Acquisition of Hess Corporation (Tables)

12 Months Ended

Dec. 31, 2025

As a result of measuring the assets acquired and the liabilities assumed at fair value, there was no goodwill or bargain purchase recognized.


	At July 18, 2025
	(Billions of dollars)
Current assets	$	3.4
Properties, plant and equipment	73.5
Other assets	2.6
Total assets acquired	79.5
Current liabilities	3.1
Long-term debt(1)	10.0
Deferred income taxes	11.0
Other liabilities	2.4
Total liabilities assumed	26.5
Noncontrolling interest(2)	5.0
Net assets acquired / purchase price	$	48.0

(1) Includes finance leases

(2) Related to HESM

The long-term debt assumed in the transaction is detailed in the table below:


Hess Corporation	Principal

4.300% due 2027	$	1,000
7.875% due 2029	467
7.300% due 2031	631
7.125% due 2033	540
6.000% due 2040	750
5.600% due 2041	1,250
5.800% due 2047	500
Total Hess Corporation Debt	$	5,138

Hess Midstream Operations LP
5.125% due 2028	$	550
5.875% due 2028	800
6.500% due 2029	600
4.250% due 2030	750
5.500% due 2030	400
Term loan and credit facility borrowings	646
Total Hess Midstream Operations LP Debt	$	3,746

Unamortized discounts and debt issuance costs	(61)
Total Long-Term Debt Assumed	$	8,823
Fair market value adjustment for debt acquired in the acquisition	247
Fair Market Value of Long-Term Debt Assumed	$	9,070

The following table presents revenue and earnings for Hess since the acquisition date (July 18, 2025), for the year ended December 31, 2025.


	Year Ended December 31,
	2025
Sales and other operating revenue	$	5,957
Net Income (Loss) Attributable to Chevron Corporation	$	193

The following unaudited pro forma information presents the results of operations as if the acquisition of Hess had occurred January 1, 2024:


	Year Ended December 31,
	2025		2024
Sales and other operating revenue	$	189,416	$	204,300
Net Income (Loss) Attributable to Chevron Corporation	$	12,464	$	19,003

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.