Chevron Corporation (CVX)
NYSE · Energy · analysed October 12, 2026
Founded in 1879 as the Pacific Coast Oil Company and later evolving into Standard Oil of California, Chevron Corporation is a global integrated energy company engaged in oil and natural gas exploration, production, refining, marketing, and chemical manufacturing. The company is currently focused on maintaining capital discipline while scaling up high-margin upstream production, particularly in key regions such as the Permian Basin and deepwater Gulf of Mexico. Additionally, Chevron is expanding its investments in lower-carbon solutions, prioritizing initiatives in carbon capture, utilization, and storage (CCUS), renewable fuels, and hydrogen technology.
Executive summary
Chevron is executing on its expanded upstream portfolio following the integration of Hess, supported by low-cost production in the Permian Basin and deepwater Guyana. The company is actively optimizing its cost structure and balance sheet, notably through a midstream restructuring that eliminates $3.7 billion of debt and halves Bakken gathering fees. While cash generation and capital discipline remain strong, shares have already appreciated over 36% over the past year, reflecting higher realized commodity prices and leaving valuation closely aligned with consensus expectations.
Key figures
- Market cap
- $415.8B
- P/E, trailing
- 19.7
- P/E, next 12 months
- 13.1
- Revenue growth, last fiscal year
- -4.6%
- Net margin, last fiscal year
- 6.7%
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