Chevron (CVX) risk factors, FY2024 10-K

Chevron's FY2024 10-K, filed Feb 21, 2025, lists 15 risk factors in 3 groups. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
153 groups
Section length
5k wordsItem 1A

Chevron's biggest risks in the FY2024 10-K

  • Commodity-price volatility and failure to replace produced oil and gas dominate Chevron’s financial exposure.

The risks most specific to Chevron

  • BUSINESS AND OPERATIONAL RISK FACTORS

    Chevron is exposed to the effects of changing commodity prices

    Crude oil, natural gas and natural gas liquids price volatility can materially change Chevron’s revenue and results.

  • BUSINESS AND OPERATIONAL RISK FACTORS

    The scope of Chevron’s business will decline if the company does not successfully develop resources

    Chevron’s business could shrink if exploration, technology, acquisitions or other efforts fail to replace produced oil and gas.

  • BUSINESS AND OPERATIONAL RISK FACTORS

    The company’s operations could be disrupted by natural or human causes beyond its control

    Hurricanes, floods, wildfires, heat, sea-level rise, war and other events could disrupt Chevron’s global operations.

  • BUSINESS AND OPERATIONAL RISK FACTORS

    Cyberattacks and events affecting Chevron’s operational technology networks or other digital infrastructure could have a material adverse impact on the company’s business and results of operations

    Cyberattacks, state-sponsored intrusions, industrial espionage or employee misconduct could disrupt operational technology and other digital infrastructure.

  • BUSINESS AND OPERATIONAL RISK FACTORS

    Chevron may not complete the acquisition of Hess Corporation within the time frame the company anticipates or at all, which could have adverse effects on Chevron

    The Hess acquisition could be delayed or blocked, including by required approval from a Guyanese governmental authority.

  • BUSINESS AND OPERATIONAL RISK FACTORS

    Acquisitions may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations

    Chevron may fail to integrate Hess, achieve expected synergies or avoid operational disruption and management distraction.

  • LEGAL, REGULATORY AND ESG-RELATED RISK FACTORS

    Political instability and significant changes in the legal and regulatory environment could harm Chevron’s business

    Political instability, forced contract renegotiations, increased state ownership and regulatory changes could harm Chevron’s international operations.

  • LEGAL, REGULATORY AND ESG-RELATED RISK FACTORS

    Legislation, regulation, and other government actions and shifting customer and consumer preferences and other private efforts related to greenhouse gas (GHG) emissions and climate change could continue to increase Chevron’s operational costs and reduce demand for Chevron’s hydrocarbon and other products, resulting in a material adverse effect on the company’s results of operations and financial condition

    GHG and climate-related government actions and changing customer preferences could raise costs and reduce demand for Chevron’s products.

  • LEGAL, REGULATORY AND ESG-RELATED RISK FACTORS

    Our ambitions and disclosures related to ESG matters subject us to numerous risks that may negatively impact our reputation and stock price or result in other material adverse impacts to the company

    Chevron’s lower-carbon ambitions and emissions disclosures could create reputation, stock-price and execution risks if expectations or targets are not met.

All 15 risk factors

Headings as the filing states them, in filing order.

BUSINESS AND OPERATIONAL RISK FACTORS

  1. 01Chevron is exposed to the effects of changing commodity prices
  2. 02The scope of Chevron’s business will decline if the company does not successfully develop resources
  3. 03The company’s operations could be disrupted by natural or human causes beyond its control
  4. 04Cyberattacks and events affecting Chevron’s operational technology networks or other digital infrastructure could have a material adverse impact on the company’s business and results of operations
  5. 05The company’s operations have inherent risks and hazards that require significant and continuous oversight
  6. 06The company does not insure against all potential losses, which could result in significant financial exposure
  7. 07Chevron may not complete the acquisition of Hess Corporation within the time frame the company anticipates or at all, which could have adverse effects on Chevron
  8. 08Acquisitions may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations

LEGAL, REGULATORY AND ESG-RELATED RISK FACTORS

  1. 09Chevron’s business subjects the company to liability risks from litigation or government action
  2. 10Political instability and significant changes in the legal and regulatory environment could harm Chevron’s business
  3. 11Legislative or regulatory changes in tax laws may expose Chevron to additional tax liabilities
  4. 12Legislation, regulation, and other government actions and shifting customer and consumer preferences and other private efforts related to greenhouse gas (GHG) emissions and climate change could continue to increase Chevron’s operational costs and reduce demand for Chevron’s hydrocarbon and other products, resulting in a material adverse effect on the company’s results of operations and financial condition
  5. 13Attention to environmental, social, and governance (ESG) matters impacts our company
  6. 14Our ambitions and disclosures related to ESG matters subject us to numerous risks that may negatively impact our reputation and stock price or result in other material adverse impacts to the company

GENERAL RISK FACTORS

  1. 15Changes in management’s estimates and assumptions may have a material impact on the company’s consolidated financial statements and financial or operational performance in any given period

Other Chevron 10-Ks

  • FY2025 10-K risk factors
    16 risks2 new1 dropped2 reworded

    Hess acquisition risk shifted from closing uncertainty to achieving run-rate synergies, production and free-cash-flow growth, and shareholder returns.

    Filed Feb 24, 2026

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.