TacticScaleWhat Chevron Does & How It Makes Money (CVX)
Updated October 2026 · reflects Chevron's latest reported financials
Integrated oil, natural gas, refining and chemicals company. Chevron makes money mainly by producing and selling crude oil and natural gas (including LNG) through its Upstream segment.
How Chevron makes money
Chevron makes money mainly by producing and selling crude oil and natural gas (including LNG) through its Upstream segment. Its Downstream segment adds revenue by refining and marketing fuels, lubricants, renewable fuels and petrochemicals, and by transporting these products.
What Chevron does
Chevron Corporation is an integrated energy and chemicals company founded in 1879 and headquartered in Houston, Texas. Formerly known as ChevronTexaco, it adopted the Chevron name in 2005. It operates in North America, South America, Europe, Africa, Asia and Australia through two segments: Upstream and Downstream. Upstream covers oil and gas exploration, development and production, LNG processing, liquefaction and regasification, pipeline transportation, natural gas marketing, carbon capture and storage, and a gas-to-liquids plant. Downstream refines crude oil into petroleum products and markets fuels and lubricants. It also makes renewable fuels, commodity petrochemicals, industrial plastics and additives, and moves products by pipeline, ship, truck and rail. Because the company runs everything from the wellhead to the fuel pump, its results depend heavily on oil and gas prices and on refining margins.
Products & services
- Crude oil and natural gas production
- Liquefied natural gas (LNG)
- Refined petroleum products and fuels
- Lubricants and fuel/lubricant additives
- Commodity petrochemicals and industrial plastics
- Renewable fuels
What is Chevron worth?
On an owner-earnings DCF, Chevron's most-likely value is about $146 versus a recent price near $212 (31% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$103) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
China Petroleum & Chemical (600028.SS) · ExxonMobil (XOM) · ConocoPhillips (COP) · PetroChina (601857.SS)