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Energy · Profile from Energy Research Companion

Chevron

The second-largest US oil company, descended from the Pacific Coast Oil Company (1879) and Standard Oil of California ("Socal"), which won the 1933 Saudi concession that became Saudi Aramco. Chevron has grown mainly by acquisition — Gulf Oil (1984), Texaco (2001), Unocal (2005), Noble (2020), PDC (2023) and Hess (closed 18 July 2025) — and its defining capability is M&A as strategy: knowing when to pay and when to walk away (it collected a $1bn break fee after declining to outbid Occidental for Anadarko in 2019). It produced a record ~4.1m barrels of oil equivalent a day (boe/d) in Q3 2025 after Hess (reported), from the Permian, Kazakhstan's Tengiz, Australian LNG (Gorgon and Wheatstone), the eastern Mediterranean (Israel's Leviathan and Tamar), the US Gulf, Guyana (30% of Stabroek) and Venezuela, where it was the only US major still producing when the US removed Nicolás Maduro in January 2026 (reported). Its costliest episodes were legal and technical: an $18bn Ecuadorian judgment inherited from Texaco that US courts found was obtained by fraud (2014), cost overruns of ~US$17bn at Gorgon LNG, and a 21-month arbitration in which ExxonMobil tried to block the Hess deal.

At a glance

Founded
1879 (Pacific Coast Oil Company); Standard Oil Company of California from 1906 (part of Standard Oil until 1911); Chevron Corporation from 1984
Headquarters
Houston, Texas (move announced 2 August 2024; executives relocated by end-2024; San Ramon, California kept as an office)
Ownership / structure
Public (NYSE: CVX); widely held, index funds largest; Berkshire Hathaway held a stake of ~6–7% at its peak (2023–24, reported, verify current)
Leadership (2026)
Mike Wirth (chairman and CEO since February 2018); Eimear Bonner (CFO since 2024); Mark Nelson (vice chairman); John Hess joined the board after the Hess deal closed (reported, verify)
Segments
Upstream; Downstream (refining, marketing, lubricants, renewable fuels); 50% of Chevron Phillips Chemical (CPChem, with Phillips 66)
Scale
Production ~3.3m boe/d (2024, company); record ~4.1m boe/d in Q3 2025 after Hess (company, reported); US output above 2m boe/d for five consecutive quarters to Q3 2026 (company 8-K)
Profits
Record ~$35.5bn net income in 2022 (company, verify); Q3 2026 net income ~$9.9bn, adjusted ~$10.4bn, ROCE ~18% (company 8-K, 30 Sep 2026 quarter)
Reserves
SEC proved reserves ~10–12bn boe before Hess (company 10-K, verify); Stabroek 30% of ~11bn boe gross discovered recoverable (resource, not proved)
Signature moves (incl. failures)
Texaco (2001); Unocal and CNOOC (2005); staying in Venezuela (2007–26); Gorgon/Wheatstone LNG (FIDs 2009–11); the Ecuador judgment and RICO win (2011–14); Anadarko bid lost (2019); Noble (2020) and PDC (2023); Hess and the Stabroek arbitration (2023–25); the Houston move and cost cuts (2024–25)

9 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 2001

    Texaco Merger

    Acquisition or merger

  2. 2005

    Unocal Acquisition and CNOOC

    Acquisition (contested by a Chinese state-backed bidder)

  3. 2007

    Venezuela Staying Under PDVSA

    Sanctions or nationalisation: accepting minority stakes after a forced conversion, then operating under US sanctions licences

  4. 2009

    Gorgon and Wheatstone LNG

    Project final investment decision; construction overruns

  5. 2011

    Ecuador Lago Agrio Judgment and RICO Win

    Regulatory or legal action (defence against a foreign judgment and a US racketeering suit)

  6. 2019

    Anadarko Bid Lost

    Acquisition (abandoned after a rival bid)

  7. 2020

    Noble and 2023 PDC Acquisitions

    Acquisition or merger (two counter-cyclical stock deals)

  8. 2023

    Hess Acquisition and Stabroek Arbitration

    Acquisition or merger, delayed by a regulatory review and an arbitration over a pre-emption right

  9. 2024

    HQ Move to Houston and Cost Cuts

    Restructuring / strategy pivot (headquarters relocation, then a company-wide cost programme)