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Energy · NYSE: CVX

Chevron: how the business works

Chevron produces oil and natural gas and refines and sells fuels, with sales and other operating revenues of $184.4 billion in FY2025.

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Chevron Corporation · Houston, Texas

Last updated

Sales and other operating revenues, FY2025
$184.4B
Net income, FY2025
$12.3B
Net production a day, FY2025 (barrels of oil equivalent)
3.72 million
Dividends per share, FY2025
$6.84
Employees, FY2025 10-K
43,039

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Chevron in 5 points

  1. 1 · What it sells

    Chevron produces crude oil and natural gas and refines and sells fuels, with sales and other operating revenues of $184.4 billion in FY2025.

    More: what it sells

  2. 2 · Who pays it

    Chevron names no customers, but in FY2025 buyers of refined fuels and products paid 71.0% of sales and buyers of crude oil and natural gas paid 29.0% (Cityfort calculation from FY2025 10-K).

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Chevron kept $6.5 as net income, including affiliate and other income; pre-tax income plus interest, the nearest operating figure, was $11.1 (Cityfort calculation from FY2025 10-K).

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Chevron reports no segment operating income; upstream made 80.9% and downstream 19.1% of those two segments' $15,844 million after-tax FY2025 earnings, before All Other's $3,545 million loss.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Chevron's Q3 FY2026 net income was $9.9 billion with Brent averaging $97 a barrel, against $3.5 billion a year earlier with Brent at $69.

    More: the one thing to watch

Sources: From Chevron's FY2025 10-K and Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Chevron's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Chevron · FY2025

Receipt for every $100

Where $100 of Chevron's money went in FY2025
Buying crude oil and products$57.2
Operating, overhead and exploration costs$18.2
Depreciation, depletion and amortization$10.7
Interest$0.6
Income tax and other taxes$6.6
Outside owners of subsidiaries$0.1
Kept as net income$6.5
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line ÷ total revenues and other income of $189,031 million (sales $184,432 million + equity-affiliate income $3,000 million + other income $1,599 million). Net income includes that affiliate and other income. Chevron has no operating income line; pre-tax income plus interest, $20,960 million, was $11.1 per $100, the nearest operating figure. Net income on sales alone was $6.7 per $100.

Sources (1)
Next: The business in one line

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02The business in one line

What does Chevron do?

Buyers of fuel, crude oil and natural gas pay Chevron; most of the money goes on buying crude and products, and what is left moves mainly with oil and gas prices.

  • In FY2025, downstream fuel and product sales were 71.0% of sales and upstream oil and gas sales were 29.0%, after removing sales inside Chevron (Cityfort calculation from FY2025 10-K).
  • Of every $100 that came in during FY2025, $57.2 went on buying crude oil and products and $6.5 was left as net income.
Next: Who pays it

03Who pays it

Who pays Chevron?

  • Buyers of refined fuels and products (downstream)

    71%

    of revenue

    Paid $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%

    of revenue

    Paid $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 refined fuels and products (downstream)71%
  • Buyers of crude oil and natural gas (upstream)29%

How spread out the customers are

Chevron's FY2025 10-K names no customers and gives no customer percentages. These shares are its reported segments, not named customers. A further $104 million of sales sits in All Other, under 0.1% of sales.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Chevron make money?

Chevron's profit moves mainly with oil and gas prices, which it does not set.

Chevron's FY2025 10-K calls those prices the most significant factor in its results. Its Aug 6, 2026 10-Q says each $1 change in Brent crude moves annual after-tax earnings and cash flow by about $600 million. Brent averaged $69 in FY2025, and $104 in Q2 FY2026, when quarterly net income reached $12.1 billion.

Net income per $100 of sales

$15.0$6.7

FY2022 to FY2025

  1. Chevron spends on wells, platforms and gas plants to produce oil and gas.
  2. It sells that output at prices tied to world markets.
  3. Higher Brent prices lift upstream earnings; lower prices cut them.
  4. Refineries buy crude and sell fuels, earning a separate margin.
  5. Cash pays for new wells, dividends and buybacks.
  6. Production uses up reserves, so the spending has to continue.

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Chevron?

  • Upstream

    29%

    Finds and produces crude oil and natural gas. After-tax earnings were $12,822 million in FY2025, or 80.9% of the two main segments' $15,844 million (Cityfort calculation from FY2025 10-K).

    Revenue $53.5B

  • Downstream

    71%

    Refines crude and sells fuels and other products. After-tax earnings were $3,022 million in FY2025, or 19.1% of the two main segments' $15,844 million.

    Revenue $130.9B

  • All Other

    0%

    Holds debt interest and corporate costs. It lost $3,545 million after tax in FY2025, which brings segment earnings down to net income of $12,299 million.

    Revenue $104M

How the mix changed

  • Upstream
  • Downstream
  • All Other

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearUpstreamDownstreamAll Other
FY2021$44.0B$111.5B$124M
FY2022$63.3B$172.3B$116M
FY2023$45.7B$151.0B$133M
FY2024$46.8B$146.4B$132M
FY2025$53.5B$130.9B$104M
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Chevron done?

Revenue

$184.4BFY2025

Sales and other operating revenues were $235.7 billion in FY2022 and $184.4 billion in FY2025, which includes Hess from Jul 18, 2025.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$155.6B
FY2022$235.7B
FY2023$196.9B
FY2024$193.4B
FY2025$184.4B
Q1 FY2024$46.6B
Q2 FY2024$49.6B
Q3 FY2024$48.9B
Q4 FY2024$48.3B
Q1 FY2025$46.1B
Q2 FY2025$44.4B
Q3 FY2025$48.2B
Q4 FY2025$45.8B
Q1 FY2026$47.6B
Q2 FY2026$67.2B
Q3 FY2026$65.2B

Net profit

$12.3BFY2025

Net income fell every year from $35.5 billion in FY2022 to $12.3 billion in FY2025, then was $9.9 billion in Q3 FY2026 alone with Brent averaging $97.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$15.6B$8.14
FY2022$35.5B$18.28
FY2023$21.4B$11.36
FY2024$17.7B$9.72
FY2025$12.3B$6.63
Q1 FY2024$5.5B$2.97
Q2 FY2024$4.4B$2.43
Q3 FY2024$4.5B$2.48
Q4 FY2024$3.2B$1.84
Q1 FY2025$3.5B$2.00
Q2 FY2025$2.5B$1.45
Q3 FY2025$3.5B$1.82
Q4 FY2025$2.8B$1.39
Q1 FY2026$2.2B$1.11
Q2 FY2026$12.1B$6.11
Q3 FY2026$9.9B$5.06

Profit kept per $100 of revenue

$6.7FY2025

Chevron kept $6.7 per $100 of sales in FY2025, against $15.0 in FY2022; EBITDA is blank on this page because Chevron's income statement has no operating income line.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202110.0%–
FY202215.0%–
FY202310.9%–
FY20249.1%–
FY20256.7%–

Free cash flow

$16.6BFY2025

Free cash flow, cash from operations minus capital spending as Chevron also defines it, was $16.6 billion in FY2025 and $12.0 billion in Q3 FY2026.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$29.2B$8.1B$21.1B
FY2022$49.6B$12.0B$37.6B
FY2023$35.6B$15.8B$19.8B
FY2024$31.5B$16.4B$15.0B
FY2025$33.9B$17.3B$16.6B
See all yearly numbers
Chevron annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$155.6B–$15.6B$8.14$29.2B$8.1B$21.1B
FY2022$235.7B–$35.5B$18.28$49.6B$12.0B$37.6B
FY2023$196.9B–$21.4B$11.36$35.6B$15.8B$19.8B
FY2024$193.4B–$17.7B$9.72$31.5B$16.4B$15.0B
FY2025$184.4B–$12.3B$6.63$33.9B$17.3B$16.6B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on December 31 (the calendar year)). Net profit is the share belonging to the company's owners.

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Chevron, and did they deliver?

  • Michael K. Wirth

    Chairman and Chief Executive Officer · since 2018

    His 2025 total pay was $26,828,240, or 175 times the median employee's $152,970.

  • Eimear P. Bonner

    Chief Financial Officer

    Becomes President, Oil, Products & Gas, on Jan 1, 2027.

  • Jeff B. Gustavson

    Chief Financial Officer from Jan 1, 2027 · since 2027

    Joined Chevron in 1999 and has led its New Energies business since August 2021.

  • Mark A. Nelson

    Vice Chairman

    Takes on strategy and business development from Jan 1, 2027.

  • R. Hewitt Pate

    Chief Legal Officer

    Resigns effective Dec 31, 2026, in connection with his expected retirement.

  • John B. Hess

    Director · since 2025

    Joined the board on Jul 28, 2025, after the Hess deal.

What they said, and what happened

4 delivered · 1 missed · 2 too early to tell

  1. Said on Feb 26, 2024

    Chevron said in its FY2023 10-K that it expected 2024 capital spending of about $16 billion.

    What happened

    Capital spending was $16.4 billion in FY2024.

    Delivered

  2. Said on Feb 26, 2024

    Chevron said in its FY2023 10-K that it expected 2024 production growth of 4% to 7% at $80 Brent, including expected asset sales.

    What happened

    Production rose from 3,120 to 3,338 thousand barrels of oil equivalent a day, or 7%.

    Delivered

  3. Said on Feb 21, 2025

    Chevron said in its FY2024 10-K that it expected 2025 capital spending of $14.5–15.5 billion.

    What happened

    Capital spending was $17.3 billion in FY2025. The 10-K attributes the rise to legacy Hess spending after the deal and data center power investments.

    Missed

  4. Said on Feb 21, 2025

    Chevron said in its FY2024 10-K that it would cut structural costs by $2–3 billion by the end of 2026, later raised to $3–4 billion.

    What happened

    Chevron's Aug 6, 2026 10-Q says it reached the target six months early with $3 billion of annual run-rate savings.

    Delivered

  5. Said on Aug 6, 2026

    Chevron said in its Q2 FY2026 10-Q that it expected Q3 2026 buybacks of $2.5–3.0 billion.

    What happened

    Buybacks were $2,502 million in Q3 FY2026.

    Delivered

  6. Said on Feb 24, 2026

    Chevron said in its FY2025 10-K that it expected 2026 organic capital spending of $18–19 billion.

    What happened

    Capital spending was $12.6 billion in the first nine months of 2026.

    Too early to tell

  7. Said on Feb 24, 2026

    Chevron said in its FY2025 10-K that it expected 2026 production growth of 7% to 10% at $60 Brent, excluding asset sales.

    What happened

    Nine-month production was 3,970 thousand barrels of oil equivalent a day against 3,723 thousand in FY2025, or 6.6% higher (Cityfort calculation from Q3 FY2026 earnings release and FY2025 10-K). Brent averaged $94, which Chevron says lowers its entitlements.

    Too early to tell
Sources (10)
Next: What could go wrong

08What could go wrong

What could go wrong for Chevron?

  • Raw-material prices

    Oil and gas prices drive results

    Chevron's FY2025 10-K calls these prices the most significant factor in its results. Each $1 change in Brent moves annual after-tax earnings and cash flow by about $600 million, Chevron said on Aug 6, 2026. Its 2026 guidance assumed $60 Brent; Brent averaged $94 in the first nine months.

    Watch Brent's quarterly average and net income in each earnings release.

  • Legal

    Louisiana coastal and climate lawsuits

    Chevron entities are defendants in 35 Louisiana suits alleging historical operations lacked permits or broke their terms. An April 2025 jury awarded Plaquemines Parish $744.6 million, with no judgment entered; Chevron accrued $131 million and intends to appeal. It says payment could be material. Chevron entities are or were also co-defendants in 34 climate suits, which management calls meritless.

    Watch Court rulings after the US Supreme Court's April 2026 remand, and the accrual in each 10-Q.

  • Execution

    Expected one-time loss on Hess Midstream

    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.

    Watch Whether the deal closes in Q4 FY2026, and the special item Chevron reports.

  • Concentration

    Reliance on Kazakhstan and one export pipeline

    Most of Tengizchevroil's 2025 crude was exported through the Caspian Pipeline Consortium, where Chevron's 10-K names recent drone attacks. Chevron's 50% stake was carried at $23,830 million, and the field concession expires in 2033. Downtime lowered Q1 FY2026 production.

    Watch Tengizchevroil equity earnings, and any news on the concession or the pipeline.

  • Other

    Middle East conflict

    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.

    Watch Production and timing effects in each earnings release.

  • Regulation

    Venezuela activities and US authorizations

    Chevron's Aug 6, 2026 10-Q says it has been conducting limited activities in Venezuela "consistent with authorizations" issued by the US government. It counted one month of Venezuela production in Q3 FY2026 after switching to equity accounting. The same 10-Q says developments there could affect its future results.

    Watch Venezuela accounting and authorizations in the Q3 FY2026 10-Q.

  • Execution

    Reserves must be replaced

    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%.

    Watch The reserve replacement ratio in the FY2026 10-K.

  • Debt

    Payouts above free cash flow in FY2023 to FY2025

    Dividends plus buybacks were 132.8%, 179.7% and 149.7% of free cash flowCash from operations minus spending on buildings and equipment. Learn more 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.

    Watch Free cash flow against dividends and buybacks, and total debt, each quarter.

Sources (9)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Production rose from 2,999 thousand barrels of oil equivalent a day in FY2022 to 3,723 thousand in FY2025, including part of a year of Hess.
  • FY2025 was the 38th straight year of a higher annual dividend, at $6.84 a share.
  • Free cash flow was $12.0 billion in Q3 FY2026, and total debt fell $3.5 billion in that quarter.
  • Chevron's FY2025 10-K states ratings of AA− from S&P and Aa2 from Moody's.
  • Chevron's reserve replacement ratio was 158% in FY2025, with Hess.

What critics point to

  • Net income fell every year from $35.5 billion in FY2022 to $12.3 billion in FY2025.
  • Dividends plus buybacks were $24.8 billion in FY2025, against free cash flow of $16.6 billion.
  • The five-year reserve replacement ratio was 91%, and FY2024's was (4)%.
  • A Louisiana jury awarded Plaquemines Parish $744.6 million in a suit alleging permit failures; no judgment has been entered, and Chevron intends to appeal.
  • Chevron's FY2025 10-K says it is "not on track to achieve the aspiration by 2050" on its net-zero emissions aspiration.
Next: What to watch next

10What to watch next

What should you watch next at Chevron?

Next event

Q4 FY2026 results

Date not announced yet.

  • Oil price against Chevron's guidance

    Brent averaged $97 in Q3 FY2026, and Chevron's 2026 guidance assumed $60. Q3 FY2026 net income was $9.9 billion, against $3.5 billion a year earlier with Brent at $69.

  • Hess Midstream's expected loss

    Chevron expects a one-time after-tax loss of about $3–4 billion on closing, which it expects by year-end 2026. It said on Oct 6, 2026 that it expects to treat this as a special item.

  • The Q3 FY2026 10-Q

    It was not on EDGAR on Nov 5, 2026; the prior year's was filed on Nov 6. It updates the share count, the lawsuits and Venezuela's accounting.

Next: Key dates

11Key dates

What are the key dates for Chevron?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Chevron
EventDateSource
Record date for the $1.78 quarterly dividendPayable on Dec 10, 2026.Earnings release, Q3 FY2026 (Form 8-K Ex. 99.1, Oct 30, 2026)
Chief Legal Officer's resignation takes effectForm 8-K filed May 29, 2026, Item 5.02: Chief Legal Officer resignation
New Chief Financial Officer takes officeJeff B. Gustavson succeeds Eimear P. Bonner.Form 8-K filed Oct 5, 2026, Item 5.02: CFO and officer changes effective Jan 1, 2027

Learn: IPO lock-up agreements: what they are and when they end

Sources (3)
Next: Key facts

12Key facts

Key facts about Chevron

What does Chevron do?
Chevron Corporation produces crude oil and natural gas, refines crude into fuels and sells those products. In FY2025 Chevron had sales and other operating revenues of $184,432 million, net production of 3,723 thousand barrels of oil equivalent a day and 43,039 employees.
How does Chevron make money, and what is its business model?
Chevron's business model is producing oil and gas (upstream) and refining and selling fuels (downstream). In FY2025 Chevron's downstream made 71.0% of sales (Cityfort calculation from FY2025 10-K), but upstream earned $12,822 million after tax against downstream's $3,022 million.
Is Chevron profitable?
Chevron was profitable in each year from FY2021 to FY2025. Net income attributable to Chevron was $12,299 million in FY2025, down from $35,465 million in FY2022, and $9,924 million in Q3 FY2026.
What is Chevron's revenue by segment?
Chevron's FY2025 sales and other operating revenues of $184,432 million were $130,876 million downstream and $53,452 million upstream, or 71.0% and 29.0% (Cityfort calculation from FY2025 10-K), and $104 million All Other, after removing sales between its segments.
Who are Chevron's customers?
Chevron's FY2025 10-K names no customers and gives no customer percentages. By segment, buyers of refined fuels and products paid 71.0% of Chevron's FY2025 sales, and buyers of crude oil and natural gas paid 29.0% (Cityfort calculation from FY2025 10-K).
Who owns Chevron?
Chevron is widely held, with one class of common stock. Filings show State Street at 7.50% (13G filed Nov 10, 2025), Vanguard Capital Management at 7.07% (13G filed Apr 29, 2026) and BlackRock at 7.00% (2026 proxy, using Dec 31, 2023 data). Directors and executive officers as a group held under 1% on Mar 16, 2026.
How much oil and gas does Chevron produce?
Chevron's upstream business had net production of 3,723 thousand barrels of oil equivalent a day in FY2025, up from 3,338 thousand in FY2024. Hess is included from July 18, 2025. Chevron's proved reserves were 10.6 billion barrels of oil equivalent at year-end 2025.
What does Chevron's downstream business do?
Chevron's downstream business refines crude and sells fuels and other products. In FY2025 it had 8 refineries including affiliates, with 1,819 thousand barrels a day of capacity, and about 8,600 branded US stations and 5,200 elsewhere, supplied directly or through retailers and marketers. It earned $3,022 million after tax.
How much does Chevron pay in dividends and buybacks?
Chevron paid $6.84 a share in dividends in FY2025, the 38th straight year of a higher annual dividend. In FY2025 Chevron paid $12,751 million in common dividends and bought back $12,079 million of shares.
What did Chevron buy when it acquired Hess?
Chevron completed its purchase of Hess Corporation on July 18, 2025, for about $48 billion, mostly in the form of 301.25 million new Chevron shares. The assets include a 30% stake in Guyana's Stabroek Block and about 38% of Hess Midstream LP.
Sources (7)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Chevron sell?

Chevron pumps crude oil and natural gas from the ground and sells them. It also refines crude into gasoline and other fuels, and sells those through stations under the Chevron, Texaco and Caltex brands.

  • Crude oil and natural gas (upstream)

    Chevron produced 3,723 thousand barrels of oil equivalent a day in FY2025, in the US (1,858 thousand), Australia, Kazakhstan, Africa and elsewhere. Outside buyers paid $53,452 million (Cityfort calculation from FY2025 10-K).

  • Fuels and other products (downstream)

    Refining and selling gasoline and other products. Chevron has 8 refineries including affiliates, and about 8,600 branded US stations and 5,200 elsewhere. Outside buyers paid $130,876 million (Cityfort calculation from FY2025 10-K).

  • Stakes in partly owned companies

    Chevron's share of their profit is not in sales. FY2025 equity earnings: Tengizchevroil (50%, Kazakhstan) $1,556 million, Angola LNG $473 million, Chevron Phillips Chemical $352 million, GS Caltex $278 million.

Think of it like this

Upstream works like a farm selling its crop at the market price. Downstream works like a mill that buys crop and sells flour, earning the gap.

What it does

  • Does: Uses part of its own upstream output: $34,927 million of FY2025 upstream sales went to its own segments and is removed from reported sales (Cityfort calculation from FY2025 10-K).
  • Does: Supplies branded stations directly or through retailers and marketers: about 8,600 in the US and 5,200 elsewhere.
  • Does: Pays a dividend: $1.78 a share declared for payment on Dec 10, 2026.

What it does not do

  • Does not: Does not report an operating income line, or operating income by segment.
  • Does not: Does not name its customers or give customer percentages in its FY2025 10-K.
  • Does not: Did not count Venezuela production in its results from 2020 until Q3 2026, when accounting changed.
Sources (1)
14How the money flows

14How the money flows · FY2025

How does money flow through Chevron?

Money in

  • Sales and other operating revenues$184.4B
  • Income from equity affiliates and other income$4.6B

The company

Chevron

$189.0B came in

Money out

  • Purchased crude oil and products$108.2B
  • Operating, overhead, exploration and benefit costs$34.5B
  • Depreciation, depletion and amortization$20.1B
  • Income tax and other taxes$12.5B
  • Interest and debt expense$1.2B
  • Noncontrolling interests (outside owners of subsidiaries)$186M
  • Net income attributable to Chevron$12.3B
  1. Buyers paid Chevron $184.4 billion in FY2025, and affiliates and other income added $4.6 billion.
  2. Buying crude oil and products took $108.2 billion, the largest cost.
  3. Running fields and refineries, overheads and exploration took $34.5 billion.
  4. Wear on wells and plants, and using up oil fields, took $20.1 billion; taxes took $12.5 billion.
  5. After $1.2 billion of interest and $186 million for outside owners, $12.3 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Chevron need to run?

  • Oil and gas reserves

    Proved reserves were 10.6 billion barrels of oil equivalent at year-end 2025: 43% US, 15% Australia, 11% Kazakhstan. Production uses them up, so they must be replaced.

  • Capital spending

    Chevron spent $17,347 million on capital projects in FY2025, up from $8,056 million in FY2021.

  • Purchased crude and products

    Bought-in crude oil and products cost $108,214 million in FY2025, its largest cost.

  • Refineries

    8 refineries including affiliates, with 1,819 thousand barrels a day of capacity. Five are in the US, the largest at Pascagoula.

  • People

    43,039 employees, of whom 5,179 work at service stations.

Sources (2)
16Where it sells

16Where it sells · FY2025

Where does Chevron sell?

  • United States46%
  • Outside the United States54%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Chevron compete with?

Chevron's 2026 proxy calls BP, ExxonMobil, Shell and TotalEnergies "the energy companies most similar to Chevron" in size, complexity, reach and business lines. Their revenue lines are defined differently, so the figures below are not like-for-like.

  • ExxonMobil

    Named in Chevron's proxy. Its FY2025 10-K reports sales and other operating revenue of $323,905 million and net income of $28,844 million under US accounting rules.

  • Shell

    Named in Chevron's proxy. Its FY2025 20-F reports revenue of $266,886 million and net income to owners of $17,837 million under IFRS, a different accounting standard.

  • TotalEnergies

    Named in Chevron's proxy. Its FY2025 20-F reports revenue from contracts with customers of $201,196 million and net income to owners of $13,127 million under IFRS.

  • BP

    Named in Chevron's proxy. Its FY2025 20-F reports revenue of $192,549 million under IFRS.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Size of production4 of 5

    Chevron produced 3,723 thousand barrels of oil equivalent a day in FY2025 and held 10.6 billion barrels of oil equivalent in proved reserves.

  • US shale position4 of 5

    Chevron holds more than 1,750,000 net acres in the Permian Basin, where production reached one million barrels of oil equivalent a day in 2025.

  • Refining and fuel brands3 of 5

    Downstream earned $3,022 million in FY2025, against $8,155 million in FY2022. Chevron has 8 refineries, about 8,600 branded US stations and about 5,200 elsewhere.

  • Long-life foreign assets3 of 5

    Chevron owns 50% of Tengizchevroil, 30% of Guyana's Stabroek Block and 47.3% of Gorgon in Australia. Tengizchevroil's concession expires in 2033.

Weak spot

No control over oil prices

Chevron's FY2025 10-K calls crude, gas and gas liquid prices the most significant factor in results. Net income went from $35,465 million in FY2022 to $12,299 million in FY2025.

Sources (7)
18Where growth could come from

18Where growth could come from

Where could Chevron's growth come from?

Chevron said in its FY2025 10-K (Feb 24, 2026) that it expected 2026 organic capital spending of $18–19 billion. It also said it expected 2026 production growth of 7% to 10% at $60 Brent, excluding asset sales.
Management statement, Feb 24, 2026. Reported as a statement, not our forecast.

  • Hess assets, including Guyana

    Working

    3,980 thousand barrels of oil equivalent a day in total, Q3 FY2026

    Production was 3,396 thousand barrels of oil equivalent a day in Q2 FY2025, before Hess closed. Chevron attributes Q3 FY2026 being below a year earlier's 4,086 thousand to lower entitlements and the Middle East conflict.

    Status: Working, on track against what the company said.

  • US production and the Permian Basin

    Working

    2,043 thousand barrels of oil equivalent a day, Q3 FY2026

    US production rose from 1,139 thousand barrels of oil equivalent a day in FY2021 to 1,858 thousand in FY2025. Chevron's Oct 30, 2026 earnings release says it exceeded 2 million for a fifth straight quarter.

    Status: Working, on track against what the company said.

  • Cost cuts

    Working

    $3B annual run-rate

    Chevron raised its target from $2–3 billion to $3–4 billion by the end of 2026. Its Aug 6, 2026 10-Q says it reached the target "six months early" with $3 billion of run-rate savings.

    Status: Working, on track against what the company said.

  • Tengiz in Kazakhstan

    Mixed

    $1,556M equity earnings, FY2025

    Equity earnings from Tengizchevroil fell from $3,033 million in FY2024. Downtime lowered Q1 FY2026 production; Chevron said cash distributions from it rose in Q3 FY2026.

    Status: Mixed, partly on track.

  • Venezuela

    Early

    $7B planned over five years

    Chevron said on Oct 30, 2026 that its joint ventures plan to invest $7 billion, with "the potential to more than double production" over five years. Its Aug 6, 2026 10-Q says it has been conducting limited activities in Venezuela "consistent with authorizations" issued by the US government.

    Status: Early, too early to judge.

  • Bakken pipelines and plants

    New

    About 50% lower unit costs, as Chevron expects

    Chevron said on Oct 6, 2026 that its Hess Midstream deal is "expected to reduce Chevron's Bakken unit midstream costs by approximately 50%". It also expects a one-time loss.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (9)
19The company's own measures (non-GAAP)

19The company's own measures · FY2025 to Q3 FY2026

What do Chevron's own measures show?

Adjusted (non-GAAP) figures are Chevron's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Net income attributable to Chevron, FY2025

    $12.3B

    Company's own measure: Adjusted earnings, FY2025

    $13.5B

    Chevron leaves out special items and foreign-currency effects.

  • Official (GAAP): Diluted earnings per share, FY2025

    $6.63

    Company's own measure: Adjusted earnings per diluted share, FY2025

    $7.29

    Same adjustments as adjusted earnings, per diluted share.

  • Official (GAAP): Net income attributable to Chevron, Q3 FY2026

    $9.9B

    Company's own measure: Adjusted earnings, Q3 FY2026

    $10.4B

    Chevron leaves out a $160 million legal reserve, a $110 million impairment, $24 million of pension settlement costs and $143 million of currency effects. It keeps in $1,580 million of negative timing effects.

  • Official (GAAP): Diluted earnings per share, Q3 FY2026

    $5.06

    Company's own measure: Adjusted earnings per diluted share, Q3 FY2026

    $5.28

    Same adjustments as adjusted earnings, per diluted share.

  • Official (GAAP): Net cash from operating activities, FY2025

    $33.9B

    Company's own measure: Adjusted free cash flow, FY2025 (stated as $20.2 billion)

    $20.2B

    Free cash flow without working-capital changes, plus asset sale proceeds and net loan repayments from affiliates.

  • Official (GAAP): Net cash from operating activities, Q3 FY2026

    $16.0B

    Company's own measure: Adjusted free cash flow, Q3 FY2026 (stated as $14.2 billion)

    $14.2B

    Same definition. Chevron says it benefited from a $1 billion loan repayment from Tengizchevroil and from asset sale proceeds.

  • Official (GAAP): Net cash from operating activities, Q1 FY2026

    $2.5B

    Company's own measure: Cash from operations excluding working capital, Q1 FY2026 (stated as $7.1 billion)

    $7.1B

    Chevron removes changes in working capital, the money tied up in day-to-day trading. It says the sharp March 2026 price rise largely caused that quarter's outflow.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (4)
20Financial strength and debt

20Financial strength · Sep 30, 2026

How much debt does Chevron have?

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.
  • Total debt$33.5B
  • Cash and investments$12.8B
  • Net debt (debt minus cash)$20.7B
  • Net worth (shareholders' money)$194.3B
Debt to equity
0.17×
$ of debt for every $1 of shareholders' money
  • Chevron states net debt of $20,730 million. Debt to equity is a Cityfort calculation from Q3 FY2026 earnings release. Equity here is Chevron stockholders' equity. Chevron states a debt ratio of 14.7% and a net debt ratio of 9.6%.
  • Debt includes finance leases and leaves out operating leases.
  • Debt was $24,541 million at Dec 31, 2024 and $40,758 million at Dec 31, 2025, after Hess. Chevron assumed about $8.8 billion of Hess debt principal.
  • Chevron's FY2025 10-K states interest coverage of 15.1 times, down from 36.5 in FY2024 and 49.0 in FY2023. It is left out of the check above because Chevron has no operating income line.
  • Chevron's rating is AA− at S&P and Aa2 at Moody's, as stated in its FY2025 10-K, which gives no outlook.
  • Chevron said on Oct 6, 2026 that its Hess Midstream deal would remove about $3.7 billion of debt once closed. These figures do not reflect that.
Sources (3)
21Who owns it

21Who owns it · ownership as of Mar 16, 2026

Who owns Chevron?

Chevron has one class of common stock, with one vote per share. The proxy's table is as of Mar 16, 2026, on 1,992,285,560 shares. Its 20 directors and executive officers held 11,240,082 shares, including 8,798,589 held by John B. Hess: under 1% in the proxy, and 0.56% as a Cityfort calculation from 2026 proxy statement.
Officers and directors (as a group), shares
0.6%
Share classes
Chevron share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (1,975,771,274 shares on Jun 30, 2026 (Q2 FY2026 10-Q cover), including 14 million benefit-trust shares. Preferred stock is authorized, with none issued.)1,975.81Public and institutions––Yes
Holders of 5% or more
Chevron holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
State Street Corporation7.5%–Nov 10, 2025S36, S23152,617,711 shares at Sep 30, 2025, from its Schedule 13G, also listed in the proxy.
Vanguard Capital Management7.1%–Apr 29, 2026S34, S35, S23141,217,561 shares at Mar 31, 2026, from its Schedule 13G. The proxy lists The Vanguard Group at 8.56%, from a February 2024 filing. Its Mar 26, 2026 filing reports 0 shares after an internal realignment, with units reporting separately.
BlackRock, Inc.7.0%–Apr 7, 2026S23131,461,833 shares in the proxy, based on a Schedule 13G/A with Dec 31, 2023 data. No newer BlackRock filing was found.
Berkshire Hathaway and Warren E. Buffett4.2%–May 15, 2026S33, S2384,375,856 shares at Mar 31, 2026, from a Schedule 13G/A, which is below 5%. The proxy still lists 126,093,326 shares, or 6.70%, from a February 2024 filing.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (7)
22What it does with profit

22What it does with profit

What does Chevron do with its profit?

FY2025 was the 38th straight year of a higher annual dividend. Dividends plus buybacks were $24,830 million in FY2025 (Cityfort calculation from FY2025 10-K), against free cash flow of $16,592 million, as stated in the 10-K. The $75 billion buyback program from January 2023 had used $44.0 billion by Jun 30, 2026.

Dividend per share

$6.84FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$5.31–
FY2022$5.68–
FY2023$6.04–
FY2024$6.52–
FY2025$6.84–

  • Buyback · Dec 31, 2021

    Shares repurchased in FY2021

    $1.4B

  • Buyback · Dec 31, 2022

    Shares repurchased in FY2022

    $11.3B

  • Buyback · Dec 31, 2023

    Shares repurchased in FY2023

    $14.9B

  • Buyback · Dec 31, 2024

    Shares repurchased in FY2024

    $15.2B

  • Buyback · Dec 31, 2025

    Shares repurchased in FY2025

    $12.1B

  • Buyback · Sep 30, 2026

    Shares repurchased in the first nine months of FY2026, excluding excise tax

    $8.1B

Sources (4)
23Governance signals

23Governance signals

What do Chevron's governance filings show?

Auditor
PricewaterhouseCoopers LLP, since 1935
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy lists deals with director John B. Hess after the merger. Hess Corp. sold him the entity holding the Hess name and trademarks for $863,000 and the toy-truck business for $40,000. It transferred its aircraft interests for $75,000 to JBH Ventures LLC, an entity wholly owned by Mr. Hess and a family member. An independent appraiser set each price. Chevron U.S.A. also paid the aircraft lessor $4,336,532 to end a lease.
Credit rating
S&P and Moody's (as stated in Chevron's FY2025 10-K) AA− (S&P) / Aa2 (Moody's) (outlook not stated in the filing), Feb 24, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other

    Louisiana coastal lawsuits

    Chevron entities are defendants in 35 suits alleging that historical operations lacked permits or broke their terms. An April 2025 jury awarded Plaquemines Parish $744.6 million; no judgment has been entered. Chevron accrued $131 million, says the verdict is not legally or factually supported and intends to appeal.

  • other

    Climate lawsuits

    Chevron's FY2025 10-K says Chevron entities are or were among co-defendants in 34 suits over alleged impacts of climate change and alleged misrepresentations about climate risks. Plaintiffs include cities, counties, seven states and tribes. Management says in the 10-K that the suits are legally and factually meritless.

  • regulatory

    Environmental notices

    Item 3 of the FY2025 10-K lists six governmental environmental matters with possible sanctions of $1 million or more.

  • other · May 27, 2026

    Independent chair proposal rejected

    At the May 2026 annual meeting, a stockholder proposal for an independent chair received 14.5% for and 85.5% against. Say-on-pay received 97.0% for.

  • disclosure

    No operating income line; Q3 from the release only

    Chevron reports no operating income, overall or by segment, and its segment earnings are after tax. Q3 FY2026 figures on this page are from the unaudited earnings release; the 10-Q was not on EDGAR on Nov 5, 2026.

Sources (5)
24What the market paid

24What the market paid · price as of Nov 4, 2026

What did the market pay for Chevron on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Closing price of $216.96 on Nov 4, 2026, from Nasdaq's historical price table for CVX. Chevron's shares trade on the NYSE. Market value of about $423.3 billion (Cityfort calculation from the Nov 4, 2026 closing price and Q3 FY2026 earnings release) = $216.96 × 1,951 million shares on Sep 30, 2026, leaving out 14 million benefit-trust shares. P/E is price ÷ earnings per share: 15.9 on $13.67, the sum of diluted EPS for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases), and 32.7 on FY2025's $6.63 (Cityfort calculation from FY2025 10-K). P/B = market value ÷ Chevron stockholders' equity of $194,327 million on Sep 30, 2026. Dividend yield = $7.12 (4 × the $1.78 quarterly dividend) ÷ $216.96 = 3.28%. EV/EBITDA is blank because this page leaves EBITDA blank.

Share price
$216.96
Market value (market cap)
$423.3B
P/E
15.9×
P/B
2.2×

Source: CVX historical closing prices, Oct 20 to Nov 4, 2026; Earnings release, Q3 FY2026 (Form 8-K Ex. 99.1, Oct 30, 2026); Earnings release, Q2 FY2026 (Form 8-K Ex. 99.1, Jul 31, 2026) and 3 more

Sources (6)
25How it got here

25How it got here

How did Chevron get here?

  1. 1926

    Milestone

    Incorporated

    Chevron was incorporated in Delaware in 1926 as Standard Oil Company of California.

  2. 2020

    Crisis

    Net loss

    Chevron had a net loss of $5,543 million in FY2020 on sales of $94,471 million.

  3. 2020

    Milestone

    Venezuela left out of production

    From 2020, Venezuela was recorded as a non-equity investment, with production and reserves left out of results.

  4. 2022

    Milestone

    Highest net income in the five years shown

    Net income reached $35,465 million on sales of $235,717 million in FY2022.

  5. 2023

    Milestone

    $75 billion buyback authorized

    The board authorized the program on Jan 25, 2023, with no expiry date.

  6. 2025

    Business-model change

    Hess acquired

    Chevron closed the about $48 billion deal on Jul 18, 2025, issuing 301.25 million shares, about 15% of the total afterward. It added Guyana and the Bakken.

  7. 2025

    Milestone

    One million barrels of oil equivalent a day in the Permian

    Production in the Permian Basin reached one million barrels of net oil equivalent a day in 2025.

  8. 2026

    Milestone

    Oil price jump

    Brent averaged $64 in Q4 FY2025 and $104 in Q2 FY2026, amid the Middle East conflict. Quarterly net income went from $2,770 million to $12,072 million.

  9. 2026

    Business-model change

    Venezuela and Hess Midstream changes

    Chevron switched Venezuela to equity accounting in Q3 2026. On Oct 6, 2026 it announced the deal to stop consolidating Hess Midstream.

Sources (9)

26Sources and changes

Where every number on this page comes from

Sources (33 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2023
  5. S6Earnings release, Q3 FY2026 (Form 8-K Ex. 99.1, Oct 30, 2026) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  6. S7Earnings release, Q2 FY2026 (Form 8-K Ex. 99.1, Jul 31, 2026) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
  7. S8Earnings release, Q1 FY2026 (Form 8-K Ex. 99.1, May 1, 2026) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
  8. S9Earnings release, Q4 FY2025 (Form 8-K Ex. 99.1, Jan 30, 2026) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
  9. S10Earnings release, Q3 FY2025 (Form 8-K Ex. 99.1, Oct 31, 2025) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2025
  10. S11Earnings release, Q2 FY2025 (Form 8-K Ex. 99.1, Aug 1, 2025) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 1, 2025
  11. S12Earnings release, Q1 FY2025 (Form 8-K Ex. 99.1, May 2, 2025) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 2, 2025
  12. S13Earnings release, Q4 FY2024 (Form 8-K Ex. 99.1, Jan 31, 2025) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2025
  13. S14Earnings release, Q3 FY2024 (Form 8-K Ex. 99.1, Nov 1, 2024) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 1, 2024
  14. S15Earnings release, Q2 FY2024 (Form 8-K Ex. 99.1, Aug 2, 2024) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 2, 2024
  15. S16Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  16. S232026 proxy statement (DEF 14A) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
  17. S24Form 8-K filed Oct 6, 2026, Items 7.01 and 8.01: Hess Midstream divestment and expected loss · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2026
  18. S25Form 8-K filed Oct 6, 2026, Ex. 99.1: news release on Hess Midstream and DJ Basin midstream · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2026
  19. S26Form 8-K filed Oct 5, 2026, Item 5.02: CFO and officer changes effective Jan 1, 2027 · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
  20. S28Form 8-K filed May 29, 2026, Item 5.02: Chief Legal Officer resignation · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 29, 2026
  21. S29Form 8-K filed May 29, 2026, Item 5.07: annual meeting vote results · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 29, 2026
  22. S31Form 8-K filed Jul 18, 2025: completion of the Hess merger · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 18, 2025
  23. S32Form 8-K filed Jul 29, 2025, Item 5.02: John B. Hess joins the board · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2025
  24. S33Schedule 13G/A, Berkshire Hathaway Inc. and Warren E. Buffett (event Mar 31, 2026) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2026
  25. S34Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  26. S35Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  27. S36Schedule 13G, State Street Corporation (event Sep 30, 2025) · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
  28. S37CVX historical closing prices, Oct 20 to Nov 4, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 4, 2026
  29. S38Chevron XBRL company facts (data.sec.gov) · Chevron Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  30. S39Exxon Mobil Form 10-K, fiscal year 2025 · Exxon Mobil Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2026
  31. S40Shell plc Form 20-F, fiscal year 2025 · Shell plc (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  32. S41BP p.l.c. Form 20-F, fiscal year 2025 · BP p.l.c. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2026
  33. S42TotalEnergies SE Form 20-F, fiscal year 2025 · TotalEnergies SE (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026), from the earnings release; the Q3 FY2026 10-Q was not yet filed. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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