⚠ Sixty Percent Imported CrudeLow threat

Chevron (CVX) — threat to the moat

Six in ten barrels through Chevron's American refineries are imported, so the refining business carries the supply risks Chevron's oil fields do not.

Chevron produces a million barrels a day in the Permian and still imports most of the crude its American refineries run. The 10-K states that "Imported crude oil accounted for approximately 60 percent of Chevron's U.S. refinery inputs"1.

Chevron U.S. refinery inputs, 2025Imported crude — 60%Other inputs — 40%Chevron Form 10-K FY2025: approximately 60 percent imported
Most of the crude comes from abroad.

That is not a contradiction; Permian crude is light, and refineries built for heavier imported grades need the crude they were designed for. But it means the American refining system is exposed to shipping, sanctions and foreign supply disruptions in the same way as any independent refiner.

The 2026 conflict made that concrete elsewhere in the system: international refinery inputs fell 10 percent in the second quarter because of supply disruptions from the Middle East conflict2. Chevron's Venezuelan heavy oil deliveries to the United States are another link, and they depend on American sanctions policy3.

Venezuela illustrates the policy link. Chevron continued delivering limited Venezuelan crude to the United States through January 2026 and expects to keep delivering "Based on authorizations that align with current U.S. sanctions policy"4. A refinery's feed can depend on a licence as much as on a market.

The figure that measures this exposure is the imported share of American refinery inputs. A rising share would mean the refineries are depending more on crude that crosses an ocean or a sanctions line.

References
  1. ReportedThe 10-K states that "Imported crude oil accounted for approximately 60 percent of Chevron's U.S. refinery inputs".
    Chevron Form 10-K for fiscal 2025 - downstream operations and Note 14 segment sales and intersegment eliminations. — FY2025 · publ. 24 February 2026 · source ↗
  2. ReportedThe 2026 conflict made that concrete elsewhere in the system: international refinery inputs fell 10 percent in the second quarter because of supply disruptions from the Middle East conflict.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  3. ReportedChevron's Venezuelan heavy oil deliveries to the United States are another link, and they depend on American sanctions policy.
    Chevron Form 10-Q for the quarter ended 30 June 2026 - share repurchases, the Middle East conflict, Venezuela, OPEC+ exposure and litigation. — Q2 2026 · publ. 6 August 2026 · source ↗
  4. ReportedChevron continued delivering limited Venezuelan crude to the United States through January 2026 and expects to keep delivering "Based on authorizations that align with current U.S. sanctions policy".
    Chevron Form 10-Q for the quarter ended 30 June 2026 - share repurchases, the Middle East conflict, Venezuela, OPEC+ exposure and litigation. — Q2 2026 · publ. 6 August 2026 · source ↗
Sources
Generated September 25, 2026