Chevron Corporation (CVX): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand how a giant like Chevron Corporation operates in this shifting energy landscape, so I've broken down their late 2025 model for you. Honestly, it's a masterclass in balancing legacy strength-like the $\mathbf{58\%}$ of Q2 2025 revenue still coming from Upstream sales-with aggressive future bets, such as the strategic Hess stake in Guyana and $\mathbf{\$14.5}$ to $\mathbf{\$15.5}$ billion in planned 2025 organic capital spending. We see a clear path focused on superior shareholder returns while simultaneously developing lower-carbon solutions like blue hydrogen and Direct Lithium Extraction. This canvas cuts through the noise, showing exactly where the money comes from and where the $\mathbf{\$2}$ to $\mathbf{\$3}$ billion in targeted cost reductions are aimed. Dive in below to see the nine building blocks of their integrated energy strategy.

Chevron Corporation (CVX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Chevron Corporation's strategy as of late 2025. These aren't just vendor contracts; these are strategic alignments that secure future production, enable new business lines, and manage transition risks. Honestly, the sheer scale of the capital involved in these alliances is what sets Chevron apart.

Strategic acquisition of Hess for 30% stake in Guyana's Stabroek Block

The finalization of the $53 billion acquisition of Hess Corporation cemented Chevron's position in one of the most significant oil discoveries of the last decade. This deal secured Chevron a 30% interest in the massive Stabroek Block offshore Guyana. The block is estimated to hold over 11 billion barrels of discovered recoverable oil.

This partnership is expected to deliver significant production growth well into the 2030s. Analysts estimate the acquired assets will add over 465,000 barrels of oil equivalent per day (BOED) to Chevron's output. Furthermore, the integration is targeted to deliver $1 billion in annual cost synergies by the end of 2025.

Joint ventures with TotalEnergies for deepwater and Carbon Capture and Storage (CCS) projects

Chevron is deepening its collaboration with TotalEnergies SE across critical areas, notably in Carbon Capture and Storage (CCS). Chevron is the operator and holds a 50% ownership interest in the Bayou Bend CCS LLC (Bayou Bend) joint venture, alongside TotalEnergies and Equinor.

This Bayou Bend project is a significant infrastructure play, covering approximately 140,000 acres of geological formation both onshore and offshore along the Texas Gulf Coast, aimed at creating a $\text{CO}_2$ transportation and storage hub. Separately, in Nigeria, a new farmout agreement reinforces offshore exploration ties, with TotalEnergies remaining operator with a 40% participation, alongside Chevron holding 40% and South Atlantic Petroleum holding 20% in the PPL 2000 and PPL 2001 exploration licences.

Collaboration with GE Vernova and Engine No. 1 for AI data center power solutions

This partnership targets the massive energy demand from the Artificial Intelligence (AI) sector by developing co-located power plants and data centers, referred to as "power foundries." The joint development plans to deliver up to four gigawatts (GW) of power. Initial in-service for the first projects is targeted by the end of 2027.

The power generation will leverage seven U.S.-made GE Vernova 7HA natural gas turbines. The design includes flexibility for lower-carbon solutions, with expected Carbon Capture and Storage (CCS) integration capable of capturing >90% of the $\text{CO}_2$ from the turbines. This initiative aims to power the equivalent of 3-3.5 million U.S. homes.

Chevron Phillips Chemical Company LLC for global petrochemical manufacturing

Chevron's involvement in global petrochemical manufacturing is executed through the 50 percent-owned joint venture, Chevron Phillips Chemical Company LLC (CPChem). Chevron U.S.A. Inc. holds a 50 percent ownership stake. CPChem employs an estimated 5,000 people.

Here are some selected unaudited financial highlights for Chevron Phillips Chemical Company LLC for the first three quarters of 2025 (in millions of dollars):

Metric	Q1 2025	Q2 2025	Q3 2025
Sales and Other Operating Revenues	3,285	3,173	3,167
Net Income	226	40	351

Total Assets for Chevron Phillips Chemical Company LLC stood at $20,659 million as of the third quarter of 2025.

Long-term LNG supply agreements, e.g., with Energy Transfer through 2045

Chevron has significantly bolstered its global gas business through long-term agreements with Energy Transfer for supply from the Lake Charles LNG export facility in Louisiana. Chevron signed an incremental Sale and Purchase Agreement (SPA) for an additional 1 million tonnes per annum (mtpa) over a 20-year term.

This new agreement, signed in mid-2025, increases Chevron's total contracted volume from the facility to 3.0 mtpa, following an initial 2.0 mtpa deal signed in December 2024. The Lake Charles LNG project, which is converting an existing import terminal, is planned to become operational by 2028 with a total capacity of 16.5 mtpa (three 5.5 mtpa liquefaction trains). The purchase price structure includes a fixed liquefaction charge and a gas supply component indexed to the Henry Hub benchmark.

The key elements of Chevron's LNG supply portfolio with Energy Transfer include:

• Initial contracted volume (Dec 2024): 2.0 mtpa
• Incremental contracted volume (Jun 2025): 1.0 mtpa
• Total contracted volume: 3.0 mtpa
• Agreement term: 20 years
• Facility target operational date: By 2028

Finance: draft 13-week cash view by Friday.

Chevron Corporation (CVX) - Canvas Business Model: Key Activities

You're looking at the core engine of Chevron Corporation, the things they absolutely must do well to keep the lights on and grow. It's a massive operation, spanning from deep underground to the gas pump.

Global exploration and production of crude oil and natural gas (Upstream) is the foundation. This involves finding and extracting hydrocarbons. For instance, in 2026, Upstream spending is pegged at approximately $17.0 billion of the total organic budget. A significant portion of this supports U.S. shale and tight assets like the Permian, DJ, and Bakken basins, underpinning an anticipated U.S. production of more than two million barrels of oil equivalent per day from those areas.

The company also focuses heavily on major offshore developments. Global offshore capital expenditure for 2026 is expected to be approximately $7.0 billion, with growth primarily supported in Guyana, the Eastern Mediterranean, and the Gulf of America.

Refining, marketing, and transportation of fuels and lubricants (Downstream) is the second major pillar. This is where the crude gets turned into products you use. For 2026, Downstream capital expenditure is expected to be approximately $1.0 billion, with nearly three-fourths allocated to the U.S.. Historically, Chevron's total global refining capacity stood at 1.7 million barrels per day across 8 U.S. and 5 international refineries as of 2023. Furthermore, two major Chemicals projects are expected to start up in 2027, showing continued investment in this segment.

A key activity is Disciplined capital allocation. For the 2025 fiscal year, Chevron planned an organic CapEx range of $14.5 to $15.5 billion for consolidated subsidiaries, representing a $2 billion year-over-year reduction from the prior year, emphasizing capital discipline. This focus on discipline continues, as the 2026 organic capital expenditure range is set at $18 to $19 billion, which is at the low end of the long-term guidance of $18 to $21 billion through 2030.

Chevron is also actively engaged in Developing New Energies. This includes hydrogen and, notably, Direct Lithium Extraction (DLE). Chevron has made a strategic move into domestic lithium by acquiring mining rights for approximately 125,000 net acres across Northeast Texas and Southwest Arkansas, targeting the Smackover Formation. They plan to deploy the DLE process for faster, more efficient extraction. To put the market importance in perspective, the International Energy Agency estimates lithium demand could grow by more than 400% by 2030. For 2026, about $1.0 billion within the total upstream and downstream budgets is dedicated to lowering carbon intensity and growing these new energies businesses.

Finally, the company is Executing structural cost reductions. Chevron set a goal to achieve targeted structural cost reductions of $2 to $3 billion by the end of 2026. This is being pursued through organizational simplification and workforce reductions, with plans to slash up to 20% of its workforce, amounting to around 9,120 jobs, with most cuts completed by the end of 2026.

Here is a breakdown of the capital allocation focus areas for 2026:

Category	2026 Expected Spend (Organic)	Key Detail/Focus
Total Upstream Capex	Approximately $17.0 billion	Includes about $0.4 billion in capitalized interest, primarily for Guyana assets.
U.S. Shale & Tight Assets	Nearly $6.0 billion	Supports anticipated U.S. production of over 2 million barrels of oil equivalent per day.
Global Offshore Capex	Approximately $7.0 billion	Primarily supports growth in Guyana, Eastern Mediterranean, and Gulf of America.
Downstream Capex	Approximately $1.0 billion	Nearly three-fourths allocated to the U.S..
New Energies/Lower Carbon	About $1.0 billion	Dedicated to lowering carbon intensity of operations and growing new energies businesses.
Corporate and Other Capex	Around $0.6 billion	General corporate spending.

The company also has significant affiliate spending planned, with affiliate capex forecast at $1.3 to $1.7 billion for 2026.

The core operational focus areas driving these activities include:

• Grow oil and gas production 2% to 3% annually through 2030.
• Maintain a capex and dividend breakeven below $50 Brent per barrel through 2030.
• Improve return on capital employed by over 3% by 2030 at $70 Brent.
• Increase Hess synergies to $1.5B.
• Deliver first AI data center power project in West Texas, targeting first power in 2027.

Finance: draft 13-week cash view by Friday.

Chevron Corporation (CVX) - Canvas Business Model: Key Resources

You're looking at the bedrock assets that let Chevron Corporation operate globally, and honestly, the scale is what sets them apart. These aren't just line items; they are the physical and intellectual property that drive every dollar of revenue.

The foundation is definitely the premier global oil and gas reserves. Chevron Corporation is aggressively developing its U.S. shale and tight gas portfolio, with a major focus on the Permian Basin. At the end of fiscal 2024, Chevron Corporation's net unrisked resource base stood at 71 billion barrels of oil-equivalent (BOE). Specifically within the Permian Basin, the net unrisked resources totaled 24 billion BOE at year-end 2024. Furthermore, the company was on track to produce 1 million barrels of oil equivalent per day (boe/d) from its Permian Basin holdings by 2025, following an 18 percent increase in Permian Basin production in 2024. The international growth story is heavily tied to Guyana, where the Hess Corporation acquisition, closed in mid-2025, is expected to add $1 billion in synergies by year-end 2025. Chevron Corporation produced 3.3 million boe/d globally in 2024.

This resource base is supported by an integrated global value chain. Think of it as controlling the product from the ground to the gas pump. In 2024, the Downstream segment, which includes refining and marketing, pulled in nearly 76% of Chevron Corporation's total revenue. On the retail side, the company maintains a massive footprint with over 8,000+ Chevron and Texaco stations across the U.S. to distribute refined products.

The midstream infrastructure is critical for moving that product efficiently. Chevron Pipe Line Company operates a significant U.S. pipeline network. The data here varies slightly depending on the reporting scope, but one key figure is an operated network of approximately 3,000 miles of pipe, which transports over 1.5 million barrels of oil equivalent daily, along with refined products and chemicals. Separately, Chevron Pipe Line Company operates a network of approximately 3,500 miles of pipelines that transports up to 2 million barrels of crude, refined products, natural gas, and chemicals every day.

Intellectual property provides a competitive edge, too. Chevron Corporation leverages proprietary technology like the Techron fuel additive. This additive, which contains polyether amine (PEA), is designed to clean deposits in the fuel intake system. For maintenance, the recommended treatment level for Techron Concentrate Plus is adding one bottle to a tank of gasoline every 8,000 miles or 13,000 kilometres. On the upstream side, advanced drilling techniques and project execution are key; for instance, the deepwater Anchor project started production using an industry-first 20,000 pounds per square inch technology.

Finally, the balance sheet provides the financial muscle to maintain and grow these resources. As of the end of fiscal 2024 (December 31, 2024), Chevron Corporation held $6,781 million in cash and cash equivalents, which translates to $6.781 billion. This strong liquidity supports capital discipline, as the company invested $16.4 billion in capital expenditures (capex) in 2024.

Here's a quick look at the resource base metrics as of year-end 2024:

Resource Metric	Value	Unit	Source Context
Total Net Unrisked Resources	71 billion	BOE	Year-end 2024
Permian Basin Net Unrisked Resources	24 billion	BOE	Year-end 2024
Permian Production Target	1 million	boe/d	Target for 2025
Cash and Cash Equivalents	$6.781 billion	USD	December 31, 2024

The company's ability to generate cash flow is also a key resource; Free Cash Flow for 2024 was $15.044 billion.

You should definitely keep an eye on the capital expenditure forecasts for 2025, which are projected to be between $14 billion and $16 billion.

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.