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Acquisition of Hess Corporation (Tables)
 9 Months Ended
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 assets2.5 
Total assets acquired79.5 
Current liabilities3.1 
Long-term debt(1)
10.0 
Deferred income taxes11.0 
Other liabilities2.4 
Total liabilities assumed26.5 
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 borrowings646 
  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 acquisition247 
  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
20252025
(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
2025202420252024
(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