What is Chevron's upstream — equity method investments?

Chevron (CVX) reported upstream — equity method investments of $27.74B in Q4 2025.

How has Chevron's upstream — equity method investments changed year-over-year?

Chevron's upstream — equity method investments decreased by 11.8% year-over-year, from $31.47B to $27.74B.

What does upstream — equity method investments mean?

The carrying value of investments in joint ventures or partnerships where the company exercises significant influence but does not have full control. These are critical for sharing exploration risks and costs in large-scale international energy projects.

Chevron CVX Upstream — Equity Method Investments

Other segment segments

Downstream

$15.28B+0.9%

Similar metrics at other companies

EQTUpstream — Investments in unconsolidated entities

$0—

DTMEquity Method Investments

$1.25B-0.6%

WESEquity Method Investments

$495.75M-6.0%

AMEquity Method Investments

$580.97M-3.2%

FEEquity Method Investments

$638M-2.9%

PAAEquity Method Investments

$2.84B+3.4%

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:EquityMethodInvestments.

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 — equity method investments?: Chevron (CVX) reported upstream — equity method investments of $27.74B in Q4 2025.
How has Chevron's upstream — equity method investments changed year-over-year?: Chevron's upstream — equity method investments decreased by 11.8% year-over-year, from $31.47B to $27.74B.
What does upstream — equity method investments mean?: The carrying value of investments in joint ventures or partnerships where the company exercises significant influence but does not have full control. These are critical for sharing exploration risks and costs in large-scale international energy projects.