Chevron issued US$5.5 billion of notes in August after a disappointing second quarter.
The energy giant reported US$44.8 billion in revenues in Q2 2025, a 12% year-on-year decline. It currently holds an Aa2 long-term issuer rating from Moody’s and AA- from S&P Global Ratings.
The issuance was split into seven tranches. Of the US$5.5 billion, US$650 million was issued in 4.05% notes due 2028, US$500 million in 3.95% notes due 2027, and US$1.2 billion 4.3% notes due 2030.
A further US$1.25 billion was issued in 4.5% notes due 2032, and US$900 million at 4.85% due 2035.
The remaining notes were issued at a floating rate; US$600 million due 2028, and US$400 million due in 2030.
Barclays Capital, BofA Securities and Citigroup Global Markets represented the issuance’s underwriters.
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