Chevron (CVX): what its 10-K says it depends on

Partners and platforms

Tengizchevroil (TCO)

operates in · 50 percent interest

Kazakhstan Chevron has a 50 percent interest in the TCO affiliate and an 18 percent nonoperated working interest in the Karachaganak field.Business (Item 1)

Oldelval pipeline

depends on · 14 percent interest

During 2025, a majority of the company’s exported crude oil was transported through this pipeline system.Business (Item 1)

Chevron Phillips Chemical Company (CPChem)

operates in · 50 percent interest

Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC (CPChem).Business (Item 1)

GS Caltex

operates in · 800,000 barrels per day

The 50 percent-owned GS Caltex (GSC) Yeosu Refinery in South Korea remains one of the world’s largest refineries with a total crude capacity of 800,000 barrels per day.Business (Item 1)

Caspian Pipeline Consortium (CPC)

depends on

Most of TCO’s 2025 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.Business (Item 1)

Other companies

Hess Midstream LP

approximately 38 percent consolidated ownership interestnamed as a risk

Our control of the general partner of Hess Midstream may increase the possibility that we could be subject to claims of breach of duties owed to Hess Midstream, including claims of conflict of interest.Risk factors (Item 1A)

Organization of Petroleum Exporting Countries (OPEC)

exposed to its pricenamed as a risk

Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are major factors in determining worldwide supply.Business (Item 1)

Also named by EOG

Hess Corporation

named as a risk

Failure to realize anticipated synergies in the expected timeframe, operational challenges, the diversion of management’s attention from ongoing business concerns, and unforeseen expenses associated with the acquisition may have an adverse impact on our financial results.Risk factors (Item 1A)

Woodside

In 2024, the company agreed to an asset swap of its 16.7 percent interest in the NWS Project, NWS Oil Project and its 20 percent interest in Angel Carbon Capture and Storage Project with Woodside’s 13 percent nonoperated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello fields and related infrastructure, which is expected to close in 2026, subject to customary closing conditions and regulations.Business (Item 1)

Places

United States

concentrated in · 43 percent of the company’s net proved oil-equivalent reserves

At December 31, 2025, 43 percent of the company’s net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 11 percent were located in Kazakhstan.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Israel

earns from · 3.2 trillion cubic feet of natural gas

Outside the United States, the company is contractually committed to deliver a total of 3.2 trillion cubic feet of natural gas to third parties and affiliates from 2026 through 2028 mainly from operations in Australia and Israel.Business (Item 1)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

Permian Basin

operates in · one million barrels of net oil-equivalent per day

In 2025, production reached one million barrels of net oil-equivalent per day.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, DINO, DMLP and 20 more

Australia

concentrated in · 15 percent

At December 31, 2025, 43 percent of the company’s net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 11 percent were located in Kazakhstan.Business (Item 1)

Also named by AJG, ARWR, AXP, BF/B, BTU, CL, CSGP, DECK and 15 more

Colorado

operates in · approximately 580,000 net acres

Colorado Chevron is the largest oil and natural gas producer in Colorado, where development is focused across approximately 580,000 net acres in the Denver-Julesburg (DJ) Basin.Business (Item 1)

Also named by AN, BBSI, BKH, DMLP, ENSG, FPI, MLM, PLTR and 4 more

Gulf of America

operates in · 235,000 barrels of crude oil

During 2025, Chevron’s net daily production in the Gulf of America averaged 235,000 barrels of crude oil, 19,000 barrels of NGLs and 150 million cubic feet of natural gas.Business (Item 1)

Also named by JOE, MUR, OXY, VTOL, WMB

Bakken

operates in · approximately 469,000 net acres

North Dakota Chevron holds approximately 469,000 net acres in the Bakken shale play, located in the Williston Basin of North Dakota following its acquisition of Hess.Business (Item 1)

Also named by HESM, MDU, WTTR

Nigeria

operates in · 134

Nigeria Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta.Business (Item 1)

Also named by MDLZ, VTOL

Kazakhstan

concentrated in · 11 percent

At December 31, 2025, 43 percent of the company’s net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 11 percent were located in Kazakhstan.Business (Item 1)

Also named by WAB

Stabroek Block, Guyana

operates in · 30 percent nonoperated interest

Guyana Chevron has a 30 percent nonoperated interest in the Stabroek Block, offshore Guyana, covering approximately 6.6 million acres, following its acquisition of Hess.Business (Item 1)

Wheatstone LNG

operates in · 64.1 percent-owned and operated interest in the LNG facilities

Chevron holds a 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone.Business (Item 1)

Leviathan Field

operates in · 39.7 percent-owned and operated interest

Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044.Business (Item 1)

Venezuela

subject tonamed as a risk

In 2025, the company conducted activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.Business (Item 1)

Also named by BKR, CL, COP, CRC, EME, FLS, JNJ, PBF and 3 more

Hazards

Hurricanes

operates innamed as a risk

The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, and other forms of severe weather; wildfires; ambient temperature increases; sea level rise; war or other military conflicts such as the conflict between Russia and Ukraine and in the Middle East; accidents; civil unrest; political events such as current geopolitical tensions in Venezuela; fires; earthquakes; system failures; cyber threats; terrorist acts; and epidemic or pandemic diseases, some of which may be impacted by climate change and any of which could result in suspension of operations or harm to people or the natural environment.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Imported crude oil

depends on · approximately 60 percent of Chevron’s U.S. refinery inputs

Imported crude oil accounted for approximately 60 percent of Chevron’s U.S. refinery inputs in both 2025 and 2024.Business (Item 1)

Crude oil

exposed to its pricenamed as a risk

An investment in the company carries significant exposure to fluctuations in global prices of crude oil, natural gas, and natural gas liquids.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Regulators

U.S. Congress

subject tonamed as a risk

For instance, we have received investigative requests and demands from the U.S. Congress for information relating to climate change, methane leak detection and repair, and other topics, and further requests and/or demands are possible.Risk factors (Item 1A)

Kern County

subject to

Following Kern County’s reinstatement of drilling permit approvals, Chevron plans to undertake limited development drilling in 2026.Business (Item 1)

Also named by CRC

Laws and programs

Renewable Fuel Standard

subject tonamed as a risk

For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, DAL, DINO, DTE, ET and 13 more

Hydraulic fracturing regulation

subject tonamed as a risk

In addition, litigation or changes in national, state or local environmental regulations or laws, including those designed to stop or impede the development or production of oil and gas, such as those related to the use of hydraulic fracturing or bans on drilling, or any law or regulation that impacts the demand for our products, could adversely affect the company’s current or anticipated future operations and profitability.Risk factors (Item 1A)

Also named by AESI, AGX, AM, COP, DTM, EPD, EXE, HESM and 7 more

California Low Carbon Fuel Standard

subject tonamed as a risk

For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.Risk factors (Item 1A)

Also named by CRC, DINO, DTE, GPRE, MPC, PBF, SEB, UGI and 2 more

California Cap-and-Trade Program

subject tonamed as a risk

For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.Risk factors (Item 1A)

Also named by APD, CRC, MP, PNW, PSX

U.S. sanctions on Venezuela and Russia

subject tonamed as a risk

Further, Chevron is required to comply with sanctions and other trade laws and regulations of the United States and other jurisdictions where we operate, such as sanctions imposed in Venezuela and Russia, which, depending upon their scope, could adversely impact the company’s operations and financial results in these countries.Risk factors (Item 1A)

California windfall profit tax

subject tonamed as a risk

Governments in various jurisdictions, including California and Australia, have announced, proposed, or implemented windfall profit taxes for companies operating in the energy and oil and gas sectors.Risk factors (Item 1A)

California Air Resources Board Advanced Clean Cars II

subject tonamed as a risk

For example, the company operates in jurisdictions with developing or existing programs, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s products.Risk factors (Item 1A)