⚠ Lawsuits With No Estimated RangeLow threat

Chevron (CVX) — threat to the moat

Chevron is a defendant in 34 climate suits and says it cannot estimate any range of possible liability.

Chevron's balance sheet carries a set of liabilities it does not try to measure. The 10-K says Chevron entities are or were among the defendants "in 34 separate lawsuits filed by various U.S. cities and counties, seven U.S. states, the District of Columbia" and others over climate change1, and that "the company is unable to estimate any range of possible liability"2.

Plaquemines Parish coastal case ($M)744.6Jury award, April 2025131Chevron accrualChevron Form 10-K FY2025; remanded by the Supreme Court in April 2026
The verdict is more than five times the accrual.

The coastal cases in Louisiana have already produced a verdict. In April 2025 a jury awarded Plaquemines Parish $744.6 million against Chevron entities3, against an accrual of $131 million4. In April 2026 the United States Supreme Court held that the case was related to actions taken under federal direction and remanded it5, and the verdict remains subject to further proceedings6. Chevron entities are defendants in 35 of the coastal cases7.

None of this is likely to threaten a company with $189,883 million of equity8. It does mean that part of the cash the balance sheet is supposed to protect has claims on it that nobody has priced.

The courts are moving on the climate cases too. On 23 February 2026 the Supreme Court granted certiorari in Suncor Energy v. County Commissioners of Boulder County, a climate case in which Chevron is not a party9. Its outcome will shape many of the 34 suits that do name Chevron.

The number of climate cases, still 34 in the second quarter of 202610, and any accrual above the $131 million already set aside, are the markers. A first estimated range of liability would be the moment these cases become a number.

References
  1. ReportedThe 10-K says Chevron entities are or were among the defendants "in 34 separate lawsuits filed by various U.S. cities and counties, seven U.S. states, the District of Columbia" and others over climate change, and that "the company is unable to estimate any range of possible liability".
    Chevron Form 10-K for fiscal 2025 - Item 1A risk factors and Note 16 litigation and environmental matters. — FY2025 · publ. 24 February 2026 · source ↗
  2. ReportedThe 10-K says Chevron entities are or were among the defendants "in 34 separate lawsuits filed by various U.S. cities and counties, seven U.S. states, the District of Columbia" and others over climate change, and that "the company is unable to estimate any range of possible liability".
    Chevron Form 10-K for fiscal 2025 - Item 1A risk factors and Note 16 litigation and environmental matters. — FY2025 · publ. 24 February 2026 · source ↗
  3. ReportedIn April 2025 a jury awarded Plaquemines Parish $744.6 million against Chevron entities, against an accrual of $131 million.
    Chevron Form 10-K for fiscal 2025 - Item 1A risk factors and Note 16 litigation and environmental matters. — FY2025 · publ. 24 February 2026 · source ↗
  4. ReportedIn April 2025 a jury awarded Plaquemines Parish $744.6 million against Chevron entities, against an accrual of $131 million.
    Chevron Form 10-K for fiscal 2025 - Item 1A risk factors and Note 16 litigation and environmental matters. — FY2025 · publ. 24 February 2026 · source ↗
  5. ReportedIn April 2026 the United States Supreme Court held that the case was related to actions taken under federal direction and remanded it, and the verdict remains subject to further proceedings.
    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 ↗
  6. ReportedIn April 2026 the United States Supreme Court held that the case was related to actions taken under federal direction and remanded it, and the verdict remains subject to further proceedings.
    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 ↗
  7. ReportedChevron entities are defendants in 35 of the coastal cases.
    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 ↗
  8. ReportedNone of this is likely to threaten a company with $189,883 million of equity.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  9. ReportedOn 23 February 2026 the Supreme Court granted certiorari in Suncor Energy v. County Commissioners of Boulder County, a climate case in which Chevron is not a party.
    Chevron Form 10-K for fiscal 2025 - Item 1A risk factors and Note 16 litigation and environmental matters. — FY2025 · publ. 24 February 2026 · source ↗
  10. ReportedThe number of climate cases, still 34 in the second quarter of 2026, and any accrual above the $131 million already set aside, are the markers.
    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