Company profile
SEC EDGAR ↗- Industry
- Petroleum Refining
- Listed
- NYSE: CVX
- Incorporated
- DE
- Headquarters
- Houston, TX
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $184.4B
- Net income
- $12.5B
- Total assets
- $324.0B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $184.4B | $12.5B | $324.0B |
| FY2024 | $193.4B | $17.7B | $256.9B |
| FY2023 | $196.9B | $21.4B | $261.6B |
| FY2022 | $235.7B | $35.6B | $257.7B |
| FY2021 | $155.6B | $15.7B | $239.5B |
| FY2020 | $94.5B | −$5.54B | $239.8B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Cases on Chevron, and the casebook each one belongs to.
| Fork date | Decision type | What Chevron chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2022 | Adjacency Expansion | Graft adjacencies onto core | Chevron completed its acquisition of Renewable Energy Group (2022-06) | Read the story → | Adjacency Expansion Casebook → |
| 2023 | The Counterfactual | All-company stock merger | Merger closed and Hess became a wholly-owned subsidiary of Chevron (2025-07) | Read the story → | The Counterfactual Casebook → |
Run one of these yourself
The decisions Chevron faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →
The analyses
Adjacency Expansion · Growth & Portfolio
Chevron Grafts Every New Business Onto Pipes and Refineries It Already Owns
Chevron's 'expansion' looks like bold diversification — Texaco, LNG, renewable fuels, hydrogen. It isn't. Every move from the $3.15 billion REG deal to a $10 billion low-carbon bet was grafted onto pipes and refineries it already owned. This is integration wearing the costume of reinvention.
8 min
The Cannibalization Choice · Growth & Portfolio
Chevron Calls It a Measured Approach. The Numbers Call It a Retreat in Transition Clothing.
Chevron cut its low-carbon budget 25% for 2025 - more than twice the proportional cut to overall capex - while its flagship CCS plant captured just 25% of the CO2 it was built to bury. Its biggest move wasn't clean energy at all. It was 11 billion barrels of Guyanese crude.
8 min
The Counterfactual · Decision Forks
Chevron Bought All of Hess for $60 Billion to Route Around Exxon's Right of First Refusal
ExxonMobil had a right of first refusal on Hess's 30% Guyana stake worth billions. So Chevron never bought the stake. It bought all of Hess for $60 billion - and in July 2025 a tribunal ruled the workaround held.
8 min
The Reputation · Business Model
Chevron's 'Capital Discipline' Is a Promise to Pay You, Not Proof It Invests Well
Chevron returned a record $27 billion to shareholders in 2024 and cut 2025 capex by $2 billion. But its ROCE fell three years running - 20.3% to 11.9% to 10.1% - and the discipline brand quietly hides a $53 billion bet that sat in arbitration for 18 months.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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