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Chevron Corporation
Dow 30 S&P 500
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$395.8B
Market Cap
23.0
P/E
1.57
PEG
5.5%
ROCE
7.2%
ROE
0.24
D/E
9.6%
OPM
-2.9%
% from 52W High
83
α RS
🔍 CVX is showing a high-conviction setup because it matches 5 of 39 tracked screener presets, RS Rating is 83, and it's within 2.9% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating 52W High
Sources
Conviction 5/39 · RS Rating 83 · 2.9% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for CVX including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
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About

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations. It operates through Upstream and Downstream segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. The Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The company operates in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding CVX
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Manager Shares Value % of Fund Period
Warren Buffett Berkshire Hathaway Inc 58.25M $12.1B 4.58% Mar 2026
Warren Buffett Berkshire Hathaway Inc 13.48M $2.8B 1.06% Mar 2026
Warren Buffett Berkshire Hathaway Inc 9.19M $1.9B 0.72% Mar 2026
Warren Buffett Berkshire Hathaway Inc 3.45M $714.7M 0.27% Mar 2026
Jim Simons Renaissance Technologies LLC 2.02M $417.0M 0.65% Mar 2026
Steve Cohen Point72 Asset Management 1.05M $216.7M 0.28% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Net Income
$12.1B
+385% YoY
What Went Right
  • Record U.S. upstream production of nearly 2.1 MMboed and record refinery throughput of over 1 MMbpd.
  • Achieved $3B structural cost reduction target six months early; Hess synergies of $1.5B delivered 50% above target.
  • Signed a 20-year, 2.67 GW behind-the-meter power agreement with Microsoft for Project Kilby.
What to Watch
  • CPC pipeline exposure: intermittent disruptions at Novorossiysk, with only 1% of Q2 production impacted but risk remains.
  • Strait of Hormuz constraints and Middle East conflict continue to pressure global product markets and supply chains.
  • Venezuela debt recovery is expected only by early 2027, and future fiscal terms remain under negotiation.
Management Guidance
  • Full-year capital expenditures expected at the lower end of the $18–19 billion guidance range.
  • Reaffirmed 2030 objectives: 2–3% annual production growth, >10% adjusted free cash flow growth per year, and >3% improvement in return on capital employed.
  • Tengizchevroil affiliate distributions guided at $6 billion at $70 Brent, likely higher with current prices.
Investor Lens
The thesis is stronger after this quarter. Record production, early delivery of cost synergies, and the Microsoft power deal add a new long-term growth engine. The balance sheet was also strengthened with debt down over $8 billion and net debt-to-CFFO at 0.6x. Key risks remain geopolitical, especially around CPC and the Strait of Hormuz, but the company’s execution and capital discipline are clearly paying off.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter: earnings hit $12.1B on record output
Revenue
Revenue was not explicitly disclosed on the call. Reported segment earnings included upstream of $8.2B and downstream of $4.9B, partially offset by all other of -$978M.
Profitability
Net income was $12.1B, up 385% from $2.5B in the year-ago quarter. Adjusted earnings were $12.0B, or $6.06 per diluted share.
Margins
Operating margin was not disclosed. Cost discipline is evident with $3B in annual run-rate structural cost reductions achieved ahead of schedule, 70% from efficiency gains.
Balance Sheet
Cash flow from operations excluding working capital was $19.7B, and adjusted free cash flow was $15.4B. Debt was reduced by more than $8B, bringing net debt-to-CFFO to 0.6x.
Key Risks
Management flagged CPC pipeline disruptions and potential extended shutdowns, with current mitigation limited to alternate routes. Strait of Hormuz-related product market tightness and geopolitical uncertainty remain. Venezuela debt recovery is still pending until early 2027, with future investment terms under negotiation.
Outlook
Chevron expects full-year CapEx at the lower end of $18–19B and reaffirmed its 2030 growth and cash flow targets. The TCO debottlenecking raises total field processing capacity to over 1 MMbpd.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-31
Q2 saw record upstream and downstream performance, $12.1B in earnings, and $3B in cost reductions achieved early. Major synergies from the Hess acquisition, robust cash flow, and disciplined CapEx position the company for long-term growth, with new power and exploration projects advancing.
Q1 2026 Q1 2026 2026-05-01
Q1 2026 saw strong operational and financial performance, with adjusted earnings of $2.8B and robust production growth driven by asset integration and high utilization. Guidance and capital discipline remain unchanged despite market volatility and geopolitical risks.
Q4 2025 Q4 2025 2026-01-30
Record production and cash returns were achieved, with strong project execution and portfolio growth from the Hess acquisition. Efficiency gains, cost reductions, and robust downstream performance underpin a positive 2026 outlook, with continued shareholder returns and disciplined capital allocation.
Q3 2025 Q3 2025 2025-10-31
Record production and strong cash flow marked the quarter, with adjusted earnings of $3.6B and $6B returned to shareholders. Upstream and downstream segments saw operational gains, while integration of acquired assets delivered synergies.
Q2 2025 Q2 2025 2025-08-01
Record production and strong free cash flow growth were achieved, driven by operational milestones, the Hess merger, and disciplined capital management. Guidance was raised for 2026 free cash flow, with cost reductions and portfolio optimization underway.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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