CVX · CIK 93410
What Chevron Corporation told the SEC could break it.
Almost everything Chevron flagged is about geography and the geopolitics that come with it: its proved reserves cluster in a few jurisdictions — 43% in the U.S., 15% in Australia, 11% in Kazakhstan — and its most exposed assets sit squarely in conflict-prone regions, with 39.7% and 25% stakes in Israel's Leviathan and Tamar gas fields and a Tengiz operation in Kazakhstan threatened by Russia-region sanctions on crude transport and export. On the downstream side, imported crude supplied roughly 60% of its U.S. refinery inputs, tying its refining to import-supply and trade-policy disruption. The only non-geographic note is a pair of environmental proceedings, including an EPA Renewable Fuel Standard violation at its El Segundo refinery.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- imported crude ~60% of U.S. refinery inputsmedium
Imported crude oil accounted for approximately 60% of Chevron's U.S. refinery inputs in both 2025 and 2024, exposing its U.S. refining operations to import-supply and trade-policy disruption.
“Imported crude oil accounted for approximately 60 percent of Chevron's U.S. refinery inputs in both 2025 and 2024.”
SEC filing →As of 2026 - Israel gas exposure — Leviathan 39.7% and Tamar 25% interestsmedium
Chevron holds a 39.7% interest in the Leviathan field and a 25% interest in the Tamar field in Israel, concentrating significant gas assets in a region subject to active conflict and geopolitical risk.
“Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in the Tamar field in Israel.”
- Russia-region sanctions threatening Tengiz (Kazakhstan) crude transport/exportmedium
Sanctions and trade restrictions imposed by governments (including Russia) could disrupt Chevron's ability to produce, transport and export crude in the region around Russia, with potential negative impact on the Tengiz field in Kazakhstan and future results.
“Governments (including Russia) have imposed and may impose additional sanctions and other trade laws, restrictions and regulations that could lead to disruption in our ability to produce, transport and/or export crude in the region around Russia.”
SEC filing →As of 2026 - proved reserves concentration: 43% U.S., 15% Australia, 11% Kazakhstanmedium
At year-end 2025, 43% of Chevron's net proved oil-equivalent reserves were in the U.S., 15% in Australia, and 11% in Kazakhstan — material reserve concentration in a few jurisdictions including geopolitically sensitive Kazakhstan.
“At December 31, 2025, 43 percent of the company's net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 11 percent were located in Kazakhstan.”
SEC filing →As of 2026
Litigation
- environmental proceedings — New Mexico air violations and El Segundo RFS biofuel-credit overstatementlow
Chevron faces environmental proceedings each potentially exceeding $1.0M in civil penalties: a New Mexico Environment Department matter over facilities in New Mexico, and an EPA Renewable Fuel Standard violation from its El Segundo refinery inadvertently overstating 2022 biofuel credits.
“on May 26, 2023, Chevron's refinery in El Segundo, California notified the U.S. EPA that it had inadvertently overstated the number of biofuel credits generated by co-processing in 2022 in violation of the Renewable Fuel Standard program.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“To cover our fuel needs at airports outside of Mexico, we purchase fuel from local suppliers that supply such airports, such as Chevron, Valero and British Petroleum, at prices generally based on the Platt's Oilgram Price Report applicable in the relevant region.”
Cited →
Its suppliers
“For the year ended December 31, 2025, 35%, 23% and 12% of our oil, natural gas and NGL revenues were attributable to Shell Trading (US) Company, Exxon Mobil Corporation and Chevron Corporation, respectively”
Cited →
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