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Chevron CVX Upstream — Depreciation, Depletion and Amortization

Other segment segments

Downstream
$1.4B-3.2%
All Other
$66M-24.1%

Similar metrics at other companies

Talos Energy logo
TALOUpstream — D&A
$230.38M-17.9%
EQT Corporation logo
EQTUpstream — Depreciation, depletion and amortization
$567.71M+4.5%
Imperial Oil logo
IMOUpstream — Depreciation and depletion (includes impairments)
$447M-4.9%
National Fuel Gas logo
NFGIntegrated Upstream and Gathering — Depreciation, Depletion and Amortization
$80.55M+6.7%
Imperial Oil logo
IMOUpstream — Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment
$23.35B+7.8%
EQT Corporation logo
EQTUpstream — Less: Accumulated depletion
$14.34B+14.9%

Other financials

Income statement

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Revenue$48.6B+2.1%
Gross profit$20.3B+7.1%
Net income$2.2B-36.9%
EPS (diluted)$1.11-44.5%

Balance sheet

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Cash & equivalents$6.3B+2.4%
Total debt$45.4B+53.1%
Total equity$183.72B+23.1%
Total assets$329.55B+28.5%

Cash flow

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Operating cash flow$2.5B-51.6%
CapEx$4.1B+3.5%
Free cash flow-$1.5B-223%

Valuation

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Market cap$346.64B+35.8%
Enterprise value$385.75B+38.1%
P/E31.5×+12.9×
P/S1.8×+0.5×

Profitability

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Gross margin43.2%+2.8pp
Net margin5.8%-2.0pp
FCF margin7.3%+0.5pp

Returns & leverage

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Return on equity6.6%-3.5pp
Debt / equity0.2×0.0×
Current ratio1.1×0.0×

Where this comes from

Reported directly by Chevron in its filing.

Tagged under the XBRL concept us-gaap:DepreciationDepletionAndAmortization.

The official record: Chevron’s 10-K, filed February 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Chevron's upstream — depreciation, depletion and amortization?
Chevron (CVX) reported upstream — depreciation, depletion and amortization of $4.61B in Q4 2025.
How has Chevron's upstream — depreciation, depletion and amortization changed year-over-year?
Chevron's upstream — depreciation, depletion and amortization increased by 19.0% year-over-year, from $3.87B to $4.61B.
What is the long-term trend for Chevron's upstream — depreciation, depletion and amortization?
Over 4 years (2021 to 2025), Chevron's upstream — depreciation, depletion and amortization has grown at a 2.8% compound annual growth rate (CAGR), from $16.5B to $18.45B.
What does upstream — depreciation, depletion and amortization mean?
The systematic allocation of the cost of upstream assets over their useful lives, including the depletion of oil and gas reserves. This non-cash expense reflects the consumption of the asset base as resources are extracted.