Chevron Corp. (NYSE:CVX)

The composition of assets at the company exhibits several notable shifts between 2021 and 2025. Current assets as a percentage of total assets demonstrate considerable volatility, initially increasing significantly before declining to a level below that observed in 2021. A substantial portion of the asset base consistently resides in noncurrent assets, representing over 80% of the total throughout the period, with a slight increase observed in the most recent year.

Liquidity and Current Assets

Current assets increased from 14.08% of total assets in 2021 to a peak of 19.53% in 2022, driven primarily by increases in cash and cash equivalents, accounts receivable, and inventories. However, this proportion decreased to 11.90% by 2025. The significant rise in cash and equivalents in 2022, from 2.35% to 6.86%, was partially reversed, falling to 1.94% in 2025. Accounts and notes receivable also experienced a decrease from 8.05% in 2024 to 5.58% in 2025. Inventory levels remained relatively stable, fluctuating between 3.00% and 3.53% of total assets.

Investments and Advances

Investments and advances, encompassing both equity and non-equity method investments, collectively represent a significant portion of the asset base, consistently around 17-18% of total assets between 2021 and 2024. However, this proportion decreased to 13.54% in 2025. Within this category, investments and advances using the equity method experienced a decline from 17.63% in 2023 to 13.28% in 2025, while other non-equity method investments remained relatively stable.

Fixed Assets

Properties, plant, and equipment, net, constitute the largest single component of the asset base. This category decreased from 61.35% in 2021 to 55.72% in 2022, then increased to 67.82% in 2025. This suggests a potential shift towards greater investment in fixed assets in the later years of the period.

Other Assets

Goodwill represents a consistent, though gradually decreasing, portion of total assets, declining from 1.83% in 2021 and 2022 to 1.41% in 2025. Deferred charges and other assets remained relatively stable, fluctuating between 4.78% and 5.78% of total assets. Assets held for sale decreased significantly from 0.32% in 2021 to 0.01% in 2025, indicating a reduction in assets designated for disposal.

Overall, the asset composition demonstrates a dynamic shift, with a notable decrease in current assets and investments, coupled with an increase in the proportion of fixed assets. These changes suggest potential strategic adjustments in asset allocation over the analyzed period.