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# Chevron Carries US$50.96 Billion of Guyana on Its Books. The Hess Business It Bought Earned US$193 Million in Its First Five Months.
- URL: https://www.lacaribenanews.com/chevron-guyana-50-96-billion-books-hess-193-million-payback-2026/
- Published: 2026-10-26T15:53:41.000Z
- Updated: 2026-10-26T16:03:06.000Z
- Description: Chevron's next quarterly report is due by 9 November 2026 and had not been filed as at 26 October. Its 2025 annual report puts Guyana net properties at US$50,960 million and Hess earnings at US$193 million for the 166 days after the acquisition closed.
- Author: Theon Alleyne
- Tags: Guyana, Chevron, Oil and Gas, Disclosure, Hess, Analysis

**Quick summary:** Chevron's next quarterly report is due by 9 November 2026 and had not been filed as at 26 October 2026\. Its 2025 annual report, the most recent to carry country detail, puts Guyana net properties at US$50,960 million and Hess earnings at US$193 million for the 166 days after the acquisition closed.

By LCN Business Desk

Chevron paid about US$56.8 billion for Hess and now carries more capital in Guyana than in any country except the United States. Its own filings put three different answers within reach of the question of when that money comes back, at six years, twenty-eight years and a century. Its next quarterly report is due by 9 November 2026, and none had been filed as at 26 October 2026.

## What did the purchase earn in its first months?

Net income of US$193 million on revenue of US$5,957 million, over 166 days, from all of Hess rather than from Guyana alone.

The disclosure is required when a company buys another, and Chevron gives the result for Hess Corporation, whose acquisition closed on 18 July 2025, in one table: "revenue and earnings for Hess since the acquisition date (July 18, 2025), for the year ended December 31, 2025\. Sales and other operating revenue $5,957\. Net Income (Loss) Attributable to Chevron Corporation $193."

Those figures cover the whole of the Hess business rather than its Guyana part: the United States shale in the Bakken, the Malaysian assets, the roughly 38 per cent interest in Hess Midstream, and Guyana. The period is five and a half months.

First-period earnings after an acquisition are not a steady state. Buying an oil field resets its depreciation base to fair value, so the charge against early earnings is at its heaviest exactly when the asset is newest. The figure is what the filing reports, not what the business runs at.

## How much of Guyana sits on Chevron's books?

US$50,960 million, which is more than a fifth of its net properties worldwide.

At US$50.96 billion it sits above Australia and below only the United States. Note 18 records it in a footnote: "Other than the United States, Guyana and Australia, no other country accounted for 10 percent or more of the company's net properties, plant and equipment (PP&E) in 2025\. Guyana had PP&E of $50,960 in 2025."

| Net properties, plant and equipment at 31 December 2025 | US$ million |
| ------------------------------------------------------- | ----------- |
| **Guyana**                                              | **50,960**  |
| Australia                                               | 36,761      |
| Total International Upstream                            | 126,252     |
| Total Chevron, all segments                             | 219,729     |

Source: Chevron Corporation, Form 10-K for the year ended 31 December 2025, Note 18.

Guyana is 40.4 per cent of Chevron's international upstream net investment and 23.2 per cent of its net properties worldwide. Both percentages are this newspaper's calculation from the figures above.

The same note records that gross investment at cost for 2025 included US$73,538 million "associated with the acquisition of Hess".

## What did Chevron's Guyana barrels fetch?

US$61.58 a barrel in 2025 and US$87.38 in the first half of 2026, on 120 thousand barrels a day net.

The annual report gives Guyana a production line that [the quarterly report does not](https://www.lacaribenanews.com/chevron-stabroek-30-per-cent-10q-names-guyana-twice-2026/).

| Guyana net production                  | 2025    | 2024 |
| -------------------------------------- | ------- | ---- |
| Oil-equivalent, thousand barrels a day | **120** | nil  |
| Crude oil, thousand barrels a day      | **119** | nil  |
| Natural gas, million cubic feet a day  | 10      | nil  |

Source: as above, Net Production of Crude Oil, Natural Gas Liquids and Natural Gas.

Net entitlement volumes are what a production sharing contract leaves the contractor after the state's royalty and share of profit oil. Guyana's share of profit oil [reached 39.8 per cent once ExxonMobil had recovered its investment, and two unapproved developments could return it to 12.5 per cent](https://www.lacaribenanews.com/exxonmobil-ring-fencing-stabroek-profit-share-guyana-2026/). At a full-year average of 120 thousand barrels a day, 2025 was 43.8 million barrels of oil-equivalent, and Chevron held the asset for 166 of the year's 365 days, so the rate while it owned it was about 263,900 barrels a day.

That figure settles something left open. Thirty per cent of a gross run-rate of about 880,000 barrels a day is 264,000, which matches the reported entitlement to within a tenth of a per cent. While cost recovery is still running, Chevron's entitlement and its working interest are almost the same number.

Liquids realisations are reported by segment. International Upstream averaged US$61.58 a barrel in 2025, against US$71.38 in 2024 and US$71.70 in 2023\. For the first half of 2026 the figure was US$87.38, and for the second quarter alone US$96.41.

## What might Guyana have produced for Chevron in 2026?

About US$4.28 billion of revenue in the first half, on this newspaper's estimate.

Guyana produced 163.3 million barrels in the first six months of 2026 at an average of about 902,000 barrels a day, according to [its 2026 Mid-Year Report](https://www.lacaribenanews.com/guyana-gdp-first-half-2026-oil-non-oil-mid-year-report/). Thirty per cent of that is 49.0 million barrels, and at the US$87.38 a barrel Chevron reports for its international liquids that is about US$4.28 billion, or roughly US$8.56 billion annualised.

| Estimate                                                        | Value                     |
| --------------------------------------------------------------- | ------------------------- |
| Guyana gross production, first half of 2026                     | 163.3 million barrels     |
| Chevron's 30 per cent of that                                   | 49.0 million barrels      |
| At US$87.38 a barrel                                            | **about US$4.28 billion** |
| Annualised                                                      | **about US$8.56 billion** |
| For comparison, estimated 2025 Guyana crude revenue at US$61.58 | about US$2.67 billion     |

Sources: Government of Guyana, 2026 Mid-Year Report; Chevron Corporation, Form 10-Q for the quarter ended 30 June 2026, and Form 10-K for 2025\. Every figure in the lower half of the table is this newspaper's calculation.

The 2025 estimate can be checked against the filing. US$2.67 billion is 45 per cent of the US$5,957 million the company reports for all of Hess since acquisition, which is the order of magnitude Guyana should represent alongside the Bakken, Malaysia and the midstream interest.

## How long until Chevron has its Guyana money back?

Six years, twenty-eight years or a century, depending on which published figure the calculation starts from.

| Pass  | What it measures                                                                                    | Result              |
| ----- | --------------------------------------------------------------------------------------------------- | ------------------- |
| **1** | Guyana net properties against estimated gross revenue of US$8.56 billion a year                     | **about 6 years**   |
| **2** | Guyana net properties against estimated earnings, using the segment's US$18.58 of earnings a barrel | **about 28 years**  |
| **3** | The enterprise value of US$56.8 billion against the US$193 million annualised to US$424 million     | **about 134 years** |

Every figure is this newspaper's calculation, from Chevron's own filings and Guyana's Mid-Year Report.

Pass one uses revenue, and revenue is not return. Pass two assumes Guyana earns the same margin a barrel as the rest of Chevron's international upstream, which cuts both ways: Guyana is new, light and cheap to lift, and it also carries the heaviest depreciation charge in the portfolio because its book value was reset on acquisition. Pass three is a five-and-a-half-month figure for assets reaching well beyond Guyana, taken at the point when acquisition accounting bears hardest.

None of them is a payback period Chevron has published. The company does not disclose Guyana earnings, so no reading of its accounts produces one.

## What does the filing record going back to Guyana?

A tax line, a pipeline, and a set of absences.

The tax line is specific. Chevron reports income taxes paid in 2025 of US$7,304 million worldwide, of which Guyana is US$406 million, against Australia at US$1,592 million, Canada at US$1,782 million and Kazakhstan at US$755 million.

That number has to be read against the agreement it arises under. [Guyana signed the Stabroek block contract in 2016 on a two per cent royalty, with the state settling the companies' corporation tax from its own share of profit oil](https://www.lacaribenanews.com/guyana-suriname-oil-contract-royalty-comparison/), which this newspaper set out in August against Suriname's neighbouring terms. The filing reports US$406 million paid in Guyana. The agreement provides that Guyana's share is where the contractors' corporation tax is settled. How those two reconcile is stated in neither document.

The pipeline is the gas-to-energy project. The filing says it "is expected to transport approximately 50 million standard cubic feet of natural gas per day to a 300 megawatt onshore power plant which, when complete, will be operated by the Government of Guyana."

Capital spending is the third item and it is not a transfer. Chevron expects about US$17 billion of capital spending in 2026, of which "about $7 billion for global offshore developments, primarily supporting growth in Guyana, Eastern Mediterranean and Gulf of America". The money is spent on its own asset.

Then the absences. Across 569,220 characters, the annual report contains no mention of social investment, no mention of community investment and no mention of local content. Its only two uses of the word community are "investment community", meaning shareholders. A Form 10-K is a financial filing and is not the document in which social spending would be required to appear, and Chevron publishes a separate sustainability report. Those four items are what the annual report carries on the subject.

## What is not established?

Chevron's Guyana earnings, and the share of the price that bought them.

The filing gives Guyana's net properties, its net production, its taxes paid and the revenue and net income of all of Hess since acquisition. It does not give Guyana's earnings, so every payback figure above rests on an assumption stated beside it.

Nor does it allocate the purchase price by country. The US$50,960 million is a year-end book value including the step-up to fair value and subsequent spending, not the portion of US$48 billion attributed to Stabroek. And whether Guyana's crude realises more or less than Chevron's international average is not separately disclosed, which moves passes one and two in the same direction.

Guyana's own side of the ledger is published to the dollar by its Natural Resource Fund, and this newspaper has reported [US$3,883,350,120 of receipts into the fund in the nine months to 30 September against US$1,770,000,000 withdrawn](https://www.lacaribenanews.com/guyana-nrf-3-88-billion-nine-months-1-77-billion-withdrawn-2026/). The partner holding 30 per cent of the block publishes a country book value, a country production line and a country tax line, and stops there.

### The entities

- **Chevron Corporation** is the United States oil company that acquired Hess Corporation on 18 July 2025 and holds a 30 per cent non-operated interest in the Stabroek block, covering about 6.6 million acres.
- **Hess Corporation** is the company acquired, whose principal upstream operations the filing gives as the United States, Guyana and Malaysia, together with an approximately 38 per cent interest in **Hess Midstream LP**.
- **Form 10-K** is the annual report a United States registrant files, and **Note 18** is its properties, plant and equipment note.
- **Stabroek block** is the offshore licence producing Guyana's oil, operated by ExxonMobil on 45 per cent with Chevron on 30 and CNOOC on 25.
- **2026 Mid-Year Report** is the Government of Guyana's half-year fiscal and production report, the source for Guyana's gross production.
- **Natural Resource Fund** is the Guyanese sovereign fund that receives the state's petroleum revenue.

### What the title card shows

Every data point on the article's title card, in text.

- **US$50,960m.** Guyana net properties, plant and equipment at 31 December 2025\. Source: Chevron Form 10-K for 2025, Note 18.
- **US$193m.** Net income attributable to Chevron from Hess between 18 July and 31 December 2025, on US$5,957 million of revenue. Source: as above.
- **120 thousand barrels a day.** Chevron's net Guyana production in 2025, with nil in 2024\. Source: as above.
- **US$61.58 and US$87.38.** International Upstream liquids realisations for 2025 and the first half of 2026\. Sources: the 2025 Form 10-K and the Form 10-Q for the quarter ended 30 June 2026.
- **US$406m.** Income taxes paid in Guyana in 2025, out of US$7,304 million worldwide. Source: the 2025 Form 10-K.
- **6, 28 and 134 years.** Three payback periods calculated by this newspaper from those filings and Guyana's 2026 Mid-Year Report, on revenue, on estimated earnings and on the reported Hess result.
- **Zero.** Mentions of social investment, community investment or local content in the annual report. Source: as above.

## Frequently Asked Questions

### What did Chevron earn from the Hess acquisition in 2025?

Its 2025 Form 10-K reports revenue of US$5,957 million and net income attributable to Chevron of US$193 million for Hess from the acquisition date of 18 July 2025 to 31 December 2025\. That covers all of Hess, including the United States, Malaysia and the Hess Midstream interest as well as Guyana, over 166 days, and first-period earnings are reduced by the resetting of the depreciation base on acquisition.

### How much is Chevron's Guyana position worth on its books?

US$50,960 million of net properties, plant and equipment at 31 December 2025, which is 40.4 per cent of its international upstream net investment and 23.2 per cent of its net properties worldwide. Only the United States carries more. The percentages are this newspaper's calculation.

### What did Chevron produce in Guyana, and at what price?

Net production of 120 thousand barrels of oil-equivalent a day in 2025, of which 119 thousand was crude, against nil in 2024 because the assets were acquired in July. Its International Upstream liquids realisation was US$61.58 a barrel in 2025 and US$87.38 in the first half of 2026.

### How long would it take Chevron to recoup its Guyana investment?

Chevron does not publish Guyana earnings, so no payback period can be read from its accounts. Three calculations from published figures give about six years against estimated gross revenue, about 28 years against estimated earnings using the segment's margin a barrel, and about 134 years against the US$193 million annualised and measured on the US$56.8 billion enterprise value. All three are this newspaper's calculations and each rests on a stated assumption.

### What does Chevron's annual report record as going back to Guyana?

Income taxes paid of US$406 million in 2025, and a gas-to-energy pipeline expected to carry about 50 million standard cubic feet of gas a day to a 300 megawatt power plant that the Government of Guyana will operate. Under the 2016 Stabroek agreement the state settles the contractors' corporation tax from its own share of profit oil, and how that reconciles with the reported figure is stated in neither document. The filing contains no mention of social investment, community investment or local content.