183 added · 243 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Acquisition of Hess - Valuation of Oil and Gas Properties As described in Note 29 to the consolidated financial statements, on July 18, 2025, the Company acquired Hess and recorded estimated fair values of the acquired properties, plant and equipment of approximately $73.5 billion, of which a significant portion relates to oil and gas properties.
See accompanying Notes to the Consolidated Financial Statements. 67 Consolidated Statement of Cash Flows Financial Table of Contents Millions of dollars Year ended December 31 2025 2024 2023 Operating Activities Net Income (Loss) $ 12,485 $ 17,749 $ 21,411 Adjustments Depreciation, depletion and amortization 20,132 17,282 17,326 Dry hole expense 325 429 436 Distributions more (less) than income from equity affiliates 2,282 ( 366 ) ( 885 ) Net before-tax gains on asset retirements and sales ( 462 ) ( 1,685 ) ( 138 ) Net foreign currency effects 585 ( 629 ) 578 Deferred income tax provision 986 1,240 298 Net decrease (increase) in operating working capital ( 1,008 ) 1,211 ( 3,185 ) Decrease (increase) in long-term receivables ( 132 ) 114 150 Net decrease (increase) in other deferred charges ( 508 ) ( 1,225 ) ( 300 ) Cash contributions to employee pension plans ( 588 ) ( 844 ) ( 1,120 ) Other ( 158 ) ( 1,784 ) 1,038 Net Cash Provided by Operating Activities 33,939 31,492 35,609 Investing Activities Acquisition of businesses, net of cash received 1,056 — 55 Acquisition of Hess Corporation common stock ( 2,225 ) — — Capital expenditures ( 17,347 ) ( 16,448 ) ( 15,829 ) Proceeds and deposits related to asset sales and returns of investment 1,826 7,704 669 Net maturities of (investments in) time deposits 1 ( 4 ) — Net sales (purchases) of marketable securities — 45 175 Net repayment (borrowing) of loans by equity affiliates 778 ( 233 ) ( 302 ) Net Cash Used for Investing Activities ( 15,911 ) ( 8,936 ) ( 15,232 ) Financing Activities Net borrowings (repayments) of short-term obligations ( 1,061 ) 4,868 135 Proceeds from issuances of long-term debt 11,402 478 150 Repayments of long-term debt and other financing obligations ( 4,475 ) ( 1,778 ) ( 4,340 ) Cash dividends - common stock ( 12,751 ) ( 11,801 ) ( 11,336 ) Net contributions from (distributions to) noncontrolling interests ( 323 ) ( 195 ) ( 40 ) Net sales (purchases) of treasury shares ( 11,855 ) ( 15,044 ) ( 14,678 ) Net Cash Provided by (Used for) Financing Activities ( 19,063 ) ( 23,472 ) ( 30,109 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 58 ( 97 ) ( 114 ) Net Change in Cash, Cash Equivalents and Restricted Cash ( 977 ) ( 1,013 ) ( 9,846 ) Cash, Cash Equivalents and Restricted Cash at January 1 8,262 9,275 19,121 Cash, Cash Equivalents and Restricted Cash at December 31 $ 7,285 $ 8,262 $ 9,275 See accompanying Notes to the Consolidated Financial Statements. 68 Consolidated Statement of Equity Financial Table of Contents Millions of dollars, except per-share amounts Acc.
Common Retained Comprehensive Stock Stockholders’ Noncontrolling Total Stock 1 Earnings Income (Loss) ( at cost ) Equity Interests Equity Balance at December 31, 2022 $ 20,252 $ 190,024 $ ( 2,798 ) $ ( 48,196 ) $ 159,282 $ 960 $ 160,242 Treasury stock transactions 174 — — — 174 — 174 PDC Energy, Inc. acquisition 2,550 — — 3,970 6,520 — 6,520 Net income (loss) — 21,369 — — 21,369 42 21,411 Cash dividends ($ 6.04 per share) — ( 11,336 ) — — ( 11,336 ) ( 54 ) ( 11,390 ) Stock dividends — ( 9 ) — — ( 9 ) — ( 9 ) Other comprehensive income — — ( 162 ) — ( 162 ) — ( 162 ) Purchases of treasury shares — — — ( 15,085 ) ( 15,085 ) — ( 15,085 ) Issuances of treasury shares 17 — — 246 263 — 263 Other changes, net ( 36 ) ( 23 ) — — ( 59 ) 24 ( 35 ) Balance at December 31, 2023 $ 22,957 $ 200,025 $ ( 2,960 ) $ ( 59,065 ) $ 160,957 $ 972 $ 161,929 Treasury stock transactions 255 — — — 255 — 255 Net income (loss) — 17,661 — — 17,661 88 17,749 Cash dividends ($ 6.52 per share) — ( 11,801 ) — — ( 11,801 ) ( 210 ) ( 12,011 ) Stock dividends — ( 22 ) — — ( 22 ) — ( 22 ) Other comprehensive income — — 200 — 200 — 200 Purchases of treasury shares — — — ( 15,374 ) ( 15,374 ) — ( 15,374 ) Issuances of treasury shares 51 — — 402 453 — 453 Other changes, net — ( 11 ) — — ( 11 ) ( 11 ) ( 22 ) Balance at December 31, 2024 $ 23,263 $ 205,852 $ ( 2,760 ) $ ( 74,037 ) $ 152,318 $ 839 $ 153,157 Treasury stock transactions 541 — — — 541 — 541 Hess Corporation acquisition 11,775 — — 33,828 45,603 5,035 50,638 Net income (loss) — 12,299 — — 12,299 186 12,485 Cash dividends ($ 6.84 per share) — ( 12,751 ) — — ( 12,751 ) ( 334 ) ( 13,085 ) Stock dividends — ( 35 ) — — ( 35 ) — ( 35 ) Other comprehensive income — — 296 — 296 — 296 Purchases of treasury shares 2 — — — ( 12,225 ) ( 12,225 ) — ( 12,225 ) Issuances of treasury shares ( 101 ) — — 505 404 — 404 Other changes, net — — — — — — — Balance at December 31, 2025 $ 35,478 $ 205,365 $ ( 2,464 ) $ ( 51,929 ) $ 186,450 $ 5,726 $ 192,176 Common Stock Share Activity Issued 3 Treasury Outstanding Balance at December 31, 2022 2,442,676,580 ( 527,460,237 ) 1,915,216,343 Purchases — ( 92,849,905 ) ( 92,849,905 ) Issuances — 43,281,366 43,281,366 Balance at December 31, 2023 2,442,676,580 ( 577,028,776 ) 1,865,647,804 Purchases — ( 100,444,608 ) ( 100,444,608 ) Issuances — 3,809,078 3,809,078 Balance at December 31, 2024 2,442,676,580 ( 673,664,306 ) 1,769,012,274 Purchases — ( 80,072,818 ) ( 80,072,818 ) Issuances — 305,476,666 305,476,666 Balance at December 31, 2025 2,442,676,580 ( 448,260,458 ) 1,994,416,122 1 Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $ 1,832 , and $( 240 ) associated with Chevron’s Benefit Plan Trust.
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
The principal considerations for our determination that performing procedures relating to the valuation of oil and gas properties acquired in the acquisition of Hess is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, when developing the fair value estimates of oil and gas properties acquired;
The company tests such goodwill at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount.
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. 74 Notes to the Consolidated Financial Statements Financial Table of Contents Millions of dollars, except per-share amounts Refer also to Note 29 - Acquisition of Hess Corporation for a discussion of the acquisition of Hess.
Cash received in connection with the acquisition is reflected in the Consolidated Statement of Cash Flows as “Acquisition of businesses, net of cash received.” Acquisition‑related changes to the Consolidated Balance Sheet that did not result in cash inflows or outflows are excluded from the Consolidated Statement of Cash Flows.
Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows.
Contingent Losses Management also makes judgments and estimates in recording liabilities for claims, litigation, tax matters, transferred liabilities from previously divested assets, and environmental remediation.
Refer to Table V , “Proved Reserve Quantity Information,” for the changes in proved reserve estimates for each of the three years ended December 31, 2023, 2024 and 2025, and to Table VII , “Changes in the Standardized Measure of Discounted Future Net Cash Flows From Proved Reserves” for estimates of proved reserve values for each of the three years ended December 31, 2023, 2024 and 2025.
Additionally, with the exception of three years within this 10-year period, actual asset returns for this plan equaled or exceeded 7.1 percent during each year. 57 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Total pension expense for 2025 was $677 million.
No longer disclosed
Millions of dollars 2024 2023 2022 Depreciation, depletion and amortization $ 17,282 $ 17,326 $ 16,319 Depreciation, depletion and amortization expenses decreased slightly in 2024 primarily due to lower impairment charges partially offset by higher production and higher rates.
A discussion of variances between 2023 and 2022 can be found in the “Results of Operations” section on pages 41 through 43 of the company’s 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024.
For example, in fourth quarter 2023, the company recognized charges for decommissioning obligations from certain previously divested assets in the Gulf of America.
A discussion of variances between 2023 and 2022 can be found in the “Consolidated Statement of Income” section on pages 43 and 44 of the company’s 2023 Annual Report on Form 10-K.
At year-end 2024, the book value of inventory was lower than replacement costs, based on average acquisition costs during the year, by approximately $6.0 billion.
Acquisition and Disposition of Assets The company continually evaluates opportunities to dispose of assets that are not expected to provide sufficient long-term value and to acquire assets or operations complementary to its asset base to help augment the company’s financial performance and value growth.
This estimate is subject to many factors and uncertainties, including quotas or other actions that may be imposed by OPEC+; price effects on entitlement volumes; changes in fiscal terms or restrictions on the scope of company operations; delays in construction; reservoir performance; greater-than-expected declines in production from mature fields; start-up or ramp-up of projects; acquisition and divestment of assets; fluctuations in demand for crude oil and natural gas in various markets; weather conditions that may shut in production; civil unrest; changing geopolitics; delays in completion of maintenance turnarounds; storage constraints or economic conditions that could lead to shut-in production; or other disruptions to operations.
In addition, information related to company contributions is included on page 98 in Note 23 Employee Benefit Plans under the heading “Cash Contributions and Benefit Payments.” Contingent Losses Management also makes judgments and estimates in recording liabilities for claims, litigation, tax matters, transferred liabilities from previously divested assets, and environmental remediation.
In October 2023, the company announced that it had entered into a definitive merger agreement with Hess Corporation.
In December 2024, the company sold its 20 percent non-operated interest in the Athabasca Oil Sands Project and 70 percent operated interest in the Duvernay shale in Alberta, Canada, to Canadian Natural Resources Limited for $6.5 billion before taxes, and expects to make tax payments totaling $1.5 billion in first quarter 2025.
In April 2024, Tengizchevroil LLP (TCO) achieved start-up of the Wellhead Pressure Management Project (WPMP) and at year-end 2024, all four pressure boost facility compressors are online and all metering stations have been converted to low pressure.
In fourth quarter 2022, Chevron received General License 41 from the United States government, enabling the company to resume activity in Venezuela subject to certain limitations, and the company continues such activities under this General License.