,755 = 208,711; trailing net income 12,299 - 5,990 + 14,282 = 20,591; 403.40 / 20.591 = 19.6 times; 403.40 / 12.299 = 32.8 times; implied forward earnings 403.40 / 12.77 = 31.6 bn, 31.6 / 12.3 = 2.6 times; trailing EPS approximately 20,591 / 1,970 = 10.45. Swings: timing 2.9 + 1.4 = 4.3 bn; international downstream 1,013 + 2,457 = 3,470. Further: California inputs 261 + 253 = 514, 514 / 1,038 = 49.5%; GS Caltex 58 / 4,403 = 1.3%, 437 / 4,403 = 9.9%; equity affiliate income 3,000 / 5,131 - 1 = -41.5%; affiliate production 538 / 3,723 = 14.5%; Hess share of 2025 production increase 261 / 385 = 67.8%; enterprise value less market value 431.95 - 403.40 = 28.55 bn; capital employed 232,934 / 177,698 - 1 = 31.1%; total assets 324,012 - 256,938 = 67,074; Hess issuance 15% / 6% = 2.5 years, 15% / 3% = 5 years; external sales 2015 downstream US 48,420 + 4,426 = 52,846, downstream international 54,296 + 2,933 = 57,229; 2020 downstream US 32,589 - 2,150 = 30,439 - sales mix, production and ownership. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Chevron's Forms 10-K, 10-Q, earnings releases, proxy statement and market data; operands shown in the source line.
  3. ReportedExternal sales were $33,844 million in 2025, 18.4 percent of the total; before eliminations the segment sold $42,861 million, $9,017 million of it to other Chevron segments.
    Chevron Form 10-K for fiscal 2025 - downstream operations and Note 14 segment sales and intersegment eliminations. — FY2025 · publ. 24 February 2026 · source ↗
  4. ReportedEarnings were $7,007 million.
    Chevron Form 10-K for fiscal 2025 - Item 7 MD&A: earnings by segment, return on capital employed and financial ratios. — FY2025 · publ. 24 February 2026 · source ↗
  5. ReportedInside it are Australian LNG, Tengizchevroil and Karachaganak in Kazakhstan, Leviathan and Tamar off Israel, the Partitioned Zone, Angola, Nigeria and Equatorial Guinea, Argentina, Thailand, Bangladesh and, since July 2025, 30 percent of Guyana's Stabroek block.
    Chevron Form 10-K for fiscal 2025 - Note 15 equity affiliates: Tengizchevroil, Chevron Phillips Chemical, GS Caltex and others. — FY2025 · publ. 24 February 2026 · source ↗
  6. ReportedTengizchevroil contributes through equity earnings, $1,556 million in 2025.
    Chevron Form 10-K for fiscal 2025 - Note 15 equity affiliates: Tengizchevroil, Chevron Phillips Chemical, GS Caltex and others. — FY2025 · publ. 24 February 2026 · source ↗
  7. ReportedInternational liquids realised $96.41 a barrel in the second quarter of 2026, and foreign currency effects cost $469 million in 2025, largely in Australia.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  8. ReportedInternational liquids realised $96.41 a barrel in the second quarter of 2026, and foreign currency effects cost $469 million in 2025, largely in Australia.
    Chevron Form 10-K for fiscal 2025 - Items 1 and 2: upstream operations, reserves, concessions and employees. — FY2025 · publ. 24 February 2026 · source ↗
  9. ReportedInternational liquids realised $96.41 a barrel in the second quarter of 2026, and foreign currency effects cost $469 million in 2025, largely in Australia.
    Chevron fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1. — FY2025 · publ. 30 January 2026 · source ↗
  10. ReportedInternational upstream earned $13,566 million in 2014, lost $483 million in 2016 and $825 million in 2020, and earned $17,663 million in 2022, $13,290 million in 2023 and $11,000 million in 2024.
    Chevron Form 10-K for fiscal 2016 - segment earnings for 2014-2016 and return on capital employed. — FY2016 · publ. February 2017 · source ↗
  11. ReportedInternational upstream earned $13,566 million in 2014, lost $483 million in 2016 and $825 million in 2020, and earned $17,663 million in 2022, $13,290 million in 2023 and $11,000 million in 2024.
    Chevron Form 10-K for fiscal 2016 - segment earnings for 2014-2016 and return on capital employed. — FY2016 · publ. February 2017 · source ↗
  12. ReportedInternational upstream earned $13,566 million in 2014, lost $483 million in 2016 and $825 million in 2020, and earned $17,663 million in 2022, $13,290 million in 2023 and $11,000 million in 2024.
    Chevron Form 10-K for fiscal 2022 - segment sales and earnings for 2020-2022 and return on capital employed. — FY2022 · publ. February 2023 · source ↗
  13. ReportedInternational upstream earned $13,566 million in 2014, lost $483 million in 2016 and $825 million in 2020, and earned $17,663 million in 2022, $13,290 million in 2023 and $11,000 million in 2024.
    Chevron Form 10-K for fiscal 2022 - segment sales and earnings for 2020-2022 and return on capital employed. — FY2022 · publ. February 2023 · source ↗
  14. ReportedInternational upstream earned $13,566 million in 2014, lost $483 million in 2016 and $825 million in 2020, and earned $17,663 million in 2022, $13,290 million in 2023 and $11,000 million in 2024.
    Chevron Form 10-K for fiscal 2025 - Item 7 MD&A: earnings by segment, return on capital employed and financial ratios. — FY2025 · publ. 24 February 2026 · source ↗
  15. Moat Explorer calcPer dollar of sales before eliminations, 2025 earnings were about 16.3 percent; per dollar of year-end segment assets, which rose from $123,343 million to $168,200 million with Hess, about 4.2 percent.
    Moat Explorer calculation from Chevron's reported figures ($ millions unless stated). Segment mix 2025: external sales upstream US 19,608, upstream international 33,844, downstream US 65,331, downstream international 65,545, All Other 104, total 184,432; upstream 19,608 + 33,844 = 53,452, 53,452 / 184,432 = 29.0%; downstream 65,331 + 65,545 = 130,876, 130,876 / 184,432 = 71.0%; upstream US 19,608 / 184,432 = 10.6%; upstream international 33,844 / 184,432 = 18.4%; downstream US 65,331 / 184,432 = 35.4%; downstream international 65,545 / 184,432 = 35.5%. Upstream share of external sales 2015 (4,117 + 15,587) / 129,925 = 15.2%. Intersegment: upstream US 25,910 / 45,518 = 56.9%. Segment earnings 2025: upstream 12,822, downstream 3,022, sum 15,844; downstream 3,022 / 15,844 = 19.1%; upstream 12,822 / 15,844 = 80.9%. Downstream assets 55,243 / 324,012 = 17.0%. Change 2024 to 2025: upstream 12,822 - 18,602 = -5,780; downstream 3,022 - 1,727 = +1,295; 1,295 / 5,780 = 22.4%; Brent 81 - 69 = 12, 5,780 / 12 = about 480 per $1. 2022 upstream 12,621 + 17,663 = 30,284; downstream 5,394 + 2,761 = 8,155. Margins 2025 on sales before eliminations: upstream US 5,815 / 45,518 = 12.8%; upstream international 7,007 / 42,861 = 16.3%; downstream US 1,375 / 72,485 = 1.9%; downstream international 1,647 / 69,925 = 2.4%. Earnings over year-end segment assets: upstream 12,822 / 256,975 = 5.0%; upstream US 5,815 / 84,559 = 6.9%; upstream international 7,007 / 168,200 = 4.2%; downstream 3,022 / 55,243 = 5.5%; downstream US 1,375 / 33,745 = 4.1%; downstream international 1,647 / 21,146 = 7.8%. US downstream 531 / 3,904 - 1 = -86.4%. CPChem 352 / 8,985 = 3.9%; 352 / 903 - 1 = -61.0%. TCO revenue 21,986 / 18,872 - 1 = 16.5%; TCO net income 2,496 / 5,779 - 1 = -56.8%. Hess net income 193 / 48,000 = 0.4%. ROCE 2015-2025: 2.5, -0.1, 5.0, 8.2, 2.0, -2.8, 9.4, 20.3, 11.9, 10.1, 6.6; sum 73.1 / 11 = 6.6% average; years at or above 8%: 2018, 2021, 2022, 2023, 2024 = 5 of 11. Production: Permian 1,000 / US 1,858 = 54%; 1,000 / 3,723 = 27%; Australia 472 / 3,723 = 12.7%; Q2 2026 4,070 / 3,396 - 1 = 19.8%; 4,070 / 3,120 - 1 = 30.4%. Guyana 30% x 1.7 million gross = 510 thousand. Gas: 0.91 x 6 = 5.46 per barrel of oil equivalent; 5.46 / 70.80 = 7.7%; 1.8 billion cubic feet / 6,000 = 300 thousand boe a day. Reserves: 3,723 x 365 = 1,359 million boe a year; 10,591 / 1,359 = 7.8 years. California refining 290 + 257 = 547 of 1,099 = 49.8%. Largest holders 8.56 + 7.50 + 7.00 + 6.70 = 29.76%. Balance sheet and returns: net debt 34,461 / 17,756 = 1.94, up 94%; dividends per share 6.84 / 4.28 - 1 = 59.8%; 6.84 / 6.63 = 1.03; returns 27.1 / 12.3 = 2.2 times; free cash flow 16.6 - 12.751 = 3.8 bn; buyback authorisation 75 - 44 = 31 bn; Q2 2026 buyback 3.0 bn / 16.2 million = $185 a share; shares 1,980 / 1,755 - 1 = 12.8%, 1,980 - 1,755 = 225 million; employees 43,039 / 45,600 - 1 = -5.6%; operating and SG&A 33,444 / 29,240 - 1 = 14.4%, 33,444 - 29,240 = 4,204; DD&A 20,132 / 17,282 - 1 = 16.5%, +2,850; income tax 7,258 / 12,299 = 59.0%. Valuation: trailing sales 184,432 - 90,476 + 114,755 = 208,711; trailing net income 12,299 - 5,990 + 14,282 = 20,591; 403.40 / 20.591 = 19.6 times; 403.40 / 12.299 = 32.8 times; implied forward earnings 403.40 / 12.77 = 31.6 bn, 31.6 / 12.3 = 2.6 times; trailing EPS approximately 20,591 / 1,970 = 10.45. Swings: timing 2.9 + 1.4 = 4.3 bn; international downstream 1,013 + 2,457 = 3,470. Further: California inputs 261 + 253 = 514, 514 / 1,038 = 49.5%; GS Caltex 58 / 4,403 = 1.3%, 437 / 4,403 = 9.9%; equity affiliate income 3,000 / 5,131 - 1 = -41.5%; affiliate production 538 / 3,723 = 14.5%; Hess share of 2025 production increase 261 / 385 = 67.8%; enterprise value less market value 431.95 - 403.40 = 28.55 bn; capital employed 232,934 / 177,698 - 1 = 31.1%; total assets 324,012 - 256,938 = 67,074; Hess issuance 15% / 6% = 2.5 years, 15% / 3% = 5 years; external sales 2015 downstream US 48,420 + 4,426 = 52,846, downstream international 54,296 + 2,933 = 57,229; 2020 downstream US 32,589 - 2,150 = 30,439 - segment earnings, returns and per-unit economics. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Chevron's Forms 10-K, 10-Q, earnings releases, proxy statement and market data; operands shown in the source line.
  16. ReportedPer dollar of sales before eliminations, 2025 earnings were about 16.3 percent; per dollar of year-end segment assets, which rose from $123,343 million to $168,200 million with Hess, about 4.2 percent.
    Chevron Form 10-K for fiscal 2025 - Note 29 and property tables: the Hess acquisition and property, plant and equipment. — FY2025 · publ. 24 February 2026 · source ↗
  17. Moat Explorer calcPer dollar of sales before eliminations, 2025 earnings were about 16.3 percent; per dollar of year-end segment assets, which rose from $123,343 million to $168,200 million with Hess, about 4.2 percent.
    Moat Explorer calculation from Chevron's reported figures ($ millions unless stated). Segment mix 2025: external sales upstream US 19,608, upstream international 33,844, downstream US 65,331, downstream international 65,545, All Other 104, total 184,432; upstream 19,608 + 33,844 = 53,452, 53,452 / 184,432 = 29.0%; downstream 65,331 + 65,545 = 130,876, 130,876 / 184,432 = 71.0%; upstream US 19,608 / 184,432 = 10.6%; upstream international 33,844 / 184,432 = 18.4%; downstream US 65,331 / 184,432 = 35.4%; downstream international 65,545 / 184,432 = 35.5%. Upstream share of external sales 2015 (4,117 + 15,587) / 129,925 = 15.2%. Intersegment: upstream US 25,910 / 45,518 = 56.9%. Segment earnings 2025: upstream 12,822, downstream 3,022, sum 15,844; downstream 3,022 / 15,844 = 19.1%; upstream 12,822 / 15,844 = 80.9%. Downstream assets 55,243 / 324,012 = 17.0%. Change 2024 to 2025: upstream 12,822 - 18,602 = -5,780; downstream 3,022 - 1,727 = +1,295; 1,295 / 5,780 = 22.4%; Brent 81 - 69 = 12, 5,780 / 12 = about 480 per $1. 2022 upstream 12,621 + 17,663 = 30,284; downstream 5,394 + 2,761 = 8,155. Margins 2025 on sales before eliminations: upstream US 5,815 / 45,518 = 12.8%; upstream international 7,007 / 42,861 = 16.3%; downstream US 1,375 / 72,485 = 1.9%; downstream international 1,647 / 69,925 = 2.4%. Earnings over year-end segment assets: upstream 12,822 / 256,975 = 5.0%; upstream US 5,815 / 84,559 = 6.9%; upstream international 7,007 / 168,200 = 4.2%; downstream 3,022 / 55,243 = 5.5%; downstream US 1,375 / 33,745 = 4.1%; downstream international 1,647 / 21,146 = 7.8%. US downstream 531 / 3,904 - 1 = -86.4%. CPChem 352 / 8,985 = 3.9%; 352 / 903 - 1 = -61.0%. TCO revenue 21,986 / 18,872 - 1 = 16.5%; TCO net income 2,496 / 5,779 - 1 = -56.8%. Hess net income 193 / 48,000 = 0.4%. ROCE 2015-2025: 2.5, -0.1, 5.0, 8.2, 2.0, -2.8, 9.4, 20.3, 11.9, 10.1, 6.6; sum 73.1 / 11 = 6.6% average; years at or above 8%: 2018, 2021, 2022, 2023, 2024 = 5 of 11. Production: Permian 1,000 / US 1,858 = 54%; 1,000 / 3,723 = 27%; Australia 472 / 3,723 = 12.7%; Q2 2026 4,070 / 3,396 - 1 = 19.8%; 4,070 / 3,120 - 1 = 30.4%. Guyana 30% x 1.7 million gross = 510 thousand. Gas: 0.91 x 6 = 5.46 per barrel of oil equivalent; 5.46 / 70.80 = 7.7%; 1.8 billion cubic feet / 6,000 = 300 thousand boe a day. Reserves: 3,723 x 365 = 1,359 million boe a year; 10,591 / 1,359 = 7.8 years. California refining 290 + 257 = 547 of 1,099 = 49.8%. Largest holders 8.56 + 7.50 + 7.00 + 6.70 = 29.76%. Balance sheet and returns: net debt 34,461 / 17,756 = 1.94, up 94%; dividends per share 6.84 / 4.28 - 1 = 59.8%; 6.84 / 6.63 = 1.03; returns 27.1 / 12.3 = 2.2 times; free cash flow 16.6 - 12.751 = 3.8 bn; buyback authorisation 75 - 44 = 31 bn; Q2 2026 buyback 3.0 bn / 16.2 million = $185 a share; shares 1,980 / 1,755 - 1 = 12.8%, 1,980 - 1,755 = 225 million; employees 43,039 / 45,600 - 1 = -5.6%; operating and SG&A 33,444 / 29,240 - 1 = 14.4%, 33,444 - 29,240 = 4,204; DD&A 20,132 / 17,282 - 1 = 16.5%, +2,850; income tax 7,258 / 12,299 = 59.0%. Valuation: trailing sales 184,432 - 90,476 + 114,755 = 208,711; trailing net income 12,299 - 5,990 + 14,282 = 20,591; 403.40 / 20.591 = 19.6 times; 403.40 / 12.299 = 32.8 times; implied forward earnings 403.40 / 12.77 = 31.6 bn, 31.6 / 12.3 = 2.6 times; trailing EPS approximately 20,591 / 1,970 = 10.45. Swings: timing 2.9 + 1.4 = 4.3 bn; international downstream 1,013 + 2,457 = 3,470. Further: California inputs 261 + 253 = 514, 514 / 1,038 = 49.5%; GS Caltex 58 / 4,403 = 1.3%, 437 / 4,403 = 9.9%; equity affiliate income 3,000 / 5,131 - 1 = -41.5%; affiliate production 538 / 3,723 = 14.5%; Hess share of 2025 production increase 261 / 385 = 67.8%; enterprise value less market value 431.95 - 403.40 = 28.55 bn; capital employed 232,934 / 177,698 - 1 = 31.1%; total assets 324,012 - 256,938 = 67,074; Hess issuance 15% / 6% = 2.5 years, 15% / 3% = 5 years; external sales 2015 downstream US 48,420 + 4,426 = 52,846, downstream international 54,296 + 2,933 = 57,229; 2020 downstream US 32,589 - 2,150 = 30,439 - segment earnings, returns and per-unit economics. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Chevron's Forms 10-K, 10-Q, earnings releases, proxy statement and market data; operands shown in the source line.
  18. ReportedThe latest quarter was strong: $4,641 million against $1,309 million a year earlier, and $6,438 million in the first half against $3,209 million, helped by Hess and prices and held back by curtailments in the Partitioned Zone.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  19. ReportedThe latest quarter was strong: $4,641 million against $1,309 million a year earlier, and $6,438 million in the first half against $3,209 million, helped by Hess and prices and held back by curtailments in the Partitioned Zone.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  20. ReportedChevron's equity-method investments totalled $43,037 million at the end of 2025, and income from them fell from $5,131 million in 2023 to $3,000 million in 2025, about 42 percent.
    Chevron Form 10-K for fiscal 2025 - Note 15 equity affiliates: Tengizchevroil, Chevron Phillips Chemical, GS Caltex and others. — FY2025 · publ. 24 February 2026 · source ↗
  21. ReportedChevron's equity-method investments totalled $43,037 million at the end of 2025, and income from them fell from $5,131 million in 2023 to $3,000 million in 2025, about 42 percent.
    Chevron Form 10-K for fiscal 2025 - Note 15 equity affiliates: Tengizchevroil, Chevron Phillips Chemical, GS Caltex and others. — FY2025 · publ. 24 February 2026 · source ↗
  22. Moat Explorer calcChevron's equity-method investments totalled $43,037 million at the end of 2025, and income from them fell from $5,131 million in 2023 to $3,000 million in 2025, about 42 percent.
    Moat Explorer calculation from Chevron's reported figures ($ millions unless stated). Segment mix 2025: external sales upstream US 19,608, upstream international 33,844, downstream US 65,331, downstream international 65,545, All Other 104, total 184,432; upstream 19,608 + 33,844 = 53,452, 53,452 / 184,432 = 29.0%; downstream 65,331 + 65,545 = 130,876, 130,876 / 184,432 = 71.0%; upstream US 19,608 / 184,432 = 10.6%; upstream international 33,844 / 184,432 = 18.4%; downstream US 65,331 / 184,432 = 35.4%; downstream international 65,545 / 184,432 = 35.5%. Upstream share of external sales 2015 (4,117 + 15,587) / 129,925 = 15.2%. Intersegment: upstream US 25,910 / 45,518 = 56.9%. Segment earnings 2025: upstream 12,822, downstream 3,022, sum 15,844; downstream 3,022 / 15,844 = 19.1%; upstream 12,822 / 15,844 = 80.9%. Downstream assets 55,243 / 324,012 = 17.0%. Change 2024 to 2025: upstream 12,822 - 18,602 = -5,780; downstream 3,022 - 1,727 = +1,295; 1,295 / 5,780 = 22.4%; Brent 81 - 69 = 12, 5,780 / 12 = about 480 per $1. 2022 upstream 12,621 + 17,663 = 30,284; downstream 5,394 + 2,761 = 8,155. Margins 2025 on sales before eliminations: upstream US 5,815 / 45,518 = 12.8%; upstream international 7,007 / 42,861 = 16.3%; downstream US 1,375 / 72,485 = 1.9%; downstream international 1,647 / 69,925 = 2.4%. Earnings over year-end segment assets: upstream 12,822 / 256,975 = 5.0%; upstream US 5,815 / 84,559 = 6.9%; upstream international 7,007 / 168,200 = 4.2%; downstream 3,022 / 55,243 = 5.5%; downstream US 1,375 / 33,745 = 4.1%; downstream international 1,647 / 21,146 = 7.8%. US downstream 531 / 3,904 - 1 = -86.4%. CPChem 352 / 8,985 = 3.9%; 352 / 903 - 1 = -61.0%. TCO revenue 21,986 / 18,872 - 1 = 16.5%; TCO net income 2,496 / 5,779 - 1 = -56.8%. Hess net income 193 / 48,000 = 0.4%. ROCE 2015-2025: 2.5, -0.1, 5.0, 8.2, 2.0, -2.8, 9.4, 20.3, 11.9, 10.1, 6.6; sum 73.1 / 11 = 6.6% average; years at or above 8%: 2018, 2021, 2022, 2023, 2024 = 5 of 11. Production: Permian 1,000 / US 1,858 = 54%; 1,000 / 3,723 = 27%; Australia 472 / 3,723 = 12.7%; Q2 2026 4,070 / 3,396 - 1 = 19.8%; 4,070 / 3,120 - 1 = 30.4%. Guyana 30% x 1.7 million gross = 510 thousand. Gas: 0.91 x 6 = 5.46 per barrel of oil equivalent; 5.46 / 70.80 = 7.7%; 1.8 billion cubic feet / 6,000 = 300 thousand boe a day. Reserves: 3,723 x 365 = 1,359 million boe a year; 10,591 / 1,359 = 7.8 years. California refining 290 + 257 = 547 of 1,099 = 49.8%. Largest holders 8.56 + 7.50 + 7.00 + 6.70 = 29.76%. Balance sheet and returns: net debt 34,461 / 17,756 = 1.94, up 94%; dividends per share 6.84 / 4.28 - 1 = 59.8%; 6.84 / 6.63 = 1.03; returns 27.1 / 12.3 = 2.2 times; free cash flow 16.6 - 12.751 = 3.8 bn; buyback authorisation 75 - 44 = 31 bn; Q2 2026 buyback 3.0 bn / 16.2 million = $185 a share; shares 1,980 / 1,755 - 1 = 12.8%, 1,980 - 1,755 = 225 million; employees 43,039 / 45,600 - 1 = -5.6%; operating and SG&A 33,444 / 29,240 - 1 = 14.4%, 33,444 - 29,240 = 4,204; DD&A 20,132 / 17,282 - 1 = 16.5%, +2,850; income tax 7,258 / 12,299 = 59.0%. Valuation: trailing sales 184,432 - 90,476 + 114,755 = 208,711; trailing net income 12,299 - 5,990 + 14,282 = 20,591; 403.40 / 20.591 = 19.6 times; 403.40 / 12.299 = 32.8 times; implied forward earnings 403.40 / 12.77 = 31.6 bn, 31.6 / 12.3 = 2.6 times; trailing EPS approximately 20,591 / 1,970 = 10.45. Swings: timing 2.9 + 1.4 = 4.3 bn; international downstream 1,013 + 2,457 = 3,470. Further: California inputs 261 + 253 = 514, 514 / 1,038 = 49.5%; GS Caltex 58 / 4,403 = 1.3%, 437 / 4,403 = 9.9%; equity affiliate income 3,000 / 5,131 - 1 = -41.5%; affiliate production 538 / 3,723 = 14.5%; Hess share of 2025 production increase 261 / 385 = 67.8%; enterprise value less market value 431.95 - 403.40 = 28.55 bn; capital employed 232,934 / 177,698 - 1 = 31.1%; total assets 324,012 - 256,938 = 67,074; Hess issuance 15% / 6% = 2.5 years, 15% / 3% = 5 years; external sales 2015 downstream US 48,420 + 4,426 = 52,846, downstream international 54,296 + 2,933 = 57,229; 2020 downstream US 32,589 - 2,150 = 30,439 - segment earnings, returns and per-unit economics. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Chevron's Forms 10-K, 10-Q, earnings releases, proxy statement and market data; operands shown in the source line.
  23. ReportedTengizchevroil is most of that decline; Angola LNG, in which Chevron holds 36.4 percent, earned $473 million for it in 2025.
    Chevron Form 10-K for fiscal 2025 - Note 15 equity affiliates: Tengizchevroil, Chevron Phillips Chemical, GS Caltex and others. — FY2025 · publ. 24 February 2026 · source ↗
  24. ReportedSome of it comes with fixed end dates: Tengizchevroil's concession in 2033, Karachaganak's agreement in 2038, Leviathan's concession in 2044.
    Chevron Form 10-K for fiscal 2025 - Note 15 equity affiliates: Tengizchevroil, Chevron Phillips Chemical, GS Caltex and others. — FY2025 · publ. 24 February 2026 · source ↗
Sources
Generated September 25, 2026