CVX — what changed in the latest 10-Q
A section-by-section comparison of CVX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +63 | −70 | ~24 | 32 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | 0 | 0 |
| Controls & procedures | Text added/removed | +1 | −2 | ~1 | 0 |
| Legal proceedings | Text added/removed | +2 | −1 | ~1 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
Net income attributable to Chevron Corporation for first quarter 2026 was $2.2 billion ($1.11 per share — diluted), compared with $3.5 billion ($2.00 per share — diluted) in first quarter 2025.
Upstream earnings in first quarter 2026 were $3.9 billion compared with $3.8 billion in the corresponding 2025 period. The increase was mainly due to increased sales volumes partly offset by lower realizations resulting from unfavorable timing effects and higher depreciation, depletion and amortizat…
Downstream net income in first quarter 2026 was a loss of $817 million compared with earnings of $325 million in the corresponding 2025 period. The decrease was mainly due to lower margins on refined product sales, including unfavorable timing effects and higher operating expenses mainly from higher…
3 Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such te…
The company will continue to develop oil and gas resources to meet customers’ and consumers’ demand for energy. At the same time, Chevron believes that the future of energy is lower carbon. The company will continue to maintain flexibility in its portfolio to be responsive to changes in policy, tech…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Net income attributable to Chevron Corporation for third quarter 2025 was $3.5 billion ($1.82 per share — diluted), compared with $4.5 billion ($2.48 per share — diluted) in third quarter 2024. The net income attributable to Chevron Corporation for the first nine months of 2025 was $9.5 billion ($5.…
Upstream earnings in third quarter 2025 were $3.3 billion compared with $4.6 billion in the corresponding 2024 period. The decrease was mainly due to lower liquids realizations and lower affiliate earnings. Earnings for the first nine months of 2025 were $9.8 billion compared with $14.3 billion a ye…
Downstream earnings in third quarter 2025 were $1.1 billion compared with $595 million in the corresponding 2024 period. The increase was mainly due to higher margins on refined product sales and lower operating expenses, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Che…
The company will continue to develop oil and gas resources to meet customers’ and consumers’ demand for energy. At the same time, Chevron believes that the future of energy is lower carbon. The company will
3 Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such te…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
Chevron is exposed to market risks described in Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial and Derivative Instrument Market Risk in Chevron’s 2025 Annual Report on Form 10-K. Information about volatility in commodity prices associated with the o…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Information about market risks for the nine months ended September 30, 2025, does not differ materially from that discussed under Item 7A of Chevron’s 2024 Annual Report on Form 10-K.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-07
During the quarter ended March 31, 2026, there were no changes in the company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
In the third quarter of 2025, the company significantly progressed a multi-year implementation of an updated global enterprise resource planning (ERP) system. As a result, the company made corresponding changes to its business processes and information systems, updating applicable internal control o…
Except with respect to the ongoing implementation of ERP systems, there were no changes in the company’s internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company’s internal control…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-07
As previously disclosed, 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. Resolution of the alleged violations…
As previously disclosed, on June 26, 2025, the Colorado Energy & Carbon Management Commission (ECMC) issued a notice alleging violations of certain ECMC rules following the loss of well control incident that occurred in Galeton, Colorado, on April 6, 2025. On March 18, 2026, ECMC approved an Adminis…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
In February 2025, the United States Department of Justice notified Hess Corporation 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 may …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice