Chevron vs. ExxonMobil: how they make money

• Buyers of refined fuels and products (downstream) · 71.0% of revenuePaid $130,876 million in FY2025 (Cityfort calculation from FY2025 10-K): $65,331 million in the US and $65,545 million abroad.
• Buyers of crude oil and natural gas (upstream) · 29.0% of revenuePaid $53,452 million in FY2025 (Cityfort calculation from FY2025 10-K): $19,608 million in the US and $33,844 million abroad. Sales to Chevron's own segments are removed.

• Buyers of fuels and related products (Energy Products) · 75.5% of revenuePaid $244,451 million, or 75.5% of FY2025 sales. ExxonMobil sold 5,593 thousand barrels a day of these products.
• Buyers of crude oil and natural gas (Upstream) · 12.2% of revenuePaid $39,389 million, or 12.2% of FY2025 sales. Sales to ExxonMobil's own segments are removed.
• Buyers of chemicals (Chemical Products) · 6.9% of revenuePaid $22,209 million, or 6.9% of FY2025 sales.
• Buyers of lubricants and specialty products (Specialty Products) · 5.5% of revenuePaid $17,771 million, or 5.5% of FY2025 sales.

FY2025

FY2025

Debt

$33.5B

Cash and investments

$12.8B

On Sep 30, 2026.

On Sep 30, 2026, Chevron's debt of $33.5 billion exceeded its cash by $20.7 billion, which Chevron states is 0.4 times its 12-month cash from operations.

Debt

$34.3B

Cash and investments

$12.2B

On Sep 30, 2026.

On Sep 30, 2026, ExxonMobil's debt of $34.3 billion exceeded its cash by $22.1 billion; ExxonMobil states net debt to capital of 7.5%.

• One class of shares.
• Officers and directors as a group: 0.6% of shares (as of Mar 16, 2026).
• State Street Corporation: 7.5% (as of Nov 10, 2025).
• Vanguard Capital Management: 7.1% (as of Apr 29, 2026).
• BlackRock, Inc.: 7.0% (as of Apr 7, 2026).
• 1 more holders on the Chevron page.

• One class of shares.
• Officers and directors as a group: 0.0% of shares (as of Mar 10, 2026).
• Vanguard Capital Management: 7.6% (as of Oct 30, 2026).
• BlackRock, Inc.: 7.2% (as of Oct 27, 2026).
• State Street Corporation: 5.0% (as of Aug 7, 2026).

• Expected one-time loss on Hess Midstream (execution)Chevron said on Oct 6, 2026 that it expects an after-tax loss of about $3–4 billion when it stops consolidating Hess Midstream. It expects closing by year-end 2026. No reported figure on this page includes the loss.
• Middle East conflict (other)Chevron's Aug 6, 2026 10-Q reports curtailments in the Partitioned Zone and at Chevron Phillips Chemical assets in Saudi Arabia and Qatar. Chevron said physical operations had not been materially affected to that date. Price swings also caused large mark-to-market effects on earnings and cash in Q1 and Q2 2026.
• Reserves must be replaced (execution)Chevron's business declines if it does not replace what it produces, its 10-K says. Its reserve replacement ratio was (4)% in FY2024 and 158% in FY2025, with Hess; the five-year figure was 91%.
• Payouts above free cash flow in FY2023 to FY2025 (debt)Dividends plus buybacks were 132.8%, 179.7% and 149.7% of free cash flow in FY2023, FY2024 and FY2025 (Cityfort calculation from FY2025 10-K). Debt rose from $20,836 million to $40,758 million over those years, partly from Hess, then fell to $33,534 million on Sep 30, 2026.

• Middle East disruption (other)ExxonMobil said on May 1, 2026 that two damaged Qatar LNG units, called trains, are about 3% of its global production. It relayed QatarEnergy's repair estimate of three to five years. On Oct 30, 2026 it said the disruption cut year-to-date earnings by about $2.9 billion.
• Weak chemical margins (pricing)Chemical Products earned $800 million in FY2025, against $6,989 million in FY2021. The Q3 FY2026 10-Q says chemical margins fell further below the bottom of the 10-year range.
• Reported profit can swing on timing (other)Q1 FY2026 net income fell to $4.2 billion, including $3,883 million of timing effects, mainly the mark-to-market on derivatives. Q3 FY2026 held $2,541 million more. ExxonMobil's Adjusted Earnings leave these out.