> ## Content Index > Fetch the complete content index at: https://www.lacaribenanews.com/llms.txt > Use this file to discover other available public pages before exploring further. # Chevron Holds 30 Per Cent of the Block That Produces All of Guyana's Oil. Its Latest Quarterly Report Names Guyana Twice and Stabroek Not Once. - URL: https://www.lacaribenanews.com/chevron-stabroek-30-per-cent-10q-names-guyana-twice-2026/ - Published: 2026-10-26T15:17:21.000Z - Updated: 2026-10-26T15:17:23.000Z - Description: Chevron's third quarter report is due by 9 November 2026 and had not been filed as at 26 October. Its last Form 10-Q, for the quarter ended 30 June, names Guyana twice in 171,000 characters and never names the Stabroek block. - Author: Theon Alleyne - Tags: Guyana, Chevron, Oil and Gas, Disclosure, Natural Resource Fund, Analysis **Quick summary:** Chevron's third quarter report is due by 9 November 2026 and had not been filed as at 26 October. Its last Form 10-Q, for the quarter ended 30 June, names Guyana twice in 171,000 characters and never names the Stabroek block, while reporting International Upstream earnings of US$4,641 million against US$1,309 million. By LCN Business Desk Guyana publishes what it earns from its oil to the cent, quarterly, line by line. The company holding 30 per cent of the only block producing that oil does not publish a Guyana figure at all. ## What did Chevron actually report? A US$3.3 billion rise in the segment Guyana sits inside, with the country unnamed in the explanation. | International Upstream, US$ million | Q2 2026 | Q2 2025 | | ------------------------------------------- | --------- | --------- | | **Earnings** | **4,641** | **1,309** | | Net oil-equivalent production, thousand b/d | 1,993 | 1,701 | | Liquids production, thousand b/d | 1,094 | 850 | | Liquids realisation, US$ a barrel | 96.41 | 58.88 | Source: Chevron Corporation, Form 10-Q for the quarter ended 30 June 2026, filed 6 August 2026. Chevron's own account of the increase reads: "International upstream earnings increased by $3.3 billion primarily due to increased sales volumes of $2.0 billion, higher liquids realizations of $1.7 billion, and favorable timing effects of $570 million partly offset by higher depreciation, depletion and amortization of $650 million. Net oil-equivalent production was up 292,000 barrels per day, or 17 percent. The increase was primarily due to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict." The cause given is a transaction, not a place. ## How many times does the filing name Guyana? Twice, and neither mention carries a figure. The first sits in Note 18 on the Hess acquisition: "Hess's principal upstream operations are in the United States, Guyana and Malaysia." The second is a list of the countries in which the company operates, running from Brazil to Venezuela. In a document of 171,000 characters, those two are the whole of it. The Stabroek block, which produces every barrel Guyana exports, appears zero times in the document. ## Where does Guyana's oil sit in Chevron's accounts? Inside International Upstream, which is one half of the Upstream segment, and Upstream is one of the company's two segments. Chevron reports on "the company's business segments, Upstream and Downstream, as well as for 'All Other'". Upstream is presented as United States and International. Guyana shares that International Upstream line with Kazakhstan, Malaysia, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait and the rest of the company's overseas production. Country-level reporting is not required under the segment reporting standards Chevron files to, so the absence is ordinary practice rather than an irregularity. The filing does not say how much of the US$3.3 billion came from Guyana, and anyone who puts a figure on it has estimated rather than read it. ## What did Chevron pay for the position? About US$48 billion, including 301.25 million of Chevron's own shares as the closing consideration, equal to about 15 per cent of its shares outstanding once the deal closed. Note 18 states that "the aggregate purchase price of Hess was approximately $48 billion", including 15.38 million Hess shares bought in open market transactions in the first quarter of 2025 and 301.25 million Chevron shares issued as closing consideration in July 2025\. Chevron assumed debt with an aggregate outstanding principal value of US$8.8 billion. The shares issued "represented approximately 15 percent of the shares of Chevron common stock outstanding immediately after the transaction closed on July 18, 2025". The transaction is commonly described in reporting as worth about US$53 billion. The filing gives the aggregate purchase price as approximately US$48 billion and states the assumed debt separately. Through it Chevron took Hess's 30 per cent interest in Stabroek, alongside ExxonMobil as operator on 45 per cent and CNOOC on 25 per cent, as [this newspaper set out when the three partners each published a different estimate of what the block holds](https://www.lacaribenanews.com/guyana-oil-reserves-stabroek-11-billion-barrels-estimates-differ-2026/). ## What does the other side of the same barrel publish? Every line of it. | Inflow to Guyana's Natural Resource Fund since inception, US$ million | | | --------------------------------------------------------------------- | ------------- | | Profit oil, from 117 lifts | 9,167.94 | | Royalties | 1,335.25 | | Signature bonus | 15.00 | | **Total** | **10,518.19** | Source: Bank of Guyana, as reported by La Caribeña News, 29 September 2026. The host state publishes those quarterly, and states the number of lifts behind them. This newspaper reported them [when ExxonMobil said the block had produced its billionth barrel](https://www.lacaribenanews.com/guyana-billionth-barrel-nrf-receipts-article-32-stability-2026/). So a Guyanese reader can establish what the state has received from the Stabroek block since 2020, to two decimal places and by category. A Chevron shareholder cannot establish what Chevron earned there in any quarter. The disclosure runs one way. ## What does Guyana report, and how big is it against Chevron's segment? Guyana reports the gross barrels. Set against Chevron's own segment figures, Guyana is worth about a quarter of its international liquids. Guyana's 2026 Mid-Year Report, [which this newspaper read in September for what it said about growth outside oil](https://www.lacaribenanews.com/guyana-gdp-first-half-2026-oil-non-oil-mid-year-report/), gives the first half of 2026 in the host state's own terms: **163.3 million barrels** produced, against 115.7 million a year earlier, at an average of **about 902,000 barrels a day** against about 639,000\. Four floating production vessels ran simultaneously in Stabroek for the first full six-month period, after the One Guyana vessel started up in August 2025\. Crude export earnings were US$15.05 billion. Chevron's own filing gives its International Upstream liquids production for the same six months as **1,034 thousand barrels a day**, and its total oil-equivalent production as 1,914 thousand. | Step | Value | | -------------------------------------------------------- | --------------------- | | Guyana gross production, first half of 2026 | 902,000 b/d | | Chevron's 30 per cent working interest of that | **270,600 b/d** | | Chevron International Upstream liquids, same period | 1,034,000 b/d | | **Guyana as a share of Chevron's international liquids** | **about 26 per cent** | | **Guyana as a share of international oil-equivalent** | **about 14 per cent** | Sources: Government of Guyana, 2026 Mid-Year Report, via the Department of Public Information, 15 September 2026; Chevron Corporation, Form 10-Q for the quarter ended 30 June 2026\. Every ratio in the table is this newspaper's calculation from those two figures. That 26 per cent carries a bound. Chevron books entitlement barrels under a production sharing agreement rather than working-interest barrels, and Guyana takes a royalty and a share of profit oil before the contractor group's entitlement is struck. Chevron's booked Guyana volume is therefore lower than its working-interest share, which makes 26 per cent an upper bound rather than the figure in its accounts. Chevron owned no part of Guyana in the first half of 2025, having closed the Hess acquisition on 18 July that year, and its International Upstream production for the first half of 2026 rose by 206,000 barrels a day. The working-interest Guyana volume above is larger than the entire segment increase, which cannot be true of booked barrels. Chevron names what absorbs the difference: lower production at TCO, and the Partitioned Zone curtailments. ## What does Guyana publish about a partner's take? Lift counts, not money. The Mid-Year Report projects **326 profit-oil lifts** from Stabroek for 2026, of which the government expects to receive **84**, revised up from 309 and 40 after what it calls cost-bank desaturation and the One Guyana ramp-up. That leaves 242 projected for the contractor group, shared in the partners' interests. The published record goes past the projection and into the individual cargo. [Government Notice No. 03/2026, gazetted on 12 October, lists every petroleum receipt paid into the fund between 1 July and 30 September, and 22 of its 24 deposits are payments for individual cargoes lifted from four vessels](https://www.lacaribenanews.com/guyana-nrf-third-quarter-receipts-1-89-billion-22-liftings-2026/). Guyana publishes its oil revenue cargo by cargo, in a legal notice. Guyana also publishes what it will receive itself, and to the dollar: [the fund's nine monthly reports record US$3,883,350,120 of receipts to 30 September, against US$1,770,000,000 transferred to the Consolidated Fund in six withdrawals](https://www.lacaribenanews.com/guyana-nrf-3-88-billion-nine-months-1-77-billion-withdrawn-2026/). For the full year it projects petroleum deposits of **US$6.4976 billion**, being **US$5.9725 billion** from its share of profit oil and **US$508.1 million** in royalties, a revision of 136.8 per cent above the figure assumed when Budget 2026 was prepared. The fund held **US$4.2942 billion** at the end of June, which is what remains of the receipts after the withdrawals rather than a running total of them. What Guyana does not publish is a dollar figure for any single partner. Neither the Mid-Year Report nor the Fund's reporting gives Chevron's revenue, its earnings or its barrels by name. So the two disclosure systems meet and neither produces the number: Guyana gives gross volumes, lift counts and its own money, and Chevron gives a segment that contains six countries. ## When could a Guyana figure appear? Not from a quarterly report prepared on this basis, and the next one is due by 9 November 2026. Chevron's third quarter ended on 30 September. As at 26 October it had not filed a Form 10-Q for that quarter with the United States Securities and Exchange Commission, and for a large accelerated filer the report is due within 40 days of quarter end, which places the deadline at 9 November 2026\. Its most recent filings on the Commission's system are current reports lodged on 5 and 6 October. [Royal Caribbean faces the same deadline on the Sandals agreements](https://www.lacaribenanews.com/royal-caribbean-sandals-agreements-not-filed-10q-due-2026/), for the same reason: both are large accelerated filers with a December year end. Where a country-specific figure for Guyana has appeared before, it has come from the operator's statements, from the Bank of Guyana, or from the Government of Guyana, rather than from a minority partner's balance sheet. ## What is established, and what is not? The volume can be worked out. The money cannot. Established: that Chevron holds 30 per cent of Stabroek; that its Q2 2026 Form 10-Q names Guyana twice without a figure and does not name Stabroek; that International Upstream earnings were US$4,641 million against US$1,309 million; that Chevron attributes the rise primarily to the Hess acquisition; that the aggregate purchase price was about US$48 billion with US$8.8 billion of assumed debt; and that Guyana's fund has received US$10,518.19 million since inception on the Bank of Guyana's own account. What can be worked out, from Guyana's side of the barrel: Chevron's share of the gross production, because Guyana publishes the total and its interest is known. That comes to about 270,600 barrels a day over the first half of 2026, which is at most about a quarter of Chevron's international liquids. It is an upper limit and not the number in Chevron's accounts, because the company books its entitlement under the production sharing agreement and that sits below a working-interest share. How far below turns on the profit split, which [reached 39.8 per cent for Guyana once ExxonMobil had recovered its investment, and which two unapproved developments could return to 12.5 per cent if they are not ring-fenced](https://www.lacaribenanews.com/exxonmobil-ring-fencing-stabroek-profit-share-guyana-2026/). What nobody publishes: what those barrels earned. Chevron's Guyana earnings, the barrels it actually booked there, and any part of the US$3.3 billion increase belonging to Guyana appear in neither the company's filing nor the government's reporting. A reader can therefore put a ceiling on how much of Chevron's international oil comes from Guyana, and no figure at all on what it is worth to the company. Guyana supplies the first of those. Nobody supplies the second. ### The entities - **Chevron Corporation** is the United States oil company that holds a 30 per cent interest in the Stabroek block, recorded in the Commission's data as a large accelerated filer with a 31 December year end. - **Hess Corporation** is the company Chevron acquired on 18 July 2025, whose principal upstream operations the filing gives as the United States, Guyana and Malaysia. - **Stabroek block** is the offshore licence that produces Guyana's oil, operated by **ExxonMobil** on 45 per cent, with Chevron on 30 per cent and **CNOOC** on 25 per cent. - **Form 10-Q** is the quarterly report a United States registrant files, and **Note 18** is the acquisition note in Chevron's report for the quarter ended 30 June 2026. - **International Upstream** is the half of Chevron's Upstream segment that contains Guyana, along with Kazakhstan, Malaysia, Nigeria and the Partitioned Zone between Saudi Arabia and Kuwait. - **Natural Resource Fund** is the Guyanese sovereign fund that receives the state's oil revenue, whose inflows the **Bank of Guyana** publishes quarterly. - **United States Securities and Exchange Commission** is the regulator with which Chevron files. - **2026 Mid-Year Report** is the Government of Guyana's half-year fiscal and production report, published through the **Department of Public Information**, and the source for Guyana's gross production, lift projections and projected receipts. - **One Guyana** and **Errea Wittu** are floating production vessels in the Stabroek block, the first in production since August 2025 and the second expected to produce first oil in the final quarter of 2026. ### What the title card shows Every data point on the article's title card, in text. - **Two.** Mentions of Guyana in the Form 10-Q for the quarter ended 30 June 2026, neither carrying a figure. Source: Chevron Corporation, Form 10-Q filed 6 August 2026. - **Zero.** Mentions of the Stabroek block in the same filing. Source: as above. - **30 per cent.** Chevron's interest in the Stabroek block. Source: La Caribeña News, 3 October 2026. - **US$4,641m against US$1,309m.** International Upstream earnings for the quarters ended 30 June 2026 and 2025\. Source: the filing. - **US$48 billion.** The aggregate purchase price of Hess, with US$8.8 billion of debt assumed. Source: Note 18 of the filing. - **US$10,518.19m.** Inflow to Guyana's Natural Resource Fund since inception. Source: Bank of Guyana, via La Caribeña News, 29 September 2026. - **About 26 per cent.** Guyana as a share of Chevron's International Upstream liquids production in the first half of 2026, on a working-interest basis and an upper bound. Calculated by this newspaper from Guyana's 902,000 barrels a day and Chevron's 1,034,000. - **9 November 2026.** The deadline for the next quarterly report, being 40 days after the quarter ended 30 September for a large accelerated filer. Source: the Commission's entity data for the registrant. ## Frequently Asked Questions ### How much does Chevron earn from Guyana? It does not disclose a figure. Chevron reports two segments, Upstream and Downstream, with Upstream presented as United States and International. Guyana sits inside International Upstream alongside Kazakhstan, Malaysia, Nigeria and the Partitioned Zone, and no country-level earnings or production figure for Guyana appears in its Form 10-Q for the quarter ended 30 June 2026\. Guyana's own production figures allow a bound to be put on the volume, at most about a quarter of Chevron's international liquids, but no bound can be put on the earnings. ### How many times does Chevron's quarterly report mention Guyana? Twice, in 171,000 characters of text, and neither mention carries a figure: once in the note on the Hess acquisition and once in a list of countries where the company operates. The Stabroek block, which produces all of Guyana's oil, is not named at all. ### Is that a failure of disclosure? No. Country-level reporting is not required under the segment reporting standards Chevron files to, so the absence is ordinary practice. The consequence is a limit on what a reader can establish, not an irregularity. ### What did Chevron pay for its Stabroek interest? It acquired Hess Corporation on 18 July 2025 for an aggregate purchase price of approximately US$48 billion, issuing 301.25 million of its own shares as closing consideration, about 15 per cent of its shares outstanding immediately after closing, and assuming debt with an aggregate outstanding principal value of US$8.8 billion. Hess held 30 per cent of Stabroek. ### What does Guyana publish about its own oil revenue? The Bank of Guyana publishes the Natural Resource Fund's inflows quarterly. Since inception the fund has received US$10,518.19 million, being US$9,167.94 million of profit oil from 117 lifts, US$1,335.25 million of royalties and a US$15.00 million signature bonus.