5 paragraphs in Risk Factors of the 10-K filed Feb 24, 2026
with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 19 Energy companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
As a global energy company, Chevron is subject to a variety of risks. The following disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future.
Read in the 10-K ↗
Chevron is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance, and reputational risks The company is increasingly utilizing artificial intelligence (“AI”) technologies in certain of its processes, information systems and various operations, and expects that AI will assume a more critical role in its operations over time. The use of AI technologies introduces certain risks to the company, including potential dependency on biased or incorrect AI outputs, new or enhanced regulatory requirements, litigation, privacy risks, cybersecurity risks, reputational harm, liability or other adverse consequences, any of which could adversely affect its business, financial condition and results of operations. Additionally, other unforeseen risks stemming from either the company’s or third-party service providers’ use and development of AI tools and technologies, or the company’s inability to adopt such technologies at the same pace as its competitors, may arise in the future that could adversely affect its business and results of operations.
Read in the 10-K ↗
One of our subsidiaries acts as the general partner of a publicly traded limited partnership, Hess Midstream LP, which may involve a potential legal liability One of our subsidiaries acts as the general partner of Hess Midstream, a publicly traded limited partnership. Our control of the general partner of Hess Midstream may increase the possibility that we could be subject to claims of breach of duties owed to Hess Midstream, including claims of conflict of interest. Any liability resulting from such claims could have an adverse impact on our future business, financial condition, results of operations and cash flows.
Similar paragraph at 2 of 19 other Energy companies:
MPC,
OXY
legal challenges, including the actual laws and regulations enacted, the variables and trade-offs that inevitably occur in connection with such processes, and market conditions, including the responses of consumers to such changes.
Read in the 10-K ↗
emissions and emission reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; and (8) actions taken by the company’s competitors.
Read in the 10-K ↗
New in the latest 10-Q
46 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like
them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
City of Annapolis v. BP P.L.C., et al., No. C-02-CV-21-000250 (Md. Cir. Ct.) (dismissed on the merits; dismissal affirmed by the Supreme Court of Maryland);
Read in the 10-Q ↗
Anne Arundel County v. BP P.L.C., et al., No. C-02-CV-21-000565 (Md. Cir. Ct.) (dismissed on the merits; dismissal affirmed by the Supreme Court of Maryland);
Read in the 10-Q ↗
Mayor and City Council of Baltimore v. BP P.L.C., et al., No. 24-C-18-004219 (Md. Cir. Ct.) (dismissed on the merits; dismissal affirmed by the Supreme Court of Maryland);
Read in the 10-Q ↗
Municipality of Bayamon et al. v. Exxon Mobil Corp., et al., No. 22-cv-1550 (D.P.R.) (dismissed on the merits; Plaintiffs’ appeal pending);
Read in the 10-Q ↗
People ex rel. Bonta v. Exxon Mobil Corp., et al., No. CGC-23-609134 (Cal. Super. Ct.);
Read in the 10-Q ↗
Bucks County v. BP P.L.C., et al., No. 2024-01836 (Pa. Ct. Com. Pl.) (dismissed on the merits; Plaintiff’s appeal pending);
Read in the 10-Q ↗
City of Charleston v. Brabham Oil Co., et al., No. 2020-CP-10-3975 (S.C. Ct. of Com. Pl.) (dismissed on the merits and for lack of personal jurisdiction);
Read in the 10-Q ↗
District of Columbia v. Exxon Mobil Corp., et al., No. 2020-CA-002892-B (D.C. Super. Ct.);
Read in the 10-Q ↗
Delaware ex rel. Jennings v. BP America Inc., et al., C.A. No. N20C-09-097 (Del. Super. Ct.) (dismissed on the merits in substantial part);
Read in the 10-Q ↗
City of Hoboken v. Exxon Mobil Corp., et al., No. HUD-L-003179-20 (N.J. Super. Ct.);
Read in the 10-Q ↗
City and County of Honolulu, et al. v. Sunoco LP, et al., No. 1CCV-20-0000380 (Haw. Cir. Ct.);
Read in the 10-Q ↗
City of Imperial Beach v. Chevron Corp., et al., No. C17-01227 (Cal. Super. Ct.);
Read in the 10-Q ↗
King County v. BP P.L.C., et al., No. 18-2-11859-0 (Wash. Super. Ct.) (voluntarily dismissed);
Read in the 10-Q ↗
Makah Indian Tribe v. Exxon Mobil Corp., et al., No. 23-25216-1-SEA (Wash. Super. Ct.);
Read in the 10-Q ↗
The People of the State of Michigan v. BP p.l.c., et al., Civ. No. 26-cv-00254 (W.D. Mich.) (dismissed on the merits);
Read in the 10-Q ↗
County of Middlesex v. Exxon Mobil Corp., et al., No. MID-L-006502-26 (N.J. Super. Ct.);
Read in the 10-Q ↗
County of Multnomah v. Exxon Mobil Corp., et al., No. 23-cv-25164 (Or. Cir. Ct.);
Read in the 10-Q ↗
City of New York v. Chevron Corp., et al., No. 18-cv-00182 (S.D.N.Y.) (dismissed on the merits; dismissal affirmed by the U.S. Court of Appeals for the Second Circuit);
Read in the 10-Q ↗
Pacific Coast Federation of Fishermen’s Associations, Inc. v. Chevron Corp., et al., No. CGC-18-571285 (Cal. Super. Ct.) (voluntarily dismissed);
Read in the 10-Q ↗
Platkin, et al. v. Exxon Mobil Corp., et al., No. MER-L-001797-22 (N.J. Super. Ct.) (dismissed on the merits; Plaintiffs’ appeal pending);
Read in the 10-Q ↗
Estado Libre Asociado de Puerto Rico [Commonwealth of Puerto Rico] v. Exxon Mobil Corp., et al., No. SJ2024CV06512 (Tribunal de Primera Instancia, Estado Libre Asociado de P.R.) [P.R. Ct. of First Instance, Commonwealth of P.R.] (voluntarily dismissed);
Read in the 10-Q ↗
State of Rhode Island v. Chevron Corp., et al., C.A. No. PC-2018-4716 (R.I. Super. Ct.);
Read in the 10-Q ↗
City of San Francisco v. BP P.L.C., et al., No. CGC-17-561370 (Cal. Super. Ct.);
Read in the 10-Q ↗
Municipality of San Juan, Puerto Rico v. Exxon Mobil Corp., et al., No. 23-cv-01608 (D.P.R.) (dismissed on the merits; Plaintiff’s appeal pending);
Read in the 10-Q ↗
County of San Mateo v. Chevron Corp., et al., No. 17-CIV-03222 (Cal. Super. Ct.);
Read in the 10-Q ↗
County of Santa Cruz v. Chevron Corp., et al., No. 17-CV-03242 (Cal. Super. Ct.);
Read in the 10-Q ↗
Shoalwater Bay Indian Tribe v. Exxon Mobil Corp., et al., No. 23-2-25215-2-SEA (Wash. Super. Ct.).
Read in the 10-Q ↗
The following table presents revenue and earnings for Hess since the acquisition date (July 18, 2025) through September 30, 2025.
Read in the 10-Q ↗
The following unaudited pro forma information presents the results of operations as if the acquisition of Hess had occurred January 1, 2024:
Read in the 10-Q ↗
The unaudited pro forma information uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may differ significantly from this pro forma financial information. The pro forma information does not reflect any synergistic savings that might be achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. The pro forma results reflect pro forma adjustments primarily related to conforming Hess accounting policies to Chevron’s, additional depreciation expense related to the fair value adjustment of the acquired property, plant and equipment, elimination of intercompany transactions and applicable income tax impacts.
Read in the 10-Q ↗
On October 6, 2026, the company entered into agreements with Hess Midstream LP (Hess Midstream) to transfer its ownership interests in Hess Midstream and contribute DJ Basin crude midstream assets to Hess Midstream, in exchange for the restructuring and amendment of certain long-term commercial arrangements. Chevron will retain no ownership interest in Hess Midstream or the DJ Basin crude midstream assets but will continue to receive midstream services under the amended arrangements.
Read in the 10-Q ↗
Subject to customary closing conditions and regulatory approvals, the transaction is expected to close by year-end 2026 and strengthen the company’s Bakken upstream operations by increasing operational flexibility and reducing midstream costs by approximately 50 percent. Upon closing, Chevron expects to derecognize approximately $ 13.2 billion of assets and $ 5.4 billion of liabilities, including $ 3.7 billion of Hess Midstream debt, and $ 4.7 billion of Hess Midstream noncontrolling interests. As a result, Chevron expects to recognize an after-tax loss of approximately $ 3 - 4 billion. The estimated loss is preliminary and subject to final closing adjustments, tax effects, transaction costs, separation-payment accounting and the carrying amounts of assets, liabilities and noncontrolling interests at closing. Benefits from the amended service arrangements are expected to be recognized prospectively through lower future midstream service costs.
Read in the 10-Q ↗
The company conducts its activities in Venezuela through the Petroboscan, Petropiar and Petroindependencia joint ventures, subject to U.S. government authorizations and sanctions. Effective September 1, 2026, the company began applying the equity method of accounting to these investments, reflecting enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments. The company now recognizes its share of the affiliate earnings, production and reserves. This accounting change is not expected to significantly affect the amount or timing of earnings recognition. Future earnings and cash flows will be affected by commodity prices, operating performance and distributions, and other risk factors described in the company’s disclosures.
Read in the 10-Q ↗
on November 4, 2026. Henry Hub natural gas prices were relatively unchanged during the third quarter of 2026 as strong domestic production, additional pipeline capacity and higher inventories contributed to a well-supplied domestic market.
Read in the 10-Q ↗
Downstream earnings benefited from elevated refining margins during the third quarter of 2026, reflecting disruptions to global refined product supplies resulting from continued geopolitical events. The duration of these disruptions and their impact on future industry margins remain uncertain, and current margin levels may not be indicative of future results.
Read in the 10-Q ↗
• Angola - Announced an offshore crude oil and natural gas condensate discovery in the prolific Lower Congo Basin, demonstrating the potential of the company’s exploration program in sub-Saharan Africa.
Read in the 10-Q ↗
• Libya - Signed an exploration agreement with Libya’s National Oil Corporation in the Sirte Basin, advancing Chevron’s North Africa upstream growth strategy and exploration portfolio.
Read in the 10-Q ↗
• United States - Announced plans to continue to strengthen the competitiveness of the company’s Bakken upstream operations by restructuring its long-term commercial arrangements with Hess Midstream LP, reducing midstream costs by approximately 50 percent and increasing operational flexibility.
Read in the 10-Q ↗
• United States - Started production at the new Bunge Chevron Ag Renewables LLC oilseed-processing facility in Destrehan, Louisiana, supplying additional feedstocks for transportation fuels.
Read in the 10-Q ↗
• Venezuela - Improved commercial terms and expanded acreage, supporting future investments and the potential to more than double production over the next five years.
Read in the 10-Q ↗
Net charges increased by $108 million primarily due to higher employee benefit costs and higher interest expense, partially offset by favorable tax items.
Read in the 10-Q ↗
Legal proceedings
As previously disclosed, in February 2025, the United States Department of Justice notified Hess of alleged Clean Water Act violations relating to Hess’s National Pollutant Discharge Elimination System permit covering operations in Hess facilities in the Gulf of America. Resolution of the alleged violations resulted in the payment of a civil penalty of $2,100,000 in October 2026.
Read in the 10-Q ↗
In 2021, the United States Environmental Protection Agency conducted Clean Air Act compliance inspections at Chevron’s refinery in Pascagoula, Mississippi and issued an inspection report. The United States Department of Justice, the Mississippi Department of Environmental Quality and Chevron have been engaged in discussions relating to the inspection conclusions and allegations of noncompliance with certain Clean Air Act regulations, including the Benzene Waste Operations National Emission Standards for Hazardous Air Pollutants, as well as compliance under the 2005 New Source Review (NSR) Consent Decree. Chevron has not yet received a civil penalty demand or a demand for stipulated penalties under the NSR Consent Decree. Although Chevron cannot predict the ultimate outcome of this matter, resolution of the alleged violations may result in the payment of civil and/or stipulated penalties of $1.0 million or more.
Read in the 10-Q ↗
Risk Factors
Delays in, or the failure to complete, the transaction with Hess Midstream LP could prevent the company from realizing all or part of the anticipated benefits of the transaction. On October 6, 2026, the company entered into agreements with Hess Midstream LP (Hess Midstream) to transfer its ownership interests in Hess Midstream and contribute DJ Basin crude midstream assets to Hess Midstream, in exchange for the restructuring and amendment of certain long-term commercial arrangements. This transaction is subject to customary closing conditions and regulatory approvals and is expected to close by year-end 2026. Any delay in closing, or failure to close, could prevent the company from realizing some or all of the anticipated benefits on the projected timeline, or at all, including the expected reduction of approximately 50 percent in Bakken unit midstream costs, as well as improved earnings and return on capital employed.
Read in the 10-Q ↗
Other information
Michael K. Wirth, Chairman of the Board and Chief Executive Officer, entered into a pre-arranged stock trading plan on August 20, 2026. Mr. Wirth’s plan provides for the potential exercise of vested stock options and the associated sale of up to 147,376 shares of Chevron common stock between November 19, 2026 and August 31, 2027.
Read in the 10-Q ↗
The trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Chevron’s policies regarding transactions in Chevron securities.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Some inherent risks could materially impact the company’s results of operations or financial condition. Information about risk factors for the nine months ended September 30, 2026, does not differ materially from that set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, other than as reflected in the risk factor below.
Read in the 10-Q ↗
Added10-Q 2026-11-05 vs 10-K 2026-02-24
Delays in, or the failure to complete, the transaction with Hess Midstream LP could prevent the company from realizing all or part of the anticipated benefits of the transaction. On October 6, 2026, the company entered into agreements with Hess Midstream LP (Hess Midstream) to transfer its ownership interests in Hess Midstream and contribute DJ Basin crude midstream assets to Hess Midstream, in exchange for the restructuring and amendment of certain long-term commercial arrangements. This transaction is subject to customary closing conditions and regulatory approvals and is expected to close by year-end 2026. Any delay in closing, or failure to close, could prevent the company from realizing some or all of the anticipated benefits on the projected timeline, or at all, including the expected reduction of approximately 50 percent in Bakken unit midstream costs, as well as improved earnings and return on capital employed.
Read it in the 10-Q at sec.gov ↗
