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Refinery Input by Geography
Shows where Chevron processes crude oil, highlighting regional operational strengths and potential exposure to geopolitical or supply chain risks.U.S. refinery runs have meaningfully strengthened and are the main source of incremental throughput and integration upside, while International volumes remain flat. Management’s remark that equity‑crude throughput will more than double to ~40% explains the downstream margin capture driving strong free‑cash‑flow and buybacks, but the ~$3B of timing/derivative hits and working‑capital strains highlight that downstream earnings remain volatile; investor upside hinges on sustained high U.S. utilization and unwinding of paper positions rather than a near‑term improvement in international refinery utilization.
Date | United States | International |
|---|---|---|
Jun 30, 2026 | 1.07K | 598.00 |
Mar 31, 2026 | 1.05K | 616.00 |
Dec 31, 2025 | 1.02K | 665.00 |
Sep 30, 2025 | 1.06K | 663.00 |
Jun 30, 2025 | 1.05K | 661.00 |
Mar 31, 2025 | 1.02K | 618.00 |
Dec 31, 2024 | 893.00 | 651.00 |
Sep 30, 2024 | 995.00 | 628.00 |
Jun 30, 2024 | 900.00 | 650.00 |
Mar 31, 2024 | 878.00 | 651.00 |