Chevron Corporation (CVX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'énergie mondiale, Chevron Corporation est un titan, naviguant parfaitement dans le paysage complexe des marchés d'énergie traditionnels et renouvelables. Avec un modèle commercial stratégique qui mélange des techniques d'exploration innovantes, des pratiques durables et une présence mondiale robuste, Chevron est passé d'un géant du pétrole classique en une centrale énergétique multiforme. Cette toile complète du modèle commercial révèle comment l'entreprise se positionne stratégiquement pour fournir des solutions énergétiques fiables, gérer des partenariats complexes et stimuler l'innovation technologique à travers divers segments de marché.

Chevron Corporation (CVX) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les compagnies pétrolières nationales

Chevron maintient des partenariats stratégiques avec les compagnies pétrolières nationales dans plusieurs pays:

Pays	Partenaire	Investissement / pieu
Kazakhstan	Kazmunaygas	50% de participation dans la coentreprise Tengizchevroil
Angola	Sonangol	39,2% de propriété dans le bloc 0
Nigeria	Nigerian National Petroleum Corporation	40% de participation dans la coentreprise

Partenariats technologiques avec les fabricants d'équipements

Chevron collabore avec les principaux fournisseurs de technologies:

• Schlumberger Ltd. - Partnership technologique de forage
• Halliburton Company - Collaboration d'équipement d'exploration
• Baker Hughes - Solutions de forage avancées

Coentreprises dans les énergies renouvelables

Partenaire	Type de projet	Montant d'investissement
Énergies totales	Projet solaire	Investissement de 500 millions de dollars
Énergie nextère	Développement de l'énergie éolienne	Engagement de 300 millions de dollars

Collaboration de recherche pour l'énergie durable

Chevron s'associe aux établissements universitaires:

• Université de Stanford - Recherche de capture de carbone
• MIT Energy Initiative - Clean Technology Development
• Université de Californie - Innovation d'énergie renouvelable

Partenariats de chaîne d'approvisionnement et de logistique

Partenaire	Service	Valeur du contrat annuel
Ligne Maersk	Transport maritime	750 millions de dollars
FedEx Logistics	Services d'expédition mondiaux	250 millions de dollars

Chevron Corporation (CVX) - Modèle d'entreprise: activités clés

Exploration et production de pétrole brut et de gaz naturel

Les opérations mondiales d'exploration et de production de Chevron en 2023:

Région	Production quotidienne	Réserves prouvées
États-Unis	785 000 barils de pétrole équivalent par jour	3,1 milliards de barils
International	1,15 million de barils de pétrole équivalent par jour	5,6 milliards de barils

Affiner et traiter les produits pétroliers

Capacité et opérations de raffinage en 2023:

• Capacité de raffinage mondiale totale: 1,7 million de barils par jour
• Nombre de raffineries: 8 aux États-Unis
• Nombre de raffineries: 5 emplacements internationaux

Marketing mondial et distribution des ressources énergétiques

Statistiques de marketing et de distribution:

Produit	Volume des ventes annuelles	Marchés mondiaux
Produits pétroliers	2,8 millions de barils par jour	Plus de 180 pays
Lubrifiants	320 millions de gallons par an	50+ pays

Développement et investissement des énergies renouvelables

Portfolio des énergies renouvelables en 2023:

• Investissements totaux en énergie renouvelable: 10,3 milliards de dollars
• Projets d'énergie renouvelable: 14 projets actifs
• Capacité de capture du carbone: 3,4 millions de tonnes métriques par an

Innovation technologique continue dans les techniques d'extraction

Investissement technologique et métriques d'innovation:

Zone d'innovation	Investissement annuel de R&D	Technologies clés
Technologies d'extraction	1,2 milliard de dollars	Imagerie sismique avancée, forage horizontal
Transformation numérique	680 millions de dollars	Gestion des réservoirs dirigés par AI, maintenance prédictive

Chevron Corporation (CVX) - Modèle d'entreprise: Ressources clés

De vastes réserves mondiales de pétrole et de gaz

En 2022, Chevron a déclaré que le total a prouvé des réserves de 8,1 milliards de barils d'équivalent pétrolier. Répartition géographique des réserves:

Région	Réserves (milliards de barils)
États-Unis	2.7
Asie-Pacifique	1.9
Moyen-Orient	1.5
Afrique	1.2
Autres internationaux	0.8

Technologies avancées d'exploration et de forage

Les investissements technologiques de Chevron comprennent:

• 3,1 milliards de dollars dépensés pour les dépenses en capital en 2022
• Technologies d'imagerie sismique avancées
• Capacités d'exploration en eau profonde dans plusieurs régions mondiales

Main-d'œuvre qualifiée

Statistiques de la main-d'œuvre en 2022:

• Total des employés: 43 846
• Présence mondiale dans 180 pays
• Tiration moyenne des employés: 12,4 ans

Capital financier substantiel

Ressources financières en 2022:

Métrique financière	Montant
Revenus totaux	236,9 milliards de dollars
Revenu net	35,5 milliards de dollars
Cash et investissements à court terme	8,1 milliards de dollars

Infrastructure de recherche et de développement

Détails de l'investissement R&D:

• Dépenses annuelles de R&D: 521 millions de dollars
• Zones de mise au point: capture de carbone, énergie renouvelable, technologies de forage avancées
• 5 principaux centres de recherche dans le monde entier

Chevron Corporation (CVX) - Modèle d'entreprise: propositions de valeur

Approvisionnement énergétique fiable et efficace pour les marchés mondiaux

Chevron a produit 1,92 million de barils de pétrole équivalent par jour en 2022. Répartition mondiale de la production d'énergie:

Région	Volume de production (barils par jour)
États-Unis	762,000
Asie-Pacifique	453,000
Moyen-Orient	385,000

Portfolio d'énergie diversifié

Composition du portefeuille d'énergie à partir de 2022:

• Huile brut: 59%
• Gaz naturel: 28%
• Énergie renouvelable: 13%

Engagement envers la durabilité environnementale

Cibles de réduction des émissions de carbone:

• Portée 1 et 2 Émissions de gaz à effet de serre Réduction de l'intensité: 35% d'ici 2028
• Investissement dans les technologies à faible teneur en carbone: 10 milliards de dollars d'ici 2028

Produits de pétrole et de produits chimiques de haute qualité

Répartition des revenus du produit pour 2022:

Catégorie de produits	Revenus (milliards de dollars)
Produits pétroliers en aval	137.9
Lubrifiants et spécialités	22.4
Produits chimiques	15.6

Innovation technologique dans l'extraction d'énergie

Investissements de recherche et développement:

• Dépenses annuelles de R&D: 489 millions de dollars en 2022
• Brevets déposés: 127 dans le secteur de la technologie énergétique

Chevron Corporation (CVX) - Modèle d'entreprise: relations clients

Contrats à long terme avec les consommateurs d'énergie industrielle et commerciale

Chevron maintient des contrats stratégiques à long terme avec des clients industriels clés dans plusieurs secteurs. En 2023, la société a déclaré 87 contrats industriels majeurs avec une durée moyenne de 7,3 ans.

Secteur	Nombre de contrats	Valeur du contrat moyen
Fabrication	34	156 millions de dollars
Transport	26	213 millions de dollars
Agriculture	15	98 millions de dollars
Exploitation minière	12	178 millions de dollars

Services de support client dédié

Chevron exploite une infrastructure complète de support client avec des canaux de service 24/7.

• Centres mondiaux de support client: 12
• Interactions annuelles sur le service client: 3,2 millions
• Temps de réponse moyen: 17 minutes
• Taux de satisfaction client: 92%

Plateformes numériques pour gérer l'approvisionnement en énergie

Les plates-formes numériques de Chevron permettent l'approvisionnement en énergie transparente pour les clients des entreprises.

Caractéristiques de la plate-forme numérique	Métriques des utilisateurs
Portail d'approvisionnement en ligne	42 000 utilisateurs d'entreprise enregistrés
Tableau de bord de prix en temps réel	87% des principaux clients industriels en utilisant activement
Application mobile	28 000 téléchargements en 2023

Communication transparente sur les pratiques environnementales et opérationnelles

Chevron publie des rapports de durabilité complets détaillant les performances environnementales.

• Téléchargements annuels du rapport sur la durabilité: 156 000
• Score de l'indice de transparence environnementale: 8,7 / 10
• Fréquence de rapport d'émissions de carbone: trimestriel

Solutions énergétiques personnalisées pour différents segments de marché

Chevron fournit des solutions énergétiques sur mesure à travers les segments de marché.

Segment de marché	Solutions personnalisées	Revenus annuels
Grandes entreprises	Gestion complète de l'énergie	3,4 milliards de dollars
Petites entreprises	Packages d'approvisionnement flexibles	1,2 milliard de dollars
Entités gouvernementales	Solutions d'infrastructure spécialisées	2,1 milliards de dollars

Chevron Corporation (CVX) - Modèle d'entreprise: canaux

Équipes de vente directes pour les clients industriels et commerciaux

Chevron exploite 7 259 représentants des ventes directes dans le monde, ciblant les clients de l'énergie industrielle et commerciale. La force de vente B2B de la société génère 96,3 milliards de dollars de revenus annuels provenant des contrats d'énergie directe des entreprises.

Segment du canal de vente	Revenus annuels	Nombre de représentants
Ventes d'énergie industrielle	62,4 milliards de dollars	4 127 représentants
Ventes d'énergie commerciale	33,9 milliards de dollars	3 132 représentants

Plateformes d'approvisionnement en ligne

La plate-forme d'approvisionnement numérique de Chevron Processwire Processwire traite 42 367 transactions mensuelles avec une valeur de transaction moyenne de 1,7 million de dollars.

• Volume de transactions de plate-forme en ligne: 508 404 transactions annuelles
• Valeur de l'approvisionnement numérique total: 864,6 milliards de dollars par an
• Plateforme opérationnelle depuis 2018

Réseau mondial de stations de carburant au détail

Chevron exploite 7 945 stations de carburant au détail dans 41 pays, générant 124,5 milliards de dollars de ventes de carburant au détail par an.

Région	Nombre de stations	Revenus de détail annuels
Amérique du Nord	5 612 stations	87,3 milliards de dollars
Marchés internationaux	2 333 stations	37,2 milliards de dollars

Partenariats stratégiques avec les distributeurs

Chevron maintient 237 partenariats de distribution stratégique générant 53,8 milliards de dollars de revenus collaboratifs.

• Partenaires de distribution d'énergie: 89
• Partenaires logistique et transport: 148
• Durée du partenariat moyen: 7,4 ans

Canaux de marketing numérique et de communication

Les canaux de marketing numériques de Chevron atteignent 18,6 millions d'utilisateurs mensuels sur diverses plates-formes.

Canal numérique	Utilisateurs mensuels	Taux d'engagement
Site Web de l'entreprise	8,3 millions	4.2%
Plateformes de médias sociaux	10,3 millions	3.7%

Chevron Corporation (CVX) - Modèle d'entreprise: segments de clientèle

Fabricants industriels

Chevron fournit des produits pétroliers et des lubrifiants aux fabricants industriels dans le monde.

Segment industriel	Volume de consommation annuel	Contribution des revenus
Fabrication	3,2 millions de barils / jour	24,7 milliards de dollars
Traitement chimique	1,8 million de barils / jour	15,3 milliards de dollars

Sociétés de transport et de logistique

Chevron fournit des solutions de carburant et d'énergie pour le secteur des transports.

• Alimentation commerciale du carburant du camionnage: 750 000 barils / jour
• Carburant maritime: 450 000 barils / jour
• Aviation Fuel Alimentation: 350 000 barils / jour

Organisations gouvernementales et militaires

Chevron répond aux besoins énergétiques du gouvernement et du secteur de la défense.

Segment du gouvernement	Valeur du contrat annuel	Volume d'énergie
Contrats militaires américains	3,6 milliards de dollars	250 000 barils / jour
Contrats du gouvernement international	2,1 milliards de dollars	180 000 barils / jour

Les consommateurs de vente au détail à travers des stations de carburant

Chevron exploite un vaste réseau de carburant de vente au détail.

• Total des stations de carburant au détail: 7 800 emplacements
• Ventes quotidiennes de carburant au détail: 1,2 million de barils
• Revenus de détail annuels: 42,5 milliards de dollars

Fournisseurs d'énergie commerciale et résidentielle

Chevron fournit des solutions énergétiques pour les marchés commerciaux et résidentiels.

Segment d'énergie	Volume de l'offre annuelle	Revenu
Énergie commerciale	2,5 millions de barils / jour	31,2 milliards de dollars
Énergie résidentielle	1,3 million de barils / jour	18,7 milliards de dollars

Chevron Corporation (CVX) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour l'exploration et la production

En 2023, les dépenses totales du capital et exploratoires de Chevron étaient de 14,7 milliards de dollars. Les dépenses en capital en amont ont spécifiquement atteint 9,4 milliards de dollars pour les activités d'exploration et de production.

Catégorie de dépenses	Montant (milliards de dollars)
Dépenses en capital total	14.7
Dépenses en capital en amont	9.4
Dépenses en capital en aval	3.5

Investissement important dans la recherche technologique

Chevron a investi 1,2 milliard de dollars dans les initiatives de recherche et développement en 2023, en se concentrant sur:

• Technologies de forage avancées
• Capture et stockage du carbone
• Innovations d'énergie renouvelable

Coûts opérationnels pour l'extraction et le raffinage mondiaux

Les coûts opérationnels mondiaux pour l'extraction et le raffinage en 2023 ont totalisé 37,8 milliards de dollars, notamment:

Catégorie de coûts opérationnels	Montant (milliards de dollars)
Coûts opérationnels d'extraction	22.5
Affiner les coûts opérationnels	15.3

Initiatives de conformité environnementale et de durabilité

Chevron a alloué 2,1 milliards de dollars aux programmes de conformité et de durabilité environnementaux en 2023.

Frais de travail et d'acquisition de talents

Les dépenses totales liées à la main-d'œuvre pour 2023 étaient de 6,3 milliards de dollars, notamment:

• Salaires des employés: 4,7 milliards de dollars
• Avantages et rémunération: 1,2 milliard de dollars
• Acquisition et formation des talents: 400 millions de dollars

Structure totale des coûts pour 2023: 62,3 milliards de dollars

Chevron Corporation (CVX) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut et de gaz naturel

Les ventes de pétrole brut et de gaz naturel de Chevron pour 2022 ont totalisé 191,8 milliards de dollars. La production totale de l'entreprise était d'environ 1,92 million de barils d'équivalent pétrolier par jour (BOEPD).

Type de produit	Volume des ventes	Revenus ($ b)
Huile brute	1,02 million de BOEPD	108.3
Gaz naturel	0,90 million de BOEPD	83.5

Marketing de produit de pétrole raffiné

Les ventes de produits raffinées ont généré 146,5 milliards de dollars de revenus pour 2022.

• Ventes à l'essence: 54,2 milliards de gallons
• Ventes de carburant diesel: 37,8 milliards de gallons
• Ventes de carburant à jet: 15,6 milliards de gallons

Ventes de produits pétrochimiques

Le segment pétrochimique de Chevron a généré 24,7 milliards de dollars de revenus en 2022.

Catégorie de produits	Revenus ($ b)
Lubrifiants	8.3
Produits chimiques de base	9.5
Produits chimiques spécialisés	6.9

Revenus du projet d'énergie renouvelable

Les projets d'énergie renouvelable ont contribué 3,2 milliards de dollars aux revenus de Chevron en 2022.

• Investissements solaires: 1,1 milliard de dollars
• Projets d'énergie éolienne: 1,5 milliard de dollars
• Capture d'hydrogène et de carbone: 0,6 milliard de dollars

Activités de négociation et de couverture

Le trading du marché de l'énergie a généré 7,6 milliards de dollars de revenus pour 2022.

Catégorie de trading	Revenus ($ b)
Futures de pétrole brut	4.2
Dérivés de gaz naturel	2.1
Couverture de marchandise énergétique	1.3

Chevron Corporation (CVX) - Canvas Business Model: Value Propositions

Affordable and reliable supply of essential energy products (gasoline, diesel, LNG)

• U.S. net oil-equivalent production was up 435,000 barrels per day from a year earlier in Q3 2025, primarily due to the Hess acquisition and higher production in the Permian Basin and Gulf of America.
• Permian Basin production reached 1 million BOE per day in Q2 2025.
• Chevron recorded an all-time high production of 4.1 million boe/d in Q3 2025.
• U.S. and worldwide production in Q3 2025 was up 27 percent and 21 percent, respectively, from last year.
• Chevron entered long-term contracts to purchase liquefied natural gas (LNG), bringing its total U.S. Gulf Coast LNG offtake capacity to 7 million tonnes per year.

Metric	Q2 2025 vs Q2 2024 Change	Q3 2025 vs Q3 2024 Change
Refined Product Sales	Increased 4 percent	Decreased 1 percent
Refinery Crude Unit Inputs	Increased 2 percent	Increased 7 percent

Superior shareholder returns via consistent dividend growth and buybacks

• Chevron returned $5.5 billion cash to shareholders in Q2 2025.
• The company returned $6 billion of cash to shareholders in Q3 2025.
• Chevron returned more than $78 billion of cash to shareholders over the last 3 years (as of Q3 2025).
• The company returned $6.9 billion in Q1 2025, which included share repurchases of $3.9 billion and dividends of $3.0 billion.
• The quarterly dividend declared was one dollar and seventy-one cents ($1.71) per share for the payment in June 2025.
• Shares traded ex a $1.71 dividend on Tuesday, November 18.
• The company aims to repurchase $10 billion to $20 billion of shares each year.
• In Q2 2025, the company repurchased between $2.5 billion and $3 billion in shares.
• In Q3 2025, buybacks totaled $2.6 billion, with dividends at $3 billion.
• Chevron has a $75 billion share buyback program authorization.
• The forward dividend yield was 4.34% as of early November 2025.
• The net debt ratio was 14.4% of capital at the end of Q2 2025.

Lower-carbon energy solutions like blue hydrogen and Carbon Capture and Storage (CCS)

• Chevron is planning a $5B blue hydrogen and ammonia plant in Port Arthur, TX, named Project Labrador.
• The company plans to invest $1.5 billion in 2025 on projects to lower carbon intensity, including carbon capture.
• The total planned investment in renewable fuel, hydrogen, and carbon capture is $10 billion by 2028.
• The company is targeting hydrogen production of 150,000 tons per year by 2030.
• The company is targeting an increase in carbon capture and offsets to 25 million tons per year through industry partnerships.
• Chevron invested $45 million in a carbon capture technology company, ION Clean Energy.
• The Port Arthur blue hydrogen project could qualify for the 45V clean hydrogen production tax credit, offering up to $3 per kilogram of clean hydrogen produced for 10 years.

Low-Carbon Initiative	Financial/Capacity Metric	Target/Status
Blue Hydrogen Plant (Project Labrador)	Investment of nearly $5 billion	Construction start planned for 2027
Total Low-Emission Investment	$10 billion planned by 2028	Includes renewable fuel, hydrogen, and carbon capture
Carbon Capture and Offsets	Target of 25 million tons per year	Target by 2030

High-performance refined products, such as Chevron and Texaco branded fuels

• Refinery crude unit inputs at the Geismar facility increased capacity from 7,000 to 22,000 barrels per day for renewable diesel.

Integrated energy and power solutions for large industrial and tech clients

• Chevron is developing up to 4 gigawatts (GW) of natural gas power solutions for U.S. data centers, with flexibility to integrate carbon capture and storage (CCS).

Chevron Corporation (CVX) - Canvas Business Model: Customer Relationships

You're looking at how Chevron Corporation manages its diverse set of customers, from massive industrial buyers to the individual filling up at the pump. It's a relationship strategy built on long-term security for big clients and digital convenience for retail consumers, all underpinned by a clear commitment to shareholder returns.

Dedicated account management and long-term contracts for B2B industrial clients are crucial for locking in demand for large-volume products like crude oil, refined products, and especially Liquefied Natural Gas (LNG). Chevron is actively securing future offtake volumes, signaling long-term commitment to these partners. For instance, the company deepened its LNG commitment by expanding its offtake to 3.0 mtpa at Energy Transfer's proposed Lake Charles LNG terminal, with a long-term SPA (Sale and Purchase Agreement) signed through 2045.

The relationship with the financial community, the investors, is managed with a focus on transparency regarding capital discipline and superior returns. Chevron's strategy, as outlined in late 2025, centers on delivering value through disciplined investment and shareholder distributions. Here's a quick look at the financial targets underpinning that relationship:

Metric	Target/Value (as of late 2025)	Context/Condition
Share Repurchase Expectation (Annual)	$10 to $20 billion per year through 2030	At average Brent prices of $60 to $80
Dividend Per Share Growth (Average Annual)	7%	Over the last 25 years
Q1 2025 Cash Returned to Shareholders	$6.9 billion	Included $3.9 billion in share repurchases and $3.0 billion in dividends
Adjusted Free Cash Flow Annual Growth Forecast	Greater than 10%	At $70 Brent
Capex and Dividend Breakeven	Below $50 Brent per barrel	Through 2030
Return on Capital Employed Improvement Target	Over 3%	By 2030 at $70 Brent

For retail consumers, the relationship is driven by digital convenience and direct rewards. The ExtraMile loyalty program uses a clear points structure to incentivize repeat business. You earn an impressive 5 points per gallon on every fuel purchase at participating locations just by using your account. The program is supported by the ExtraMile mobile app, which also helps users locate services.

The physical footprint supporting this retail relationship is substantial, though the exact number of loyalty members is not current for late 2025. As of October 7, 2025, there were 1,142 Chevron ExtraMile stores in the United States, with plans to grow this to 1,500 sites by 2027. California holds the largest concentration, with 884 stores, representing about 77% of the total U.S. count.

Self-service and automated transactions are facilitated through technology integration, such as the mobile app connecting to Apple CarPlay and Android Auto, allowing users to pay for fuel from inside their vehicle. While the exact percentage of self-service transactions isn't public, the focus on digital payment integration supports this channel. For B2B trading, Chevron utilizes online platforms for transactions, though specific trading volumes are not disclosed as a customer relationship metric.

Corporate-level engagement with governments is a necessary relationship for resource development and policy shaping. Chevron's Board has a Public Policy and Sustainability Committee that oversees public policy matters relevant to the company's activities. This engagement includes participation in multi-stakeholder initiatives focused on human rights, such as the Voluntary Principles Initiative, which launched in 2000. Furthermore, in its push for new energy resources, Chevron is actively engaging with policy environments, exemplified by its acquisition of 125,000 net acres in Arkansas and Texas targeting lithium brines.

• The company expects to grow oil and gas production 2% to 3% annually through 2030.
• Structural cost reductions targeted are between $3 billion to $4 billion by the end of 2026.
• Hess synergies are expected to increase to $1.5 billion.

Chevron Corporation (CVX) - Canvas Business Model: Channels

You're looking at how Chevron Corporation (CVX) gets its product-from the wellhead and refinery all the way to the end-user-and the sheer scale of that physical network is impressive, to say the least. This is all about the physical and commercial arteries of a global energy giant.

The primary consumer-facing channel is the massive global retail footprint. Chevron Corporation operates approximately 19,550 retail sites across 84 countries under the Chevron, Texaco, and Caltex brands. That's a huge amount of real estate dedicated to point-of-sale. In the United States alone, as of late 2025, reports indicate about 7,082 Chevron gas stations across 21 states and territories.

The retail channel is further enhanced by the integrated convenience store offering. The ExtraMile convenience stores, a joint venture with Jacksons Food Stores, are a key part of this last-mile connection. As of October 2025, there were 1,142 Chevron ExtraMile stores in the United States, with California holding the largest concentration at 884 locations. To be fair, the prompt mentioned 803, but the latest data points to a higher number, and we stick to the facts we found.

For the wholesale and large-scale commodity movement, direct sales are managed through the Chevron Supply and Trading (S&T) hubs. These professionals manage massive daily transactions, averaging about 5 million barrels of liquids and 5 billion cubic feet of natural gas each day. These hubs are strategically located in Houston, London, and Singapore, linking production to the global market.

The physical infrastructure supporting this trade is extensive, involving dedicated assets for global commodity transport. Chevron Pipe Line Company operates a network of roughly 3,000 miles of pipe, moving over 1.5 million barrels of oil equivalent daily, along with refined products and chemicals. Furthermore, on the Liquefied Natural Gas (LNG) side, Chevron's total U.S. Gulf Coast LNG offtake capacity is reported at 7 million tonnes per year, securing a major piece of the global gas value chain.

Here is a quick breakdown of the scale of these distribution and retail channels as of late 2025 data points:

Channel Component	Metric/Scope	Latest Reported Figure
Global Branded Retail Sites	Total Worldwide Locations	19,550
US Retail Stations (Chevron Brand)	Total US Locations (Oct 2025)	7,094
ExtraMile Convenience Stores (US)	Total Locations (Oct 2025)	1,142
ExtraMile Stores in California	Top State Concentration	884
Supply & Trading (S&T) Volume	Average Daily Liquids Transactions	5 million barrels
Supply & Trading (S&T) Volume	Average Daily Natural Gas Transactions	5 billion cubic feet
Pipelines	Miles of Pipe Operated	3,000 miles
Pipelines	Daily Oil Equivalent Transported	1.5 million barrels
LNG Transport/Offtake	US Gulf Coast LNG Offtake Capacity	7 million tonnes per year

The wholesale distribution is inherently tied to the S&T operations, moving crude oil, natural gas, and refined products like gasoline, diesel, and jet fuel to third parties and Chevron's own refining network. The company uses its own fleet and third parties for shipping, ensuring the movement of these commodities globally. The focus on pipelines and LNG tankers is about moving massive volumes efficiently between production centers and market hubs like Houston, London, and Singapore.

Finance: review Q3 2025 operating expense ratio for the Downstream segment by Tuesday.

Chevron Corporation (CVX) - Canvas Business Model: Customer Segments

You're looking at the core groups Chevron Corporation serves, which is a mix of massive industrial buyers and everyday consumers, plus the financial community that funds it all. It's a broad base, but the focus is clearly shifting toward high-volume, long-term energy contracts.

Global wholesale commodity traders and national oil companies (Upstream)

This segment deals with the raw product-crude oil and natural gas-often through large, government-backed entities or major trading houses. These customers are essential for offloading large volumes from Chevron Corporation's exploration and production assets.

Key production and earnings metrics for this customer base in 2025 include:

Metric	Value	Period/Context
Upstream Segment Earnings	$2,727 Million	Q2 2025
Worldwide Net Oil-Equivalent Production	3,396 MBOED	Q2 2025
Permian Basin Production	1 million BOE per day	Q2 2025
Tengizchevroil (TCO) Affiliate Growth	34 percent	Q2 2025 production increase
Upstream Revenue Share	24.2%	FY 2024

The company plans to grow oil and gas production by up to 3% annually through 2030.

Industrial and commercial customers (airlines, shipping, manufacturing)

These customers buy refined products like jet fuel, bunker fuel, and industrial lubricants. This is the heart of Chevron Corporation's Downstream business, which remains a significant revenue driver.

Financial performance related to these sales streams:

• Downstream Segment Earnings: $737 Million for Q2 2025.
• Downstream Revenue Share: 75.7% of total revenue in FY 2024.
• Refinery Products Sold Per Day (Owned): 2.87 million barrels (as of end of 2024).
• Refinery Crude Unit Inputs: Increased 6 percent from the year-ago period in Q3 2025.

Chevron Corporation owned 8 refineries as of the end of 2024.

Individual retail consumers of gasoline, diesel, and lubricants

This segment is served through the branded retail network, which is the final point of sale for much of the refined product volume. These are the everyday drivers and small businesses filling up.

The scale of the retail footprint as of late 2024:

• Network of Service Stations: 13,700 worldwide under the brands Chevron, Texaco, and Caltex.
• Refined Product Sales: Increased 1 percent from the year-ago period in Q3 2025.

The Downstream segment, which includes retail, accounted for 75.71% of revenue in FY 2024.

Income-focused institutional and individual shareholders

These are the capital providers. For income-focused investors, the dividend policy and shareholder return program are the key metrics. Chevron Corporation holds a total of 2 Billion outstanding shares.

Shareholder structure and returns as of 2025:

Shareholder Type	Ownership Percentage	Context/Date
Institutional Shareholders	71.97%	2025
Insiders	0.51%	2025
Retail Investors	27.52%	2025
Vanguard Group Inc. (Largest Single Holder)	9.13%	March 2025
Berkshire Hathaway Inc. Holding	6.06%	March 2025

The company returned over $78 billion of cash to shareholders over the last three years, as of May 2025. For Q1 2025, Chevron Corporation returned $6.9 billion cash to shareholders, which included $3.0 billion in dividends. The quarterly dividend declared in August 2025 was set at $1.71 per share. Chevron Corporation also plans to repurchase up to $20 billion in stock over the next five years.

Emerging high-growth sectors like AI data centers and critical mineral users

This represents a new, focused customer segment where Chevron Corporation is leveraging its natural gas production to power the massive energy needs of Artificial Intelligence infrastructure. The company is also securing upstream resources for the energy transition.

Data points on this strategic pivot:

• Planned Power Generation Capacity for AI Data Centers: Up to 4 gigawatts (GW) total.
• Exclusive Talks for Single Site Power Plant: 2.5-gigawatt capacity, with potential expansion to 5 gigawatts.
• Target Operational Date for Initial Plants: 2027 or 2028.
• 2025 Investment for New Energies (including data center power): $1.5 billion earmarked.
• Lithium Acreage Acquired: Approximately ~125,000 net acres in the Smackover Formation.

Data center energy usage is projected to triple within the next three years as AI development accelerates.

Chevron Corporation (CVX) - Canvas Business Model: Cost Structure

You're looking at the major costs Chevron Corporation is carrying to keep the lights on and deliver energy across its integrated value chain as of late 2025. It's a capital-intensive business, plain and simple.

High capital expenditures for Upstream development form a massive chunk of the cost base. For the full year 2025, Upstream spending is projected to be about $13 billion. This investment is heavily weighted toward the U.S. portfolio, with roughly two-thirds of that Upstream allocation going to domestic development.

The cost of raw material and feedstock-primarily crude oil and natural gas procurement-is a fluctuating, yet dominant, cost driver, though specific procurement costs aren't itemized in the latest public reports. What is clear is the reliance on commodity prices; for instance, the company needs about $60 a barrel (Brent spot price) to profitably grow Upstream earnings per barrel based on prior assumptions.

Operating expenses for refining, marketing, and distribution logistics are also significant, though Chevron is actively targeting reductions. The company has a stated goal for structural cost reductions of $2 billion to $3 billion to be delivered by the end of 2026. In the second quarter of 2025, U.S. downstream operations actually reported lower operating expenses compared to the year-ago period.

Investment in Research and Development (R&D) focused on lower-carbon technologies is a growing line item. Chevron is investing an estimated $1.5 billion in 2025 across over 100 emissions abatement projects, a step up from the over $600 million invested in 2024.

Finally, shareholder distributions represent a direct cash outflow that must be covered by operational cash flow. In the first quarter of 2025, Chevron returned $3.0 billion to shareholders specifically as dividends. This was part of a total shareholder return of $6.9 billion in Q1 2025, which also included $3.9 billion in share repurchases. To be fair, the Q2 2025 dividend was slightly lower at $2.9 billion.

Here's a quick look at some of the key 2025 financial figures related to costs and distributions:

Cost/Distribution Category	Amount (USD)	Period/Context
Upstream Capital Expenditures	$13 billion	2025 Expected Budget
Lower-Carbon Technology Investments	$1.5 billion	2025 Estimate
Q1 2025 Dividends Paid	$3.0 billion	Q1 2025
Q2 2025 Dividends Paid	$2.9 billion	Q2 2025
Total Shareholder Cash Return	$6.9 billion	Q1 2025
Targeted Structural Cost Reductions	$2 billion to $3 billion	By end of 2026

You can see the discipline in capital spending, with the 2025 organic capex budget being a $2 billion year-over-year reduction from the prior year's budget. Also, cash flow generation remains strong enough to cover these costs; for example, Cash Flow From Operations excluding working capital in Q3 2025 was $9.9 billion.

Finance: draft 13-week cash view by Friday.

Chevron Corporation (CVX) - Canvas Business Model: Revenue Streams

The revenue streams for Chevron Corporation as of late 2025 are heavily weighted toward its core exploration and production activities, supplemented by significant downstream processing and emerging energy solutions. You see this clearly when looking at the second quarter of 2025 figures.

The primary engine remains the Sale of crude oil and natural gas (Upstream). This segment represented a dominant 58% of Chevron Corporation's total revenue for Q2 2025. Based on the reported total revenue of $44.82 billion for that quarter, this translates to a revenue stream of approximately $25.9956 billion.

Next up is the Sale of refined products, which includes gasoline, jet fuel, and lubricants from the Downstream segment. This accounted for 36% of the Q2 2025 revenue base. That portion of the business brought in about $16.1352 billion in revenue for the quarter.

The bullet points below detail the key revenue components and associated financial metrics from recent reporting periods. Note that the percentages provided for Q2 2025 revenue-58%, 36%, and 6%-sum to 100%, suggesting the Chemicals segment revenue is either embedded within the Downstream figure or captured in the residual category.

Here's a quick look at how the major revenue-generating segments stacked up in terms of profit for Q2 2025, alongside the calculated revenue based on the percentages you provided:

Revenue Stream Component	Q2 2025 Revenue (Based on 58%/36%/6% of $44.82B Total Revenue)	Q2 2025 Segment Profit (Reported)
Sale of Crude Oil and Natural Gas (Upstream)	$25.9956 billion	$2.727 billion
Sale of Refined Products (Downstream)	$16.1352 billion	$737 million
Emerging Revenue from Renewables & Energy Solutions	$2.6892 billion	N/A (Part of All Other)

The Petrochemicals and additives sales from the Chemicals segment are a component of the integrated operations. While its specific revenue percentage for Q2 2025 wasn't isolated in the top-line breakdown, its performance is reflected in the Downstream segment results, where lower earnings from the 50 percent-owned Chevron Phillips Chemical Company joint venture were noted.

The overall financial health, which underpins the ability to generate these revenues, is also reflected in operational cash flow. For instance, Chevron Corporation's cash flow from operations totaled $9.7 billion in Q3 2024, showing the underlying strength of the business model even when commodity prices fluctuate.

You can also see the revenue mix through the lens of recent operational performance:

• Upstream segment profit for Q2 2025 was $2.727 billion.
• Downstream segment profit for Q2 2025 was $737 million.
• The company reported total revenue of $44.82 billion in Q2 2025.
• Cash flow from operations (CFFO) excluding working capital for Q2 2025 was $8.3 billion.
• The Q3 2024 cash flow from operations figure was $9.7 billion.

Finance: draft the Q3 2025 revenue projection based on current forward strip prices by Monday.