Chevron and ExxonMobil are the two largest US integrated oil and gas companies, competing globally across upstream exploration, refining, chemicals, and LNG export. They compete for the same drilling acreage in the Permian Basin (where both are major operators), LNG contracts in Asia, and petrochemical customers worldwide.
Why it matters: Combined, Chevron and ExxonMobil represent over $400B in annual revenue and are the two anchor companies of the US oil and gas sector. Their capital spending cycles, Permian expansion rates, and LNG project decisions shape global energy markets. Both companies face the same long-term transition risk as renewable energy grows.
Schlumberger (SLB) is one of Chevron's primary oilfield services suppliers, providing drilling, completion, production, and digital reservoir management services across Chevron's global upstream operations. SLB's AI-powered DELFI platform and managed pressure drilling technology are deployed at Chevron's Permian Basin, Kazakhstan (TCO), and deepwater Gulf of Mexico assets.
Why it matters: Chevron's $189B in FY2025 revenue depends on maximizing oil and gas production from complex subsurface reservoirs. SLB's geoscience modeling and directional drilling capabilities enable Chevron to extract more hydrocarbons per well, improving economics. The partnership between the world's second-largest integrated oil company and the world's largest oilfield services company represents billions in annual contract value.