Chevron (CVX)

Chevron's revenue splits between upstream (exploration and production, with major positions in the Permian Basin, the Tengiz field in Kazakhstan, and Australian LNG projects like Gorgon and Wheatstone) and downstream refining, marketing under the Chevron and Texaco brands, and chemicals produced through its Chevron Phillips joint venture. Upstream volume and price together drive most swings in the top-line number, while downstream refining margins—so-called 'crack spreads'—can move independently of crude prices and sometimes cushion Chevron's revenue when oil prices fall.

Chevron completed its roughly $53 billion acquisition of Hess Corporation in mid-2025 after an international arbitration panel rejected ExxonMobil's rival claim to a right of first refusal on Hess's stake in Guyana's offshore Stabroek block—one of the most closely watched deals in the industry precisely because it added a major new low-cost production asset to Chevron's future output. Chevron also relocated its corporate headquarters from California to Houston in 2024, aligning the address with the Texas and Gulf Coast heart of its operations.

Compared with Saudi Aramco (see our Saudi Aramco page), Chevron produces at a meaningfully higher cost per barrel and reports well under half Aramco's annual revenue, illustrating how national oil companies with giant low-cost reserves and investor-owned majors like Chevron sit in very different competitive positions despite selling the same commodity. Chevron's revenue also says nothing about shareholder returns directly—dividends and buybacks are funded from free cash flow, a distinct figure from the top-line sales number shown here.

Annual revenue reported in Chevron's 10-K is denominated in dollars but generated across dozens of countries with different royalty, tax, and currency regimes, so the flat per-second rate on this page hides real swings tied to oil-price cycles and planned refinery maintenance turnarounds that can each shift quarterly revenue by billions. For segment-level upstream/downstream detail and production guidance, Chevron's 10-K and investor-day presentations are the primary source.