Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. It is also involved in the cash management and debt financing activities; insurance operations; real estate activities; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is based in San Ramon, California.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	235,916	194,799	195,568	187,797	192,073.7	193,689.8	193,689.8	193,689.8
Revenue % Chg.	52.1%	-17.4%	0.4%
EBIT	42,005	26,964	23,299	21,058.7	24,841.5	27,486.5	27,486.5	27,486.5
EBIT Margin	17.8%	13.8%	11.9%
Tax Rate	28.3%	27.6%	35.5%
NOPAT	30,110.6	19,514.8	15,034.3	13,413.2	16,616.2	18,718.3	18,718.3	18,718.3
NOPAT Margin	12.8%	10%	7.7%	7.1%	8.7%	9.7%	9.7%	9.7%
D&A	15,442	15,213	16,782	19,486.6	22,067.3	22,284.2	22,284.2	22,284.2
D&A / Revenue	6.5%	7.8%	8.6%
Capex	-11,974	-15,829	-16,448	-16,815.5	-19,177	-18,940.5	-18,940.5	-18,940.5
Capex / Revenue	-5.1%	-8.1%	-8.4%
Chg. NWC	2,066	-3,335	100	-491.5	-502.7	-506.9	-506.9	-506.9
Chg. NWC / Revenue	0.9%	-1.7%	0.1%
Unlevered FCF (UFCF)	35,644.6	15,563.8	15,468.3	15,592.8	19,003.8	21,555.1	21,555.1	21,555.1
UFCF % Chg.	82.9%	-56.3%	-0.6%	0.8%	21.9%	13.4%	—	—
PV of UFCF	—	—	—	14,434.1	16,284.2	17,097.9	15,827.3	14,651.1
Sum of PV of UFCF	—	—	—	14,434.1	30,718.3	47,816.2	63,643.4	78,294.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	29,611
Market Cap	306,578.8
Total Capital	336,189.8
Debt Weighting	8.8%
Equity Weighting	91.2%
WACC	8%

Exit Multiple EV/FCF
Terminal Value	346,152.8
PV of Terminal Value	217,797.2
Cumulative PV of UFCF	78,294.5
Net Debt	33,817
Equity Value	262,274.7
Shares Outstanding	2,013.5
Implied Share Price	130.3
Current Share Price	152.3
Implied Upside / (Downside)	-14.5%