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Chevron 8-K Report, Corporate Update (Aug 13, 2025)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed August 13, 2025
Period End
August 13, 2025
Security
CVX
In the record · 2016–202610-K1110-Q338-K143

CVX filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Dec ’19Dec ’19
  2. Leadership change8-K · Jan ’23Jan ’23
  3. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed August 13, 2025. Cited figures are marked; the original filing is the authoritative source.

Chevron Corporation, through its indirect wholly owned subsidiary Chevron U.S.A.

Inc. (CUSA), has announced the issuance of a significant tranche of new debt securities totaling $5.2 billiona. This issuance comprises a mix of fixed-rate and floating-rate notes across various maturities, ranging from 2027 to 2035, with coupon rates from 3.950% to 4.850% for fixed-rate notes and SOFR-based rates for floating-rate notes. The parent corporation, Chevron Corporation, fully guarantees these obligations on an unsecured and unsubordinated basis, ranking equally with existing and future unsecured and unsubordinated debt of the corporation.

This debt issuance represents a strategic move by Chevron to access capital markets for funding. Investors should note that while the corporation guarantees the notes, they are structurally subordinated to any indebtedness of CUSA.

The varying maturities and types of notes (fixed vs. floating) offer investors different risk-return profiles based on interest rate expectations and desired holding periods. The issuance was conducted under an Underwriting Agreement with prominent financial institutions and was registered with the SEC, with detailed prospectuses available for review.

02—Key points

Key Highlights

  1. Chevron U.S.A. Inc. issued $5.2 billion in new debt, comprised of multiple tranches of fixed and floating-rate notes.
  2. The new notes have maturities ranging from August 2027 to October 2035.
  3. Fixed-rate notes carry coupons from 3.950% to 4.850%.
  4. Floating-rate notes are tied to Compounded SOFR plus a spread of 57 bps (2028 maturity) and 82 bps (2030 maturity).
  5. Chevron Corporation is the full and unconditional guarantor of these notes.
  6. The guaranteed notes rank equally with other unsecured and unsubordinated debt of Chevron Corporation.
  7. The issuance was facilitated through an Underwriting Agreement with Barclays Capital Inc., BofA Securities, Inc., and Citigroup Global Markets Inc.

03—Questions

Frequently Asked Questions

  1. What is the total amount of new debt issued by Chevron?

    Chevron U.S.A. Inc. issued an aggregate principal amount of $5.2 billion across seven different series of notes.

  2. Who guarantees the new debt securities?

    Chevron Corporation, the parent company, provides a full and unconditional guarantee for all the issued notes.

  3. What is the nature of the guarantee from Chevron Corporation?

    The guarantee is unsecured and unsubordinated, meaning it ranks equally with other unsecured and unsubordinated indebtedness of Chevron Corporation.

  4. How do these new notes rank in relation to other debt within Chevron's structure?

    The notes are structurally subordinated to any indebtedness of Chevron U.S.A. Inc. (CUSA) itself, but rank equally with other unsecured and unsubordinated debt of the guarantor, Chevron Corporation.

  5. Are there any redemption rights for these new notes?

    Chevron U.S.A. Inc. has the right to redeem the fixed-rate notes at any time prior to maturity, as detailed in the Final Prospectus Supplement. However, the floating-rate notes (2028-B and 2030) are not redeemable prior to maturity.

04—Continue

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