The Dispatch • Est. 2026— — —
NYSE · Energy · Fiscal year endsFY ends December

Chevron Corporation

CVX
$226.03-1.74 (-0.76%)Today
52-week low $146.49high $236.48
4.4% below its 52-week high
Next earningsJan 28, 2027 · after the close
What changed

The risk factors in the latest annual report, against the year before

Chevron Corporation's annual report filed February 24, 2026, against the one filed February 21, 2025: 5 risk paragraphs added, 7 taken out, 3 with sentences added or removed, and 9 reworded. 29 of 46 are unchanged, apart from dates and figures.

Each sentence links to its place in the filing. This year’s report · Last year’s

Added
Taken out
Sentences added or removed
Last yearThis year
The Paris Agreement went into effect in November 2016, and a number of countries in which we operate have adopted and may adopt additional policies intended to meet their Paris Agreement goals.
Taken out
In addition, the U.S. Inflation Reduction Act (IRA) implements various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel.
Taken out
Although the IRA offers incentives that could support certain lower carbon lines of business, those same incentives could negatively impact supply and/or demand for our oil and gas products in the future or any existing or future lower carbon business lines.
Taken out
Not in the earlier report
Chevron regularly evaluates its ambitions.
Chevron regularly evaluates its ambitions and expects to change or eliminate some of these aspirations, targets, and other ambitions for various reasons, including market conditions; its strategy or portfolio; and financial, operational, policy, reputational, legal and other factors.
The company has changed and/or eliminated some of these aspirations, targets, and other ambitions and may continue to do so in the future for various reasons, including market conditions; its strategy or portfolio; and financial, operational, policy, reputational, legal and other factors.
In particular, Chevron has announced an aspiration to achieve net zero Scope 1 and 2 emissions in upstream by 2050.
Taken out
The company also has set nearer-term GHG emission-related targets for upstream carbon intensity and portfolio carbon intensity.
Taken out
For example, Chevron’s methane intensity target is calculated based on Compendium of Greenhouse Gas Emissions Methodologies for the Oil and Natural Gas Industry (2021), which requires use of local regulatory reporting methodologies where applicable.
Taken out
The U.S. EPA has adopted notable changes to reporting methodologies in its Greenhouse Gas Reporting Program (40 C.F.R. Part 98.230), which are applicable to Chevron’s U.S. operations.
Taken out
We expect these adopted changes may increase our reported emissions in future years, and therefore, increase our reported methane intensity.
Taken out
Reworded
Last yearThis year
Extended periods of low prices for crude oil, natural gas, and natural gas liquids can have a material adverse impact on the company’s results of operations, financial condition and liquidity.
Extended periods of low prices or demand for crude oil, natural gas, and natural gas liquids have had, and in the future can have, a material adverse impact on the company’s results of operations, financial condition and liquidity.
The company may be unable to realize anticipated cost savings, expenditure reductions and asset sales that are intended to compensate for such downturns, and such downturns may also slow the pace and scale at which we are able to invest in our business, including our Chevron New Energies organization.
The company may be unable to realize anticipated cost savings, expenditure reductions and asset sales that are intended to compensate for such downturns, and such downturns may also slow the pace and scale at which we are able to invest in our business, including our New Energies businesses.
The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, and other forms of severe weather; wildfires; ambient temperature increases; sea level rise; war or other military conflicts such as the conflict in the Middle East and the military conflict between Russia and Ukraine; accidents; civil unrest; political events; fires; earthquakes; system failures; cyber threats; terrorist acts; and epidemic or pandemic diseases, some of which may be impacted by climate change and any of which could result in suspension of operations or harm to people or the natural environment.
The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, and other forms of severe weather; wildfires; ambient temperature increases; sea level rise; war or other military conflicts such as the conflict between Russia and Ukraine and in the Middle East; accidents; civil unrest; political events such as current geopolitical tensions in Venezuela; fires; earthquakes; system failures; cyber threats; terrorist acts; and epidemic or pandemic diseases, some of which may be impacted by climate change and any of which could result in suspension of operations or harm to people or the natural environment.
Acquisitions may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations
The acquisition of Hess may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations
The success of the pending acquisition of Hess will depend, in part, on Chevron’s ability to successfully integrate the business of Hess and realize the anticipated benefits, including synergies.
The success of the acquisition of Hess, which closed in July 2025, will depend, in part, on Chevron’s ability to realize the anticipated benefits, including the anticipated run-rate cost synergies, estimated five-year production and free cash flow growth rates, and anticipated higher returns to shareholders over the long-term.
Difficulties in integrating Hess may result in the failure to realize anticipated synergies in the expected timeframes, in operational challenges, and in the diversion of management’s attention from ongoing business concerns, as well as in unforeseen expenses associated with the acquisition, which may have an adverse impact on the company’s financial results.
Failure to realize anticipated synergies in the expected timeframe, operational challenges, the diversion of management’s attention from ongoing business concerns, and unforeseen expenses associated with the acquisition may have an adverse impact on our financial results.
In addition, to the extent that societal pressures or political or other factors are involved, it is possible that such liability could be imposed without regard to the company’s causation of or contribution to the asserted damage, or to other mitigating factors.
It is also possible that such liability could be imposed without regard to the company’s causation of or contribution to the asserted damage, or to other mitigating factors.
In a number of locations, including the European Union, governments have proposed or imposed restrictions on the company’s operations, trade, currency exchange controls, burdensome taxes, and public disclosure requirements that might harm the company’s competitiveness, return on investments, or relations with other governments or third parties.
In a number of locations, including the European Union, governments have proposed or imposed direct and indirect obligations with respect to the company’s activities, trade, taxes, and public disclosures, as well as currency exchange controls that might harm the company’s competitiveness, return on investments, or relations with other governments or third parties.
For example, increasing attention to ESG matters, including climate change, has resulted and may result in the future in shifting demand for our hydrocarbon products, and have resulted in additional litigation and governmental investigations, or threats thereof, against the company.
For example, trends in attention to ESG matters, including climate change, have resulted and may result in the future in shifting demand for our hydrocarbon products, additional litigation and governmental investigations, and/or threats thereof, against the company.
Some stakeholders, including but not limited to sovereign wealth, pension, and endowment funds, have been divesting and promoting divestment of or screening out of fossil fuel equities and urging lenders to limit funding to companies engaged in the extraction of fossil fuel reserves.
Some stakeholders, including but not limited to sovereign wealth, pension, and endowment funds, have been divesting and promoting divestment of, or screening out, fossil fuel equities and urging lenders to limit funding to companies engaged in the extraction of fossil fuel reserves.
Our ability to achieve any ambition, including with respect to climate-related initiatives, including those outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, pages 35 through 37, and any new businesses, is subject to numerous risks and contingencies, many of which are outside of Chevron’s control.
Our ability to achieve any ambition, including those related to GHG emissions or climate-related initiatives, such as those outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, on pages 36 through 37, as well as efforts concerning new businesses, is subject to numerous risks and contingencies, many of which are outside of Chevron’s control and persist.
Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including the continuing progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) the availability and acceptability of cost-effective, verifiable carbon credits; (4) the availability of suppliers that can meet our sustainability-related standards; (5) evolving regulatory requirements, including changes to IPCC’s Global Warming Potentials and the United States Environmental Protection Agency (U.S. EPA) Greenhouse Gas Reporting Program, affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emission reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; (8) actions taken by the company’s competitors in response to legislation and regulations; and (9) successful negotiations for carbon capture and storage and nature-based solutions with customers, suppliers, partners, and governments.
Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) successful generation, acquisition, retirement and accounting of cost-effective, verifiable carbon offsets from nature-based solutions or carbon capture and storage; (4) the availability of suppliers that can meet sustainability-related standards; (5) evolving regulatory requirements affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emission reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; and (8) actions taken by the company’s competitors.
Filings with the SEC

Every recent report

AllAnnual and quarterly reportsCurrent reports (8-K)Insider trades (Form 4)Proxy statements
FiledFormWhat it isPeriod or event
Oct 21, 20264Insider trade reportOct 19, 2026
Sep 1, 20264Insider trade reportAug 28, 2026
Sep 1, 20264Insider trade reportAug 28, 2026
Aug 20, 20264Insider trade reportAug 18, 2026
Aug 19, 20264Insider trade reportAug 17, 2026
Aug 19, 20264Insider trade reportAug 17, 2026
Aug 18, 20264Insider trade reportAug 14, 2026
Aug 13, 20264Insider trade reportAug 11, 2026
Aug 7, 20264Insider trade reportAug 5, 2026
Aug 5, 20264Insider trade reportAug 3, 2026
Jun 3, 20264Insider trade reportJun 1, 2026
Jun 3, 20264Insider trade reportJun 1, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 29, 20264Insider trade reportMay 27, 2026
May 22, 20264Insider trade reportMay 20, 2026
May 8, 20264Insider trade reportMay 6, 2026
May 8, 20264Insider trade reportMay 6, 2026
Apr 1, 20264Insider trade reportMar 30, 2026
Mar 10, 20264Insider trade reportMar 6, 2026
Mar 4, 20264Insider trade reportMar 2, 2026
Mar 4, 20264Insider trade reportMar 2, 2026
Mar 4, 20264Insider trade reportMar 2, 2026
Mar 4, 20264Insider trade reportMar 4, 2026
Mar 4, 20264Insider trade reportMar 2, 2026
Mar 4, 20264Insider trade reportMar 2, 2026
Mar 4, 20264Insider trade reportMar 2, 2026
Mar 3, 20264Insider trade reportFeb 27, 2026
Mar 3, 20264Insider trade reportFeb 27, 2026
Mar 3, 20264Insider trade reportFeb 27, 2026
Feb 20, 20264Insider trade reportFeb 18, 2026
Feb 20, 20264Insider trade reportFeb 18, 2026
Feb 17, 20264Insider trade reportFeb 12, 2026
Feb 17, 20264Insider trade reportFeb 12, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 12, 20264Insider trade reportFeb 10, 2026
Feb 6, 20264Insider trade reportFeb 4, 2026
Feb 5, 20264Insider trade reportFeb 3, 2026
Feb 5, 20264Insider trade reportFeb 3, 2026
Feb 3, 20264Insider trade reportJan 30, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Feb 3, 20264Insider trade reportJan 30, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Feb 3, 20264Insider trade reportJan 31, 2026
Jan 30, 20264Insider trade reportJan 28, 2026
Jan 30, 20264Insider trade reportJan 28, 2026
Jan 29, 20264Insider trade reportJan 27, 2026
Jan 15, 20264Insider trade reportJan 14, 2026
Jan 7, 20264Insider trade reportJan 5, 2026
Jan 7, 20264Insider trade reportJan 5, 2026
Jan 7, 20264Insider trade reportJan 5, 2026
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 19, 20254Insider trade reportDec 17, 2025
Dec 3, 20254Insider trade reportDec 1, 2025
Dec 3, 20254Insider trade reportDec 1, 2025
Dec 3, 20254Insider trade reportDec 1, 2025
Nov 25, 20254Insider trade reportNov 21, 2025
Nov 24, 20254Insider trade reportNov 20, 2025
Nov 21, 20254Insider trade reportNov 20, 2025
Sep 3, 20254Insider trade reportAug 29, 2025
Sep 3, 20254Insider trade reportAug 29, 2025
Sep 3, 20254Insider trade reportAug 29, 2025
Sep 3, 20254Insider trade reportAug 29, 2025
Aug 26, 20254Insider trade reportAug 22, 2025
Aug 8, 20254Insider trade reportAug 6, 2025
Aug 8, 20254Insider trade reportAug 8, 2025
Jul 30, 20254Insider trade reportJul 28, 2025
Jul 22, 20254Insider trade reportJul 18, 2025
Jul 22, 20254Insider trade reportJul 18, 2025
Jul 22, 20254Insider trade reportJul 18, 2025
Jul 22, 20254Insider trade reportJul 18, 2025
Jul 22, 20254Insider trade reportJul 18, 2025
Jul 22, 20254Insider trade reportJul 18, 2025
Jun 4, 20254Insider trade reportJun 2, 2025

The SEC's list of Chevron Corporation's recent filings reaches back to May 1, 2019; registration statements and other prospectus filings aren't shown. Every filing on EDGAR

The comparison takes Item 1A (risk factors) of the latest 10-K and of the one before it, splits each into paragraphs, and matches every paragraph to its closest counterpart by the words they share. Dates and figures are set aside, so a paragraph whose only change is the year counts as unchanged. It is done by rules, not by anyone’s reading: the sentences are the company’s own, quoted as filed.