Chevron Corp (CVX)

Chevron’s upstream portfolio produces crude oil, natural gas liquids, and natural gas from conventional and unconventional assets. Its reported worldwide net oil-equivalent production for 2025 is 3.7 million barrels per day, including 8.5 billion cubic feet per day of natural gas and 2.3 million barrels per day of liquids. At year-end 2025, the company reports net proved reserves of 10.6 billion barrels of oil equivalent, made up of 5.7 billion barrels of liquids and 29.2 trillion cubic feet of natural gas.

The downstream side of the business includes refining, marketing, lubricants, and petrochemical-related activities. Chevron’s refining network is concentrated in the United States and Asia, with worldwide refining capacity of 1.8 million barrels of oil per day at year-end 2025. This integrated structure can help balance earnings across commodity cycles, as refining margins and fuel demand may move differently from crude oil and gas prices.

For investors, Chevron is a bellwether energy stock. Its outlook is shaped by oil and gas prices, reserve replacement, capital discipline, geopolitical risk, refining margins, and the global pace of energy transition.