Chevron

What Chevron does

Chevron Corporation is a publicly traded integrated energy supermajor (NYSE: CVX), founded in 1879 as Pacific Coast Oil Company and headquartered in Houston, Texas. The company operates across the full energy value chain: upstream exploration and production in major basins including the Permian (exceeding 1 million BOE/day), Gulf of Mexico, Guyana's Stabroek block (via the $53 billion Hess acquisition completed in 2024), and international assets spanning Venezuela, Kazakhstan, Iraq, Libya, Nigeria, Australia, and Greece; downstream refining and marketing through a branded retail network of Chevron, Texaco, and ExtraMile fuel stations supported by the proprietary Techron fuel additive and Chevron Texaco Rewards loyalty program; and emerging new energy platforms via the Chevron New Energies division (hydrogen, carbon capture, renewable fuels).

Revenue is generated through diversified streams: upstream oil and gas production, downstream refining and marketing (Q1 2026 revenue of $47.56 billion), and a new contracted power generation segment. The traditional go-to-market combines B2B enterprise sales of crude, natural gas, LNG, and refined products with B2C retail fuel sales through branded stations and mobile applications supporting multiple payment methods (Apple Pay, Google Pay, PayPal, Checking Pay).

The company's strategic direction is pivoting toward contracted, lower-volatility cash flows through Project Kilby, a 20-year, 2.67 GW power purchase agreement with Microsoft (announced June 22, 2026) developed by subsidiary Energy Forge One LLC to power AI data center infrastructure in West Texas. This represents a deliberate expansion into behind-the-meter power generation for hyperscale AI customers, executed in partnership with GE Vernova, Solar Turbines (Caterpillar), Texas Pacific Land Corporation, Joulent, and Engine No. 1, with first power targeted for 2028 and mid-teen returns on a $7 billion initial CapEx. Chevron also continues to pursue lower-carbon initiatives (Advanced Clean Energy Storage hydrogen in Delta, Utah) while sustaining capital returns (39 consecutive years of dividend increases; $27.1 billion in 2025 shareholder returns).

Name

Chevron

Legal name

Chevron Corporation

Website

https://chevron.com

Company type

Public

Founded year

1879

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Chevron is an integrated global energy supermajor operating upstream oil and gas production, downstream refining and marketing through branded fuel stations, and emerging dedicated power generation for AI data centers via Project Kilby serving hyperscale customers like Microsoft.

Ownership category

akta.pro rank

Product category

Integrated Oil & Gas

NAICS

Petroleum Refineries (324110), Gasoline Stations (4571), Petrochemical Manufacturing (32511), Industrial Gas Manufacturing (32512)

SIC

Crude Petroleum & Natural Gas (1311), Petroleum Refining (2911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Retail Service Station Operations (Company-Owned & Dealer-Operated) (EUALAIAA)

akta.pro secondary industries

Convenience Retail & Foodservice at Forecourts (C-Store/QSR) (EUALAIAE), Fuel Pricing, Loyalty & Payments Platforms (POS, Mobile Pay, Fleet Cards, Loyalty Programs) (EUALAIAK), Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB)

Keywords

• Crude oil production
• Natural gas operations
• Petroleum refining
• LNG operations
• Lubricants manufacturing

Headquarters

HQ city

San Ramon

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Upstream Oil and Gas Production: Exploration and production of crude oil and natural gas across major basins including Permian Basin (exceeding 1 million BOE/day), Gulf of Mexico, and international operations. Production reached record 3,858 MBOED following Hess acquisition integration.
2. Downstream Refining and Marketing: Refining crude oil into fuels, lubricants, and petrochemicals; marketing through branded fuel stations (Chevron, Texaco) and convenience stores (ExtraMile). Revenue of $47.56 billion in Q1 2026.
3. New Energies and Hydrogen: Chevron New Energies division developing hydrogen projects including majority stake in Advanced Clean Energy Storage in Utah, renewable fuels, and carbon capture initiatives.
4. AI Data Center Power Generation: 20-year power purchase agreement with Microsoft for Project Kilby (2.67 GW capacity) represents a new growth platform leveraging Permian Basin natural gas for dedicated AI infrastructure power, targeting mid-teen returns with cash flows diversified from commodity price cycles.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Chevron is an integrated energy company that explores, produces, and markets crude oil, natural gas, liquefied natural gas (LNG), refined petroleum products (gasoline, diesel, jet fuel), lubricants, and petrochemicals. It operates a branded retail fuel station network under the Chevron, Texaco, and ExtraMile brands with proprietary Techron fuel additive technology, and is expanding into dedicated natural gas power generation for hyperscale AI data centers through its Energy Forge One subsidiary (Project Kilby) alongside lower-carbon energy initiatives including hydrogen and carbon capture.

Product overview

Chevron operates as a fully integrated energy company offering petroleum products through its retail fuel station network (Chevron, Texaco, ExtraMile brands) and its proprietary Techron fuel additive technology. The company supports consumer engagement through loyalty programs (Chevron Texaco Rewards, ExtraMile Rewards) accessible via mobile applications. Chevron's emerging diversification includes power generation for AI data centers through its Energy Forge One subsidiary (Project Kilby with Microsoft) and clean energy initiatives via Chevron New Energies (hydrogen storage projects). The portfolio spans fuels (gasoline, diesel, aviation), lubricants, chemicals, LNG, and emerging lower-carbon energy solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Techron: Proprietary fuel additive technology used in Chevron and Texaco branded gasolines, designed to clean and protect engines from harmful deposits.
• Project Kilby
• Energy Forge One
• Chevron New Energies
• Chevron Texaco Rewards

Products and services

• Chevron with Techron Fuel Chevron's proprietary Techron additive technology blended into all grades of Chevron and Texaco branded gasoline, designed to clean and protect engines from harmful deposits. The enhanced next-generation formula was launched in 2026 across the U.S. retail network.
• ChevronTexaco Rewards Program Consumer loyalty and rewards program enabling members to earn points on fuel purchases at Chevron and Texaco stations, redeemable for fuel discounts and other rewards. Integrates with Albertsons for U gas rewards.
• ExtraMile Rewards Convenience store loyalty program for ExtraMile-branded locations, allowing members to earn and redeem rewards on fuel and convenience items.
• Project Kilby Co-located natural gas power generation platform supplying dedicated electricity to hyperscale AI data centers, representing Chevron's entry into power-for-AI infrastructure. Targets mid-teen returns with cash flows diversified from commodity price cycles.
• Advanced Clean Energy Storage (ACES) Large-scale hydrogen production and storage project using electrolysis and salt caverns in Delta, Utah to serve regional utility, transportation, and industrial needs for green hydrogen.
• Chevron Mobile Apps Chevron, Texaco, and ExtraMile branded mobile applications for iOS and Android enabling fuel payments via Apple Pay, Google Pay, PayPal, and Checking Pay; loyalty point management; station location finding; and push notifications for offers.

Quantifiable outcome

• Record production of 3,858 MBOED with 15% YoY growth
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration20 records

Feature3 records

Partnerships

13 partnerships are on record, tiered minor, core and flagship.

• ExxonMobilminorStrategic or Co-development Partner · 26 June 2026Collaborating with ExxonMobil on exploration risk management in Greek offshore blocks south of Crete and Peloponnese.
• RepsolminorStrategic or Co-development Partner · 25 June 2026Chevron and Repsol confirmed joint operations in Venezuela remain unaffected following earthquakes. Both companies maintain gas assets including joint venture in the Perla field.
• EniminorStrategic or Co-development Partner · 25 June 2026Chevron and Eni confirmed joint operations in Venezuela remain unaffected following earthquakes. Both maintain gas assets in the country.
• Texas Pacific Land CorporationcoreStrategic or Co-development Partner · 23 June 2026Agreement for Texas Pacific Land to provide surface acreage and exclusive access to aquifer-derived brackish groundwater for Project Kilby power generation facility in Reeves County, Texas.
• MicrosoftflagshipStrategic or Co-development Partner · 22 June 202620-year power purchase agreement for Project Kilby, a co-located natural gas power facility in West Texas delivering approximately 2.67 gigawatts of dedicated electricity to Microsoft AI data center campus near Pecos, Texas. Chevron's Energy Forge One LLC subsidiary developing the facility with GE Vernova turbines and Solar Turbines equipment. Project targets mid-teen returns with first power delivery expected 2028.
• Engine No. 1coreStrategic or Co-development Partner · 22 June 2026Investment fund partner collaborating with Chevron on Project Kilby power generation facility development. Engine No. 1 backed Joulent as the technology-driven energy company developing multi-gigawatt power solutions for AI infrastructure.
• JoulentcoreTechnology or Integration · 22 June 2026Technology-driven energy company backed by Engine No. 1 and developed in collaboration with GE Vernova, purpose-built to deliver reliable multi-gigawatt power for American digital infrastructure. First project is Project Kilby with Chevron.
• GE VernovacoreTechnology or Integration · 22 June 2026Primary turbine supplier for Project Kilby, providing gas turbines for the 2.67 GW natural gas power generation facility serving Microsoft data center.
• Caterpillar (Solar Turbines)coreTechnology or Integration · 22 June 2026Solar Turbines, a wholly owned Caterpillar subsidiary, providing additional generation capacity for Project Kilby facility.
• ExxonMobilminorStrategic or Co-development Partner · 22 June 2026Joint exploration collaboration with ExxonMobil for areas south of Crete and the Peloponnese in Greece, managed by HELLENiQ ENERGY. Block 2 drilling expected 2027 targeting 270 BCF natural gas potential.
• Sable Offshore CorpminorChannel Partner/ Reseller/ Distributor · 22 June 2026Chevron is purchasing oil from Sable Offshore Corp's restarted offshore platforms near Santa Barbara following Trump administration use of Defense Production Act to bypass California regulations.
• HELLENiQ ENERGYcoreStrategic or Co-development Partner · 16 June 2026Chevron acquiring 70% interest and operatorship in Block 10 offshore concession in Kyparissiakos Gulf, Greece, while HELLENiQ ENERGY retains 30%. This is the fifth joint offshore concession between the companies in Greece.
• Advanced Clean Energy StorageminorStrategic or Co-development Partner · 12 September 2023Chevron acquired majority stake in Advanced Clean Energy Storage hydrogen project in Delta, Utah through Chevron New Energies division. Project aims to produce and store hydrogen using electrolysis and salt caverns, expected to operate at commercial scale by mid-2025.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ExxonMobil: Largest US integrated supermajor with parallel upstream, downstream, refining, and chemicals operations and similar global exploration footprint. ExxonMobil is the closest direct peer across every line of Chevron's integrated business.
• Shell: Global integrated supermajor with comparable upstream production, LNG, refining, marketing, and growing power/new energies businesses. Shell's pivot into integrated power offerings closely parallels Chevron's Project Kilby strategy.
• BP: Integrated supermajor with upstream, downstream, and increasingly aggressive low-carbon and convenience retail strategies. BP's downstream marketing overlap with Chevron's branded station network makes it a direct competitor.
• TotalEnergies: European integrated supermajor with integrated upstream, refining, marketing, LNG, and renewables platforms of similar scale. Comparable geographic diversification and integrated energy transition strategy.
• ConocoPhillips: Major US independent E&P with significant Permian, Eagle Ford, and Lower 48 overlap. While less integrated downstream, ConocoPhillips is a direct comparable on Permian production economics and US unconventional scale.
• Marathon Petroleum: Largest US independent refining and marketing company operating refineries, pipelines, and retail outlets (Marathon, ARCO, Speedway). Directly comparable to Chevron's downstream refining and branded fuel marketing business.
• Phillips 66: US-based integrated downstream and chemicals company with refining, midstream, marketing, and specialty businesses. Closely comparable to Chevron's downstream, midstream, and chemicals segment.
• Valero Energy: Largest US independent petroleum refiner with extensive refining and wholesale marketing operations. Comparable to Chevron on refining throughput, crack spread exposure, and renewable diesel investments.
• Suncor Energy: Canadian integrated energy company with oil sands production, refining, retail (Petro-Canada), and renewable fuels operations. Comparable integrated business model, though regionally focused on Canada.

Broad incumbents

• Occidental Petroleum: Large US oil and gas producer with significant Permian footprint and chemicals (OxyChem) business. Comparable to Chevron on Permian production scale and downstream chemical exposure, but lacks comparable retail fuel network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Chevron
• YouTubeyoutube.com/user/Chevron
• Facebookfacebook.com/Chevron
• LinkedInlinkedin.com/company/chevron
• Instagraminstagram.com/chevron
• TikToktiktok.com/@chevron

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chevron