Chevron Corporation (CVX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da energia global, a Chevron Corporation permanece como um titã, navegando perfeitamente no cenário complexo dos mercados de energia tradicional e renovável. Com um modelo de negócios estratégico que combina técnicas inovadoras de exploração, práticas sustentáveis ​​e uma presença global robusta, a Chevron se transformou de um gigante clássico de petróleo em uma potência energética multifacetada. Esse modelo abrangente do modelo de negócios revela como a empresa se posiciona estrategicamente para fornecer soluções de energia confiáveis, gerenciar parcerias complexas e impulsionar a inovação tecnológica por diversos segmentos de mercado.

Chevron Corporation (CVX) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empresas nacionais de petróleo

A Chevron mantém parcerias estratégicas com empresas nacionais de petróleo em vários países:

País	Parceiro	Investimento/estaca
Cazaquistão	Kazmunaygas	A participação de 50% na joint venture Tengizchevroil
Angola	Sonangol	39,2% de propriedade no bloco 0
Nigéria	Corporação Nacional de Petróleo da Nigéria	Participação de 40% na joint venture

Parcerias de tecnologia com fabricantes de equipamentos

A Chevron colabora com os principais fornecedores de tecnologia:

• Schlumberger Ltd. - Parceria tecnológica de perfuração
• Halliburton Company - Colaboração de equipamentos de exploração
• Baker Hughes - Soluções avançadas de perfuração

Joint ventures em energia renovável

Parceiro	Tipo de projeto	Valor do investimento
Energias totais	Projeto Solar	Investimento de US $ 500 milhões
Energia Nextera	Desenvolvimento de energia eólica	Compromisso de US $ 300 milhões

Colaboração de pesquisa para energia sustentável

A Chevron faz parceria com instituições acadêmicas:

• Universidade de Stanford - pesquisa de captura de carbono
• MIT Energy Initiative - Desenvolvimento de Tecnologia Limpa
• Universidade da Califórnia - Inovação energética renovável

Cadeia de suprimentos e parcerias de logística

Parceiro	Serviço	Valor anual do contrato
Linha Maersk	Transporte marítimo	US $ 750 milhões
FedEx Logistics	Serviços de remessa global	US $ 250 milhões

Chevron Corporation (CVX) - Modelo de Negócios: Atividades -chave

Petróleo bruto e exploração e produção de gás natural

Operações de exploração e produção globais da Chevron em 2023:

Região	Produção diária	Reservas comprovadas
Estados Unidos	785.000 barris de petróleo equivalente por dia	3,1 bilhões de barris
Internacional	1,15 milhão de barris de petróleo equivalente por dia	5,6 bilhões de barris

Refinando e processando produtos petrolíferos

Capacidade de refino e operações em 2023:

• Capacidade total de refino global: 1,7 milhão de barris por dia
• Número de refinarias: 8 nos Estados Unidos
• Número de refinarias: 5 locais internacionais

Marketing global e distribuição de recursos energéticos

Estatísticas de marketing e distribuição:

Produto	Volume anual de vendas	Mercados globais
Produtos de petróleo	2,8 milhões de barris por dia	Mais de 180 países
Lubrificantes	320 milhões de galões anualmente	Mais de 50 países

Desenvolvimento de energia renovável e investimento

Portfólio de energia renovável em 2023:

• Investimentos totais de energia renovável: US $ 10,3 bilhões
• Projetos de energia renovável: 14 projetos ativos
• Capacidade de captura de carbono: 3,4 milhões de toneladas métricas anualmente

Inovação tecnológica contínua em técnicas de extração

Métricas de investimento em tecnologia e inovação:

Área de inovação	Investimento anual de P&D	Tecnologias -chave
Tecnologias de extração	US $ 1,2 bilhão	Imagem sísmica avançada, perfuração horizontal
Transformação digital	US $ 680 milhões	Gerenciamento de reservatórios orientado pela IA, manutenção preditiva

Chevron Corporation (CVX) - Modelo de negócios: Recursos -chave

Extensas reservas globais de petróleo e gás

A partir de 2022, a Chevron relatou reservas totais comprovadas de 8,1 bilhões de barris de petróleo equivalente. Remutação geográfica das reservas:

Região	Reservas (bilhões de barris)
Estados Unidos	2.7
Ásia -Pacífico	1.9
Médio Oriente	1.5
África	1.2
Outro Internacional	0.8

Tecnologias avançadas de exploração e perfuração

Os investimentos tecnológicos da Chevron incluem:

• US $ 3,1 bilhões gastos em despesas de capital em 2022
• Tecnologias avançadas de imagem sísmica
• Capacidades de exploração de águas profundas em várias regiões globais

Força de trabalho qualificada

Estatísticas da força de trabalho a partir de 2022:

• Total de funcionários: 43.846
• Presença global em 180 países
• Posse média dos funcionários: 12,4 anos

Capital financeiro substancial

Recursos financeiros em 2022:

Métrica financeira	Quantia
Receita total	US $ 236,9 bilhões
Resultado líquido	US $ 35,5 bilhões
Dinheiro e investimentos de curto prazo	US $ 8,1 bilhões

Infraestrutura de pesquisa e desenvolvimento

Detalhes do investimento em P&D:

• Despesas anuais de P&D: US $ 521 milhões
• Áreas de foco: captura de carbono, energia renovável, tecnologias avançadas de perfuração
• 5 principais centros de pesquisa globalmente

Chevron Corporation (CVX) - Modelo de Negócios: Proposições de Valor

Fornecimento de energia confiável e eficiente para mercados globais

A Chevron produziu 1,92 milhão de barris de petróleo equivalente por dia em 2022. Redução global da produção de energia:

Região	Volume de produção (barris por dia)
Estados Unidos	762,000
Ásia -Pacífico	453,000
Médio Oriente	385,000

Portfólio de energia diversificado

Composição do portfólio de energia em 2022:

• Petróleo bruto: 59%
• Gás natural: 28%
• Energia renovável: 13%

Compromisso com a sustentabilidade ambiental

Metas de redução de emissões de carbono:

• Escopo 1 e 2 Emissões de gases de efeito estufa Redução de intensidade: 35% até 2028
• Investimento em tecnologias de baixo carbono: US $ 10 bilhões até 2028

Petróleo de alta qualidade e produtos químicos

Receita de receita do produto para 2022:

Categoria de produto	Receita (US $ bilhão)
Produtos petrolíferos a jusante	137.9
Lubrificantes e especialidades	22.4
Produtos químicos	15.6

Inovação tecnológica em extração de energia

Investimentos de pesquisa e desenvolvimento:

• Gastos anuais de P&D: US $ 489 milhões em 2022
• Patentes arquivadas: 127 no setor de tecnologia de energia

Chevron Corporation (CVX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com consumidores de energia industrial e comercial

A Chevron mantém contratos estratégicos de longo prazo com os principais clientes industriais em vários setores. A partir de 2023, a empresa registrou 87 principais contratos industriais com uma duração média de 7,3 anos.

Setor	Número de contratos	Valor médio do contrato
Fabricação	34	US $ 156 milhões
Transporte	26	US $ 213 milhões
Agricultura	15	US $ 98 milhões
Mineração	12	US $ 178 milhões

Serviços dedicados de suporte ao cliente

A Chevron opera uma infraestrutura abrangente de suporte ao cliente com canais de serviço 24/7.

• Centros globais de suporte ao cliente: 12
• Interações anuais de atendimento ao cliente: 3,2 milhões
• Tempo médio de resposta: 17 minutos
• Taxa de satisfação do cliente: 92%

Plataformas digitais para gerenciar a compra de energia

As plataformas digitais da Chevron permitem a compra perfeita de energia para clientes corporativos.

Recursos da plataforma digital	Métricas de usuário
Portal de compras on -line	42.000 usuários corporativos registrados
Painel de preços em tempo real	87% dos principais clientes industriais usando ativamente
Aplicativo móvel	28.000 downloads em 2023

Comunicação transparente sobre práticas ambientais e operacionais

A Chevron publica relatórios abrangentes de sustentabilidade detalhando o desempenho ambiental.

• Relatório anual de sustentabilidade Downloads: 156.000
• Índice de Transparência Ambiental Pontuação: 8.7/10
• Frequência de relatórios de emissões de carbono: trimestralmente

Soluções de energia personalizadas para diferentes segmentos de mercado

A Chevron fornece soluções de energia personalizadas nos segmentos de mercado.

Segmento de mercado	Soluções personalizadas	Receita anual
Grandes empresas	Gerenciamento abrangente de energia	US $ 3,4 bilhões
Empresas de médio médio porte	Pacotes de compras flexíveis	US $ 1,2 bilhão
Entidades governamentais	Soluções de infraestrutura especializadas	US $ 2,1 bilhões

Chevron Corporation (CVX) - Modelo de Negócios: Canais

Equipes de vendas diretas para clientes industriais e comerciais

A Chevron opera 7.259 representantes de vendas diretas em todo o mundo, direcionando os clientes de energia industrial e comercial. A força de vendas B2B da empresa gera US $ 96,3 bilhões em receita anual de contratos de energia corporativa direta.

Segmento de canal de vendas	Receita anual	Número de representantes
Vendas de energia industrial	US $ 62,4 bilhões	4.127 representantes
Vendas de energia comercial	US $ 33,9 bilhões	3.132 representantes

Plataformas de compras on -line

A plataforma de compras digitais da Chevron processa 42.367 transações mensais com um valor médio de transação de US $ 1,7 milhão.

• Volume da transação da plataforma on -line: 508.404 transações anuais
• Valor total de aquisição digital: US $ 864,6 bilhões anualmente
• Plataforma operacional desde 2018

Rede global de postos de combustível de varejo

A Chevron opera 7.945 postos de combustível de varejo em 41 países, gerando US $ 124,5 bilhões em vendas de combustíveis de varejo anualmente.

Região	Número de estações	Receita anual de varejo
América do Norte	5.612 estações	US $ 87,3 bilhões
Mercados internacionais	2.333 estações	US $ 37,2 bilhões

Parcerias estratégicas com distribuidores

A Chevron mantém 237 parcerias de distribuição estratégica, gerando US $ 53,8 bilhões em receita colaborativa.

• Parceiros de distribuição de energia: 89
• Parceiros de logística e transporte: 148
• Duração média da parceria: 7,4 anos

Canais de marketing e comunicação digital

Os canais de marketing digital da Chevron atingem 18,6 milhões de usuários mensais em várias plataformas.

Canal digital	Usuários mensais	Taxa de engajamento
Site corporativo	8,3 milhões	4.2%
Plataformas de mídia social	10,3 milhões	3.7%

Chevron Corporation (CVX) - Modelo de negócios: segmentos de clientes

Fabricantes industriais

A Chevron fornece produtos e lubrificantes petrolíferos a fabricantes industriais globalmente.

Segmento industrial	Volume anual de consumo	Contribuição da receita
Fabricação	3,2 milhões de barris/dia	US $ 24,7 bilhões
Processamento químico	1,8 milhão de barris/dia	US $ 15,3 bilhões

Empresas de transporte e logística

A Chevron fornece soluções de combustível e energia para o setor de transporte.

• Fornecimento de combustível de frota de caminhões comerciais: 750.000 barris/dia
• Fuel de transporte marinho: 450.000 barris/dia
• Fornecimento de combustível de aviação: 350.000 barris/dia

Organizações governamentais e militares

A Chevron atende aos requisitos do governo e do setor de defesa.

Segmento do governo	Valor anual do contrato	Volume de suprimento de energia
Contratos militares dos EUA	US $ 3,6 bilhões	250.000 barris/dia
Contratos do governo internacional	US $ 2,1 bilhões	180.000 barris/dia

Consumidores de varejo através de postos de combustível

A Chevron opera uma extensa rede de combustível de varejo.

• Ponto de combustível total de varejo: 7.800 locais
• Vendas diárias de combustível de varejo: 1,2 milhão de barris
• Receita anual de varejo: US $ 42,5 bilhões

Provedores de energia comercial e residencial

A Chevron fornece soluções de energia para mercados comerciais e residenciais.

Segmento de energia	Volume anual de oferta	Receita
Energia comercial	2,5 milhões de barris/dia	US $ 31,2 bilhões
Energia residencial	1,3 milhão de barris/dia	US $ 18,7 bilhões

Chevron Corporation (CVX) - Modelo de Negócios: Estrutura de Custo

Altos gastos de capital para exploração e produção

Em 2023, o capital total e as despesas exploratórias da Chevron foram de US $ 14,7 bilhões. As despesas de capital a montante atingiram especificamente US $ 9,4 bilhões em atividades de exploração e produção.

Categoria de despesa	Valor (US $ bilhão)
Gasto total de capital	14.7
Despesas de capital a montante	9.4
Despesas de capital a jusante	3.5

Investimento significativo em pesquisa tecnológica

A Chevron investiu US $ 1,2 bilhão em iniciativas de pesquisa e desenvolvimento em 2023, com foco em:

• Tecnologias avançadas de perfuração
• Captura e armazenamento de carbono
• Inovações energéticas renováveis

Custos operacionais para extração global e refino

Os custos operacionais globais de extração e refino em 2023 totalizaram US $ 37,8 bilhões, incluindo:

Categoria de custo operacional	Valor (US $ bilhão)
Custos operacionais de extração	22.5
Refinar os custos operacionais	15.3

Iniciativas de conformidade ambiental e sustentabilidade

A Chevron alocou US $ 2,1 bilhões para programas de conformidade ambiental e sustentabilidade em 2023.

Força de trabalho e despesas de aquisição de talentos

As despesas totais relacionadas à força de trabalho em 2023 foram de US $ 6,3 bilhões, incluindo:

• Salários dos funcionários: US $ 4,7 bilhões
• Benefícios e compensação: US $ 1,2 bilhão
• Aquisição e treinamento de talentos: US $ 400 milhões

Estrutura de custo total para 2023: US $ 62,3 bilhões

Chevron Corporation (CVX) - Modelo de negócios: fluxos de receita

Vendas de petróleo e gás natural

As vendas de petróleo e gás natural da Chevron para 2022 totalizaram US $ 191,8 bilhões. A produção total da empresa foi de aproximadamente 1,92 milhão de barris de petróleo equivalente por dia (BOEPD).

Tipo de produto	Volume de vendas	Receita ($ B)
Petróleo bruto	1,02 milhão de boepd	108.3
Gás natural	0,90 milhão de boepd	83.5

Marketing de produto de petróleo refinado

As vendas refinadas de produtos geraram US $ 146,5 bilhões em receita para 2022.

• Vendas de gasolina: 54,2 bilhões de galões
• Vendas de combustível a diesel: 37,8 bilhões de galões
• Vendas de combustível a jato: 15,6 bilhões de galões

Vendas petroquímicas de produtos

O segmento petroquímico da Chevron gerou US $ 24,7 bilhões em receita em 2022.

Categoria de produto	Receita ($ B)
Lubrificantes	8.3
Produtos químicos base	9.5
Produtos químicos especiais	6.9

Receitas de projeto de energia renovável

Os projetos de energia renovável contribuíram com US $ 3,2 bilhões para a receita da Chevron em 2022.

• Investimentos solares: US $ 1,1 bilhão
• Projetos de energia eólica: US $ 1,5 bilhão
• Captura de hidrogênio e carbono: US $ 0,6 bilhão

Atividades de negociação e hedge

A negociação do mercado de energia gerou US $ 7,6 bilhões em receita para 2022.

Categoria de negociação	Receita ($ B)
Futuros de petróleo bruto	4.2
Derivados de gás natural	2.1
Hedge de mercadorias energéticas	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.