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Chevron Corporation CVX

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Chevron earned $12.07B in the June quarter against $2.49B a year earlier, and $6.11 a share against $1.45.

Brent averaged $104 against $68. Almost everything else in this memo is downstream of that one fact.

CVX · price with moving averages

Daily · 6MWeekly · 3Y
$130$151$173$195$217 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Chevron pumps oil and gas, and separately refines it into fuels and chemicals. Upstream production reached 4,070 thousand barrels of oil equivalent a day after the Hess acquisition closed in July 2025, which added Guyana, the Bakken and Marcellus acreage. Downstream turns crude into petrol, diesel and petrochemicals.

Integration is the point of the structure. When crude is expensive the upstream business prints money; when crude is cheap the refineries buy their feedstock at a discount. The two halves are supposed to offset.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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