Chevron Corporation (CVX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía global, Chevron Corporation se erige como un titán, navegando sin problemas el complejo panorama de los mercados de energía tradicional y renovable. Con un modelo de negocio estratégico que combina técnicas de exploración innovadoras, prácticas sostenibles y una presencia global robusta, Chevron se ha transformado de un gigante de petróleo clásico en una potencia energética multifacética. Este lienzo de modelo comercial integral revela cómo la compañía se posiciona estratégicamente para ofrecer soluciones de energía confiables, administrar asociaciones intrincadas e impulsar la innovación tecnológica en diversos segmentos de mercado.

Chevron Corporation (CVX) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con compañías petroleras nacionales

Chevron mantiene asociaciones estratégicas con compañías petroleras nacionales en múltiples países:

País	Pareja	Inversión/estaca
Kazajstán	Kazmunaygas	Estaca del 50% en la empresa conjunta de Tengizchevroil
Angola	Sonangol	39.2% Propiedad en el bloque 0
Nigeria	Corporación Nacional de Petróleo de Nigeria	Estaca del 40% en la empresa conjunta

Asociaciones tecnológicas con fabricantes de equipos

Chevron colabora con los principales proveedores de tecnología:

• Schlumberger Ltd. - Asociación de tecnología de perforación
• Halliburton Company - Colaboración de equipos de exploración
• Baker Hughes - Soluciones de perforación avanzada

Empresas conjuntas en energía renovable

Pareja	Tipo de proyecto	Monto de la inversión
Energías totales	Proyecto solar	$ 500 millones de inversión
Energía nextera	Desarrollo de la energía eólica	Compromiso de $ 300 millones

Colaboración de investigación para energía sostenible

Chevron se asocia con instituciones académicas:

• Universidad de Stanford - Investigación de captura de carbono
• Iniciativa MIT Energy - Desarrollo de tecnología limpia
• Universidad de California - Innovación de energía renovable

Asociaciones de cadena de suministro y logística

Pareja	Servicio	Valor anual del contrato
Línea de Maersk	Transporte marítimo	$ 750 millones
Logística de FedEx	Servicios de envío global	$ 250 millones

Chevron Corporation (CVX) - Modelo de negocio: actividades clave

Exploración y producción de petróleo crudo y gas natural

Operaciones globales de exploración y producción de Chevron en 2023:

Región	Producción diaria	Reservas probadas
Estados Unidos	785,000 barriles de aceite equivalente por día	3.1 mil millones de barriles
Internacional	1.15 millones de barriles de aceite equivalente por día	5.600 millones de barriles

Refinamiento y procesamiento de productos de petróleo

Capacidad y operaciones de refinación en 2023:

• Capacidad total de refinación global: 1.7 millones de barriles por día
• Número de refinerías: 8 en los Estados Unidos
• Número de refinerías: 5 ubicaciones internacionales

Marketing y distribución global de recursos energéticos

Estadísticas de marketing y distribución:

Producto	Volumen de ventas anual	Mercados globales
Productos de petróleo	2.8 millones de barriles por día	Más de 180 países
Lubricantes	320 millones de galones anualmente	Más de 50 países

Desarrollo e inversión de energía renovable

Cartera de energía renovable en 2023:

• Inversiones totales de energía renovable: $ 10.3 mil millones
• Proyectos de energía renovable: 14 proyectos activos
• Capacidad de captura de carbono: 3.4 millones de toneladas métricas anualmente

Innovación tecnológica continua en técnicas de extracción

Métricas de inversión tecnológica e innovación:

Área de innovación	Inversión anual de I + D	Tecnologías clave
Tecnologías de extracción	$ 1.2 mil millones	Imágenes sísmicas avanzadas, perforación horizontal
Transformación digital	$ 680 millones	Gestión de yacimientos impulsada por IA, mantenimiento predictivo

Chevron Corporation (CVX) - Modelo de negocio: recursos clave

Extensas reservas mundiales de petróleo y gas

A partir de 2022, Chevron informó un total de reservas probadas de 8.1 mil millones de barriles de petróleo equivalente. Desglose geográfico de las reservas:

Región	Reservas (mil millones de barriles)
Estados Unidos	2.7
Asia Pacífico	1.9
Oriente Medio	1.5
África	1.2
Otros internacionales	0.8

Tecnologías avanzadas de exploración y perforación

Las inversiones tecnológicas de Chevron incluyen:

• $ 3.1 mil millones gastados en gastos de capital en 2022
• Tecnologías avanzadas de imágenes sísmicas
• Capacidades de exploración de aguas profundas en múltiples regiones globales

Fuerza laboral hábil

Estadísticas de la fuerza laboral a partir de 2022:

• Total de empleados: 43,846
• Presencia global en 180 países
• Promedio de la tenencia del empleado: 12.4 años

Capital financiero sustancial

Recursos financieros en 2022:

Métrica financiera	Cantidad
Ingresos totales	$ 236.9 mil millones
Lngresos netos	$ 35.5 mil millones
Inversiones en efectivo y a corto plazo	$ 8.1 mil millones

Infraestructura de investigación y desarrollo

Detalles de inversión de I + D:

• Gastos anuales de I + D: $ 521 millones
• Áreas de enfoque: captura de carbono, energía renovable, tecnologías de perforación avanzada
• 5 principales centros de investigación a nivel mundial

Chevron Corporation (CVX) - Modelo de negocio: propuestas de valor

Suministro de energía confiable y eficiente para los mercados globales

Chevron produjo 1,92 millones de barriles de aceite equivalente por día en 2022. Desglose de producción de energía global:

Región	Volumen de producción (barriles por día)
Estados Unidos	762,000
Asia Pacífico	453,000
Oriente Medio	385,000

Cartera de energía diversificada

Composición de cartera de energía a partir de 2022:

• Petróleo crudo: 59%
• Gas natural: 28%
• Energía renovable: 13%

Compromiso con la sostenibilidad ambiental

Objetivos de reducción de emisiones de carbono:

• Alcance 1 y 2 Reducción de intensidad de emisiones de gases de efecto invernadero: 35% para 2028
• Inversión en tecnologías bajas en carbono: $ 10 mil millones para 2028

Productos de petróleo y productos químicos de alta calidad

Desglose de ingresos del producto para 2022:

Categoría de productos	Ingresos ($ mil millones)
Productos petroleros aguas abajo	137.9
Lubricantes y especialidades	22.4
Productos químicos	15.6

Innovación tecnológica en la extracción de energía

Inversiones de investigación y desarrollo:

• Gasto anual de I + D: $ 489 millones en 2022
• Patentes presentadas: 127 en sector de tecnología energética

Chevron Corporation (CVX) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con consumidores de energía industrial y comercial

Chevron mantiene contratos estratégicos a largo plazo con clientes industriales clave en múltiples sectores. A partir de 2023, la compañía reportó 87 contratos industriales principales con una duración promedio de 7.3 años.

Sector	Número de contratos	Valor de contrato promedio
Fabricación	34	$ 156 millones
Transporte	26	$ 213 millones
Agricultura	15	$ 98 millones
Minería	12	$ 178 millones

Servicios de atención al cliente dedicados

Chevron opera una infraestructura integral de atención al cliente con canales de servicio 24/7.

• Centros globales de atención al cliente: 12
• Interacciones anuales de servicio al cliente: 3.2 millones
• Tiempo de respuesta promedio: 17 minutos
• Tasa de satisfacción del cliente: 92%

Plataformas digitales para administrar la adquisición de energía

Las plataformas digitales de Chevron permiten una adquisición de energía perfecta para clientes corporativos.

Características de la plataforma digital	Métricas de usuario
Portal de adquisiciones en línea	42,000 usuarios corporativos registrados
Panel de precios en tiempo real	El 87% de los principales clientes industriales utilizando activamente
Aplicación móvil	28,000 descargas en 2023

Comunicación transparente sobre prácticas ambientales y operativas

Chevron publica informes integrales de sostenibilidad que detallan el desempeño ambiental.

• Descargas anuales del informe de sostenibilidad: 156,000
• Puntuación del índice de transparencia ambiental: 8.7/10
• Frecuencia de informes de emisiones de carbono: trimestralmente

Soluciones de energía personalizadas para diferentes segmentos de mercado

Chevron ofrece soluciones de energía a medida en los segmentos del mercado.

Segmento de mercado	Soluciones personalizadas	Ingresos anuales
Grandes empresas	Gestión de energía integral	$ 3.4 mil millones
Empresas pequeñas y medianas	Paquetes de adquisiciones flexibles	$ 1.2 mil millones
Entidades gubernamentales	Soluciones de infraestructura especializadas	$ 2.1 mil millones

Chevron Corporation (CVX) - Modelo de negocio: canales

Equipos de ventas directos para clientes industriales y comerciales

Chevron opera 7,259 representantes de ventas directas a nivel mundial, dirigido a clientes de energía industrial y comercial. La fuerza de ventas B2B de la compañía genera $ 96.3 mil millones en ingresos anuales de contratos de energía corporativa directa.

Segmento de canales de ventas	Ingresos anuales	Número de representantes
Ventas de energía industrial	$ 62.4 mil millones	4.127 representantes
Ventas de energía comercial	$ 33.9 mil millones	3.132 representantes

Plataformas de adquisición en línea

La plataforma de adquisición digital de Chevron ProcessWire procesa 42,367 transacciones mensuales con un valor de transacción promedio de $ 1.7 millones.

• Volumen de transacciones de la plataforma en línea: 508,404 transacciones anuales
• Valor total de adquisición digital: $ 864.6 mil millones anualmente
• Plataforma operativa desde 2018

Red global de estaciones de combustible minorista

Chevron opera 7,945 estaciones de combustible minorista en 41 países, generando $ 124.5 mil millones en ventas de combustible minorista anualmente.

Región	Número de estaciones	Ingresos minoristas anuales
América del norte	5.612 estaciones	$ 87.3 mil millones
Mercados internacionales	2,333 estaciones	$ 37.2 mil millones

Asociaciones estratégicas con distribuidores

Chevron mantiene 237 asociaciones de distribución estratégica que generan $ 53.8 mil millones en ingresos colaborativos.

• Socios de distribución de energía: 89
• Socios de logística y transporte: 148
• Duración promedio de la asociación: 7.4 años

Canales de marketing digital y comunicación

Los canales de marketing digital de Chevron alcanzan 18.6 millones de usuarios mensuales en varias plataformas.

Canal digital	Usuarios mensuales	Tasa de compromiso
Sitio web corporativo	8.3 millones	4.2%
Plataformas de redes sociales	10.3 millones	3.7%

Chevron Corporation (CVX) - Modelo de negocio: segmentos de clientes

Fabricantes industriales

Chevron suministra productos y lubricantes de petróleo a fabricantes industriales a nivel mundial.

Segmento industrial	Volumen de consumo anual	Contribución de ingresos
Fabricación	3.2 millones de barriles/día	$ 24.7 mil millones
Procesamiento químico	1.8 millones de barriles/día	$ 15.3 mil millones

Empresas de transporte y logística

Chevron proporciona soluciones de combustible y energía para el sector del transporte.

• Suministro de combustible de flota de transporte comercial: 750,000 barriles/día
• Combustible de envío marino: 450,000 barriles/día
• Suministro de combustible de aviación: 350,000 barriles/día

Organizaciones gubernamentales y militares

Chevron sirve requisitos de energía del gobierno y del sector de defensa.

Segmento gubernamental	Valor anual del contrato	Volumen de suministro de energía
Contratos militares estadounidenses	$ 3.6 mil millones	250,000 barriles/día
Contratos del gobierno internacional	$ 2.1 mil millones	180,000 barriles/día

Consumidores minoristas a través de estaciones de combustible

Chevron opera una extensa red de combustible minorista.

• Estaciones de combustible minorista total: 7.800 ubicaciones
• Ventas diarias de combustible minorista: 1.2 millones de barriles
• Ingresos minoristas anuales: $ 42.5 mil millones

Proveedores de energía comercial y residencial

Chevron suministra soluciones de energía para mercados comerciales y residenciales.

Segmento de energía	Volumen de suministro anual	Ganancia
Energía comercial	2.5 millones de barriles/día	$ 31.2 mil millones
Energía residencial	1.3 millones de barriles/día	$ 18.7 mil millones

Chevron Corporation (CVX) - Modelo de negocio: Estructura de costos

Alto gasto de capital por exploración y producción

En 2023, el capital total y los gastos exploratorios de Chevron fueron de $ 14.7 mil millones. Los gastos de capital aguas arriba alcanzaron específicamente los $ 9.4 mil millones para actividades de exploración y producción.

Categoría de gastos	Monto ($ mil millones)
Gastos de capital total	14.7
Gasto de capital aguas arriba	9.4
Gastos de capital aguas abajo	3.5

Inversión significativa en investigación tecnológica

Chevron invirtió $ 1.2 mil millones en iniciativas de investigación y desarrollo en 2023, centrándose en:

• Tecnologías de perforación avanzada
• Captura y almacenamiento de carbono
• Innovaciones de energía renovable

Costos operativos de extracción global y refinación

Los costos operativos globales de extracción y refinación en 2023 totalizaron $ 37.8 mil millones, incluyendo:

Categoría de costos operativos	Monto ($ mil millones)
Costos operativos de extracción	22.5
Refinar los costos operativos	15.3

Iniciativas de cumplimiento ambiental y sostenibilidad

Chevron asignó $ 2.1 mil millones para programas de cumplimiento y sostenibilidad ambiental en 2023.

Gastos de adquisición de fuerza laboral y talento

Los gastos totales relacionados con la fuerza laboral para 2023 fueron de $ 6.3 mil millones, que incluyen:

• Salarios de los empleados: $ 4.7 mil millones
• Beneficios y compensación: $ 1.2 mil millones
• Adquisición y capacitación del talento: $ 400 millones

Estructura de costos totales para 2023: $ 62.3 mil millones

Chevron Corporation (CVX) - Modelo de negocios: flujos de ingresos

Ventas de petróleo crudo y gas natural

Las ventas de petróleo crudo y gas natural de Chevron para 2022 totalizaron $ 191.8 mil millones. La producción total de la compañía fue de aproximadamente 1,92 millones de barriles de aceite equivalente por día (BOEPD).

Tipo de producto	Volumen de ventas	Ingresos ($ B)
Petróleo crudo	1.02 millones de boepd	108.3
Gas natural	0.90 millones de boepd	83.5

Marketing de productos de petróleo refinado

Las ventas de productos refinados generaron $ 146.5 mil millones en ingresos para 2022.

• Ventas de gasolina: 54.2 mil millones de galones
• Ventas de combustible diesel: 37.8 mil millones de galones
• Ventas de combustible para aviones: 15.6 mil millones de galones

Venta de productos petroquímicos

El segmento petroquímico de Chevron generó $ 24.7 mil millones en ingresos en 2022.

Categoría de productos	Ingresos ($ B)
Lubricantes	8.3
Químicos base	9.5
Químicos especializados	6.9

Ingresos del proyecto de energía renovable

Los proyectos de energía renovable contribuyeron con $ 3.2 mil millones a los ingresos de Chevron en 2022.

• Inversiones solares: $ 1.1 mil millones
• Proyectos de energía eólica: $ 1.5 mil millones
• Captura de hidrógeno y carbono: $ 0.6 mil millones

Actividades comerciales y de cobertura

El comercio del mercado energético generó $ 7.6 mil millones en ingresos para 2022.

Categoría de negociación	Ingresos ($ B)
Futuros de petróleo crudo	4.2
Derivados de gas natural	2.1
Cobertura de productos básicos	1.3

Chevron Corporation (CVX) - Canvas Business Model: Value Propositions

Affordable and reliable supply of essential energy products (gasoline, diesel, LNG)

• U.S. net oil-equivalent production was up 435,000 barrels per day from a year earlier in Q3 2025, primarily due to the Hess acquisition and higher production in the Permian Basin and Gulf of America.
• Permian Basin production reached 1 million BOE per day in Q2 2025.
• Chevron recorded an all-time high production of 4.1 million boe/d in Q3 2025.
• U.S. and worldwide production in Q3 2025 was up 27 percent and 21 percent, respectively, from last year.
• Chevron entered long-term contracts to purchase liquefied natural gas (LNG), bringing its total U.S. Gulf Coast LNG offtake capacity to 7 million tonnes per year.

Metric	Q2 2025 vs Q2 2024 Change	Q3 2025 vs Q3 2024 Change
Refined Product Sales	Increased 4 percent	Decreased 1 percent
Refinery Crude Unit Inputs	Increased 2 percent	Increased 7 percent

Superior shareholder returns via consistent dividend growth and buybacks

• Chevron returned $5.5 billion cash to shareholders in Q2 2025.
• The company returned $6 billion of cash to shareholders in Q3 2025.
• Chevron returned more than $78 billion of cash to shareholders over the last 3 years (as of Q3 2025).
• The company returned $6.9 billion in Q1 2025, which included share repurchases of $3.9 billion and dividends of $3.0 billion.
• The quarterly dividend declared was one dollar and seventy-one cents ($1.71) per share for the payment in June 2025.
• Shares traded ex a $1.71 dividend on Tuesday, November 18.
• The company aims to repurchase $10 billion to $20 billion of shares each year.
• In Q2 2025, the company repurchased between $2.5 billion and $3 billion in shares.
• In Q3 2025, buybacks totaled $2.6 billion, with dividends at $3 billion.
• Chevron has a $75 billion share buyback program authorization.
• The forward dividend yield was 4.34% as of early November 2025.
• The net debt ratio was 14.4% of capital at the end of Q2 2025.

Lower-carbon energy solutions like blue hydrogen and Carbon Capture and Storage (CCS)

• Chevron is planning a $5B blue hydrogen and ammonia plant in Port Arthur, TX, named Project Labrador.
• The company plans to invest $1.5 billion in 2025 on projects to lower carbon intensity, including carbon capture.
• The total planned investment in renewable fuel, hydrogen, and carbon capture is $10 billion by 2028.
• The company is targeting hydrogen production of 150,000 tons per year by 2030.
• The company is targeting an increase in carbon capture and offsets to 25 million tons per year through industry partnerships.
• Chevron invested $45 million in a carbon capture technology company, ION Clean Energy.
• The Port Arthur blue hydrogen project could qualify for the 45V clean hydrogen production tax credit, offering up to $3 per kilogram of clean hydrogen produced for 10 years.

Low-Carbon Initiative	Financial/Capacity Metric	Target/Status
Blue Hydrogen Plant (Project Labrador)	Investment of nearly $5 billion	Construction start planned for 2027
Total Low-Emission Investment	$10 billion planned by 2028	Includes renewable fuel, hydrogen, and carbon capture
Carbon Capture and Offsets	Target of 25 million tons per year	Target by 2030

High-performance refined products, such as Chevron and Texaco branded fuels

• Refinery crude unit inputs at the Geismar facility increased capacity from 7,000 to 22,000 barrels per day for renewable diesel.

Integrated energy and power solutions for large industrial and tech clients

• Chevron is developing up to 4 gigawatts (GW) of natural gas power solutions for U.S. data centers, with flexibility to integrate carbon capture and storage (CCS).

Chevron Corporation (CVX) - Canvas Business Model: Customer Relationships

You're looking at how Chevron Corporation manages its diverse set of customers, from massive industrial buyers to the individual filling up at the pump. It's a relationship strategy built on long-term security for big clients and digital convenience for retail consumers, all underpinned by a clear commitment to shareholder returns.

Dedicated account management and long-term contracts for B2B industrial clients are crucial for locking in demand for large-volume products like crude oil, refined products, and especially Liquefied Natural Gas (LNG). Chevron is actively securing future offtake volumes, signaling long-term commitment to these partners. For instance, the company deepened its LNG commitment by expanding its offtake to 3.0 mtpa at Energy Transfer's proposed Lake Charles LNG terminal, with a long-term SPA (Sale and Purchase Agreement) signed through 2045.

The relationship with the financial community, the investors, is managed with a focus on transparency regarding capital discipline and superior returns. Chevron's strategy, as outlined in late 2025, centers on delivering value through disciplined investment and shareholder distributions. Here's a quick look at the financial targets underpinning that relationship:

Metric	Target/Value (as of late 2025)	Context/Condition
Share Repurchase Expectation (Annual)	$10 to $20 billion per year through 2030	At average Brent prices of $60 to $80
Dividend Per Share Growth (Average Annual)	7%	Over the last 25 years
Q1 2025 Cash Returned to Shareholders	$6.9 billion	Included $3.9 billion in share repurchases and $3.0 billion in dividends
Adjusted Free Cash Flow Annual Growth Forecast	Greater than 10%	At $70 Brent
Capex and Dividend Breakeven	Below $50 Brent per barrel	Through 2030
Return on Capital Employed Improvement Target	Over 3%	By 2030 at $70 Brent

For retail consumers, the relationship is driven by digital convenience and direct rewards. The ExtraMile loyalty program uses a clear points structure to incentivize repeat business. You earn an impressive 5 points per gallon on every fuel purchase at participating locations just by using your account. The program is supported by the ExtraMile mobile app, which also helps users locate services.

The physical footprint supporting this retail relationship is substantial, though the exact number of loyalty members is not current for late 2025. As of October 7, 2025, there were 1,142 Chevron ExtraMile stores in the United States, with plans to grow this to 1,500 sites by 2027. California holds the largest concentration, with 884 stores, representing about 77% of the total U.S. count.

Self-service and automated transactions are facilitated through technology integration, such as the mobile app connecting to Apple CarPlay and Android Auto, allowing users to pay for fuel from inside their vehicle. While the exact percentage of self-service transactions isn't public, the focus on digital payment integration supports this channel. For B2B trading, Chevron utilizes online platforms for transactions, though specific trading volumes are not disclosed as a customer relationship metric.

Corporate-level engagement with governments is a necessary relationship for resource development and policy shaping. Chevron's Board has a Public Policy and Sustainability Committee that oversees public policy matters relevant to the company's activities. This engagement includes participation in multi-stakeholder initiatives focused on human rights, such as the Voluntary Principles Initiative, which launched in 2000. Furthermore, in its push for new energy resources, Chevron is actively engaging with policy environments, exemplified by its acquisition of 125,000 net acres in Arkansas and Texas targeting lithium brines.

• The company expects to grow oil and gas production 2% to 3% annually through 2030.
• Structural cost reductions targeted are between $3 billion to $4 billion by the end of 2026.
• Hess synergies are expected to increase to $1.5 billion.

Chevron Corporation (CVX) - Canvas Business Model: Channels

You're looking at how Chevron Corporation (CVX) gets its product-from the wellhead and refinery all the way to the end-user-and the sheer scale of that physical network is impressive, to say the least. This is all about the physical and commercial arteries of a global energy giant.

The primary consumer-facing channel is the massive global retail footprint. Chevron Corporation operates approximately 19,550 retail sites across 84 countries under the Chevron, Texaco, and Caltex brands. That's a huge amount of real estate dedicated to point-of-sale. In the United States alone, as of late 2025, reports indicate about 7,082 Chevron gas stations across 21 states and territories.

The retail channel is further enhanced by the integrated convenience store offering. The ExtraMile convenience stores, a joint venture with Jacksons Food Stores, are a key part of this last-mile connection. As of October 2025, there were 1,142 Chevron ExtraMile stores in the United States, with California holding the largest concentration at 884 locations. To be fair, the prompt mentioned 803, but the latest data points to a higher number, and we stick to the facts we found.

For the wholesale and large-scale commodity movement, direct sales are managed through the Chevron Supply and Trading (S&T) hubs. These professionals manage massive daily transactions, averaging about 5 million barrels of liquids and 5 billion cubic feet of natural gas each day. These hubs are strategically located in Houston, London, and Singapore, linking production to the global market.

The physical infrastructure supporting this trade is extensive, involving dedicated assets for global commodity transport. Chevron Pipe Line Company operates a network of roughly 3,000 miles of pipe, moving over 1.5 million barrels of oil equivalent daily, along with refined products and chemicals. Furthermore, on the Liquefied Natural Gas (LNG) side, Chevron's total U.S. Gulf Coast LNG offtake capacity is reported at 7 million tonnes per year, securing a major piece of the global gas value chain.

Here is a quick breakdown of the scale of these distribution and retail channels as of late 2025 data points:

Channel Component	Metric/Scope	Latest Reported Figure
Global Branded Retail Sites	Total Worldwide Locations	19,550
US Retail Stations (Chevron Brand)	Total US Locations (Oct 2025)	7,094
ExtraMile Convenience Stores (US)	Total Locations (Oct 2025)	1,142
ExtraMile Stores in California	Top State Concentration	884
Supply & Trading (S&T) Volume	Average Daily Liquids Transactions	5 million barrels
Supply & Trading (S&T) Volume	Average Daily Natural Gas Transactions	5 billion cubic feet
Pipelines	Miles of Pipe Operated	3,000 miles
Pipelines	Daily Oil Equivalent Transported	1.5 million barrels
LNG Transport/Offtake	US Gulf Coast LNG Offtake Capacity	7 million tonnes per year

The wholesale distribution is inherently tied to the S&T operations, moving crude oil, natural gas, and refined products like gasoline, diesel, and jet fuel to third parties and Chevron's own refining network. The company uses its own fleet and third parties for shipping, ensuring the movement of these commodities globally. The focus on pipelines and LNG tankers is about moving massive volumes efficiently between production centers and market hubs like Houston, London, and Singapore.

Finance: review Q3 2025 operating expense ratio for the Downstream segment by Tuesday.

Chevron Corporation (CVX) - Canvas Business Model: Customer Segments

You're looking at the core groups Chevron Corporation serves, which is a mix of massive industrial buyers and everyday consumers, plus the financial community that funds it all. It's a broad base, but the focus is clearly shifting toward high-volume, long-term energy contracts.

Global wholesale commodity traders and national oil companies (Upstream)

This segment deals with the raw product-crude oil and natural gas-often through large, government-backed entities or major trading houses. These customers are essential for offloading large volumes from Chevron Corporation's exploration and production assets.

Key production and earnings metrics for this customer base in 2025 include:

Metric	Value	Period/Context
Upstream Segment Earnings	$2,727 Million	Q2 2025
Worldwide Net Oil-Equivalent Production	3,396 MBOED	Q2 2025
Permian Basin Production	1 million BOE per day	Q2 2025
Tengizchevroil (TCO) Affiliate Growth	34 percent	Q2 2025 production increase
Upstream Revenue Share	24.2%	FY 2024

The company plans to grow oil and gas production by up to 3% annually through 2030.

Industrial and commercial customers (airlines, shipping, manufacturing)

These customers buy refined products like jet fuel, bunker fuel, and industrial lubricants. This is the heart of Chevron Corporation's Downstream business, which remains a significant revenue driver.

Financial performance related to these sales streams:

• Downstream Segment Earnings: $737 Million for Q2 2025.
• Downstream Revenue Share: 75.7% of total revenue in FY 2024.
• Refinery Products Sold Per Day (Owned): 2.87 million barrels (as of end of 2024).
• Refinery Crude Unit Inputs: Increased 6 percent from the year-ago period in Q3 2025.

Chevron Corporation owned 8 refineries as of the end of 2024.

Individual retail consumers of gasoline, diesel, and lubricants

This segment is served through the branded retail network, which is the final point of sale for much of the refined product volume. These are the everyday drivers and small businesses filling up.

The scale of the retail footprint as of late 2024:

• Network of Service Stations: 13,700 worldwide under the brands Chevron, Texaco, and Caltex.
• Refined Product Sales: Increased 1 percent from the year-ago period in Q3 2025.

The Downstream segment, which includes retail, accounted for 75.71% of revenue in FY 2024.

Income-focused institutional and individual shareholders

These are the capital providers. For income-focused investors, the dividend policy and shareholder return program are the key metrics. Chevron Corporation holds a total of 2 Billion outstanding shares.

Shareholder structure and returns as of 2025:

Shareholder Type	Ownership Percentage	Context/Date
Institutional Shareholders	71.97%	2025
Insiders	0.51%	2025
Retail Investors	27.52%	2025
Vanguard Group Inc. (Largest Single Holder)	9.13%	March 2025
Berkshire Hathaway Inc. Holding	6.06%	March 2025

The company returned over $78 billion of cash to shareholders over the last three years, as of May 2025. For Q1 2025, Chevron Corporation returned $6.9 billion cash to shareholders, which included $3.0 billion in dividends. The quarterly dividend declared in August 2025 was set at $1.71 per share. Chevron Corporation also plans to repurchase up to $20 billion in stock over the next five years.

Emerging high-growth sectors like AI data centers and critical mineral users

This represents a new, focused customer segment where Chevron Corporation is leveraging its natural gas production to power the massive energy needs of Artificial Intelligence infrastructure. The company is also securing upstream resources for the energy transition.

Data points on this strategic pivot:

• Planned Power Generation Capacity for AI Data Centers: Up to 4 gigawatts (GW) total.
• Exclusive Talks for Single Site Power Plant: 2.5-gigawatt capacity, with potential expansion to 5 gigawatts.
• Target Operational Date for Initial Plants: 2027 or 2028.
• 2025 Investment for New Energies (including data center power): $1.5 billion earmarked.
• Lithium Acreage Acquired: Approximately ~125,000 net acres in the Smackover Formation.

Data center energy usage is projected to triple within the next three years as AI development accelerates.

Chevron Corporation (CVX) - Canvas Business Model: Cost Structure

You're looking at the major costs Chevron Corporation is carrying to keep the lights on and deliver energy across its integrated value chain as of late 2025. It's a capital-intensive business, plain and simple.

High capital expenditures for Upstream development form a massive chunk of the cost base. For the full year 2025, Upstream spending is projected to be about $13 billion. This investment is heavily weighted toward the U.S. portfolio, with roughly two-thirds of that Upstream allocation going to domestic development.

The cost of raw material and feedstock-primarily crude oil and natural gas procurement-is a fluctuating, yet dominant, cost driver, though specific procurement costs aren't itemized in the latest public reports. What is clear is the reliance on commodity prices; for instance, the company needs about $60 a barrel (Brent spot price) to profitably grow Upstream earnings per barrel based on prior assumptions.

Operating expenses for refining, marketing, and distribution logistics are also significant, though Chevron is actively targeting reductions. The company has a stated goal for structural cost reductions of $2 billion to $3 billion to be delivered by the end of 2026. In the second quarter of 2025, U.S. downstream operations actually reported lower operating expenses compared to the year-ago period.

Investment in Research and Development (R&D) focused on lower-carbon technologies is a growing line item. Chevron is investing an estimated $1.5 billion in 2025 across over 100 emissions abatement projects, a step up from the over $600 million invested in 2024.

Finally, shareholder distributions represent a direct cash outflow that must be covered by operational cash flow. In the first quarter of 2025, Chevron returned $3.0 billion to shareholders specifically as dividends. This was part of a total shareholder return of $6.9 billion in Q1 2025, which also included $3.9 billion in share repurchases. To be fair, the Q2 2025 dividend was slightly lower at $2.9 billion.

Here's a quick look at some of the key 2025 financial figures related to costs and distributions:

Cost/Distribution Category	Amount (USD)	Period/Context
Upstream Capital Expenditures	$13 billion	2025 Expected Budget
Lower-Carbon Technology Investments	$1.5 billion	2025 Estimate
Q1 2025 Dividends Paid	$3.0 billion	Q1 2025
Q2 2025 Dividends Paid	$2.9 billion	Q2 2025
Total Shareholder Cash Return	$6.9 billion	Q1 2025
Targeted Structural Cost Reductions	$2 billion to $3 billion	By end of 2026

You can see the discipline in capital spending, with the 2025 organic capex budget being a $2 billion year-over-year reduction from the prior year's budget. Also, cash flow generation remains strong enough to cover these costs; for example, Cash Flow From Operations excluding working capital in Q3 2025 was $9.9 billion.

Finance: draft 13-week cash view by Friday.

Chevron Corporation (CVX) - Canvas Business Model: Revenue Streams

The revenue streams for Chevron Corporation as of late 2025 are heavily weighted toward its core exploration and production activities, supplemented by significant downstream processing and emerging energy solutions. You see this clearly when looking at the second quarter of 2025 figures.

The primary engine remains the Sale of crude oil and natural gas (Upstream). This segment represented a dominant 58% of Chevron Corporation's total revenue for Q2 2025. Based on the reported total revenue of $44.82 billion for that quarter, this translates to a revenue stream of approximately $25.9956 billion.

Next up is the Sale of refined products, which includes gasoline, jet fuel, and lubricants from the Downstream segment. This accounted for 36% of the Q2 2025 revenue base. That portion of the business brought in about $16.1352 billion in revenue for the quarter.

The bullet points below detail the key revenue components and associated financial metrics from recent reporting periods. Note that the percentages provided for Q2 2025 revenue-58%, 36%, and 6%-sum to 100%, suggesting the Chemicals segment revenue is either embedded within the Downstream figure or captured in the residual category.

Here's a quick look at how the major revenue-generating segments stacked up in terms of profit for Q2 2025, alongside the calculated revenue based on the percentages you provided:

Revenue Stream Component	Q2 2025 Revenue (Based on 58%/36%/6% of $44.82B Total Revenue)	Q2 2025 Segment Profit (Reported)
Sale of Crude Oil and Natural Gas (Upstream)	$25.9956 billion	$2.727 billion
Sale of Refined Products (Downstream)	$16.1352 billion	$737 million
Emerging Revenue from Renewables & Energy Solutions	$2.6892 billion	N/A (Part of All Other)

The Petrochemicals and additives sales from the Chemicals segment are a component of the integrated operations. While its specific revenue percentage for Q2 2025 wasn't isolated in the top-line breakdown, its performance is reflected in the Downstream segment results, where lower earnings from the 50 percent-owned Chevron Phillips Chemical Company joint venture were noted.

The overall financial health, which underpins the ability to generate these revenues, is also reflected in operational cash flow. For instance, Chevron Corporation's cash flow from operations totaled $9.7 billion in Q3 2024, showing the underlying strength of the business model even when commodity prices fluctuate.

You can also see the revenue mix through the lens of recent operational performance:

• Upstream segment profit for Q2 2025 was $2.727 billion.
• Downstream segment profit for Q2 2025 was $737 million.
• The company reported total revenue of $44.82 billion in Q2 2025.
• Cash flow from operations (CFFO) excluding working capital for Q2 2025 was $8.3 billion.
• The Q3 2024 cash flow from operations figure was $9.7 billion.

Finance: draft the Q3 2025 revenue projection based on current forward strip prices by Monday.