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Acquisition of Hess Corporation (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities and Fair Value of Long-Term Debt Assumed |
|  |  | At July 18, 2025
|  |  | (Billions of dollars)
Current assets |  |  | $ | 3.3 |
Properties, plant and equipment |  |  | 73.7 |
Other assets |  |  | 2.5 |
Total assets acquired |  |  | 79.5 |
Current liabilities |  |  | 3.1 |
Long-term debt(1) |  |  | 10.0 |
Deferred income taxes |  |  | 11.0 |
Other liabilities |  |  | 2.4 |
Total liabilities assumed |  |  | 26.5 |
Noncontrolling interest(2) |  |  | 5.0 |
Net assets acquired / purchase price |  |  | $ | 48.0 |
(1) Includes finance leases (2) Related to Hess Midstream LP The long-term debt assumed in the transaction is detailed in the table below:
| Principal
Hess Corporation | (Millions of dollars)
4.300% due 2027 | $ | 1,000 |
7.875% due 2029 | 467 |
7.300% due 2031 | 631 |
7.125% due 2033 | 540 |
6.000% due 2040 | 750 |
5.600% due 2041 | 1,250 |
5.800% due 2047 | 500 |
Total Hess Corporation Debt | $ | 5,138 |
Hess Midstream Operations LP |
5.125% due 2028 | $ | 550 |
5.875% due 2028 | 800 |
6.500% due 2029 | 600 |
4.250% due 2030 | 750 |
5.500% due 2030 | 400 |
Term loan and credit facility borrowings | 646 |
Total Hess Midstream Operations LP Debt | $ | 3,746 |
Unamortized discounts and debt issuance costs | (61) |
Total Long-Term Debt Assumed | $ | 8,823 |
Fair market value adjustment for debt acquired in the acquisition | 247 |
Fair Market Value of Long-Term Debt Assumed | $ | 9,070 |
Schedule of Revenue and Earnings | The following table presents revenue and earnings for Hess since the acquisition date (July 18, 2025), for the periods presented. In addition to the loss quantified in the table, Chevron incurred incremental costs associated with the transaction, resulting in a total Hess-related impact of a loss of approximately $250 million in third quarter 2025. Excluding severance and other transaction related costs, Hess-related earnings were approximately $150 million in the quarter.
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2025
| (Millions of dollars)
Sales and other operating revenue | $ | 2,906 |  |  | $ | 2,906 |
Net Income (Loss) Attributable to Chevron Corporation | $ | (129) |  |  | $ | (129) |
Schedule of Unaudited Pro Forma Summary | The following unaudited pro forma information presents the results of operations as if the acquisition of Hess had occurred January 1, 2024:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 | 2024 |  | 2025 | 2024
| (Millions of dollars)
Sales and other operating revenue | $ | 48,169 |  | $ | 51,668 |  |  | $ | 146,536 |  | $ | 153,234 |
Net Income (Loss) Attributable to Chevron Corporation | $ | 3,539 |  | $ | 4,749 |  |  | $ | 9,617 |  | $ | 15,597 |

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