Chevron: still smaller than it was.

1. Still smaller than it was. Revenue reached $189 billion in 2025, 23% below its 2022 peak of $246 billion.
2. Leaders came and went. Chevron filed 39 leadership changes since 2016, more than 91% of large manufacturers (the median is 20). The day after each, its shares moved a median 0.4 points against its sector. The news was rarely news.
3. Four decisions on record. Stratrix has verified four of Chevron's big decisions, each with what happened next. The hardest year after: "Chevron's 'Capital Discipline' Is a Promise to Pay You, Not Proof It Invests Well", with its shares 50 points behind the S&P 500 over the next three years.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2023Chevron Bought All of Hess for $60 Billion to Route Around Exxon's Right of First RefusalStood · shares −46 pts vs the S&P 500 over a year
• 2023Chevron's 'Capital Discipline' Is a Promise to Pay You, Not Proof It Invests WellStood · shares −50 pts vs the S&P 500 over 3 years
• 2023Chevron Paid $60 Billion to Sit at a Table Its Rival Controls.Stood · shares −50 pts vs the S&P 500 over 3 years
• 2022Chevron Grafts Every New Business Onto Pipes and Refineries It Already OwnsStood · shares −10 pts vs the S&P 500 over 3 years