Chevron is a US supermajor (~$385bn cap), FY2025 production ~3.7 mmboe/d and 10.6 bnboe proved reserves, spanning the Permian and DJ basins, deepwater Gulf of America, Kazakhstan's giant Tengiz complex (TCO/FGP), Australian LNG (Gorgon/Wheatstone) and East Med gas. The 2023 ~$7.6bn PDC deal deepened its low-cost Lower-48 shale; the ~$53bn all-stock Hess acquisition completed mid-2025 added ~30% of Guyana's Stabroek block plus Bakken shale.
FY2025 earnings fell ~30% to $12.5bn on softer crude, lifting P/E to a cyclically high ~31x, though EV/EBITDA (~10x) and a ~4% FCF yield are more moderate; net debt rose to ~$34bn from consolidating Hess. CEO Mike Wirth (since 2018) has 39 consecutive years of dividend growth and sizeable buybacks. Flags: Tengiz/Kazakhstan concentration, geopolitical exposure, and Hess integration/leverage.
Its EV/EBITDA of 10.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 4.3% is lower than the 6.5% median, and at $39.63/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Chevron scores 32/100, strongest on safety (57/100). Sub-scores: value 20, quality 24, growth 39, risk 43 (higher = riskier).
Chevron holds approximately 10.59 billion boe of proved (1P) reserves with FY2025 production of about 3,723 thousand boe/d (54% liquids), a reserve life of roughly 7.8 years. Break-even: ~$50/bbl (FCF break-even (Brent, covers capex + dividend)) — Chevron targets funding its capital program and dividend at roughly $50/bbl Brent as Tengiz FGP and low-cost shale scale up; all-in cash breakeven sits nearer the mid-$50s to low-$60s.
Using Chevron's SEC-disclosed after-tax standardized measure of proved reserves ($98.0bn) less net debt ($34.5bn) gives an equity-NAV floor of about $63.5bn — the current market capitalisation sits +507% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved-reserve NAV is upstream-only; excludes Downstream refining & marketing and the CPChem petrochemicals JV.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 40% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Kazakhstan | 18% | 64 | Export-route (CPC) dependence on Russia, contract disputes. |
| Other | 13% | 50 | diversified/unspecified exposure — universe-average proxy |
| Australia | 10% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
| Guyana | 8% | 60 | World-class offshore; Venezuela Essequibo claim, capacity risk. |
| Nigeria | 6% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
| Angola | 5% | 76 | High debt, FX/repatriation risk, mature declining fields. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Tengiz (TCO / FGP-WPMP) | Kazakhstan | Onshore oil | 50% Chevron; Future Growth Project ramped in 2025 toward ~1 mmbbl/d field capacity |
| Permian Basin | United States | Unconventional shale | Record net output approaching ~1 mmboe/d; core low-cost growth engine |
| DJ Basin | United States | Unconventional oil/gas | Colorado acreage acquired via PDC Energy (2023) |
| Gulf of America deepwater | United States | Offshore oil | Anchor, Whale and Ballymore high-pressure developments |
| Gorgon & Wheatstone LNG | Australia | LNG | Operated long-life LNG hubs; Gorgon includes carbon capture |
| Stabroek Block | Guyana | Offshore oil | ~30% interest acquired via Hess (2025); ExxonMobil-operated, multi-bnboe |
| Bakken | United States | Unconventional shale | Added through the Hess acquisition (2025) |
| Leviathan | Israel | Offshore gas | East Med gas exports (via the 2020 Noble Energy acquisition) |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 3099 | 3000 | 3120 | 3300 | 3723 |
| Proved reserves (bnboe) | 11.20 | 11.20 | 11.10 | 9.80 | 10.59 |
| Revenue ($bn) | 162.5 | 246.3 | 200.9 | 202.8 | 189.0 |
| EBITDA ($bn) | 38.0 | 74.0 | 48.0 | 44.0 | 41.1 |
| Net income ($bn) | 15.6 | 35.5 | 21.4 | 17.7 | 12.3 |
| Free cash flow ($bn) | 21.0 | 37.6 | 19.8 | 15.1 | 16.6 |
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✓ FY2025 figures verified against primary sources: