Boardroom Alpha
10-K primary document
CVX · Annual Report (Form 10-K) · Filed February 24, 2026

Chevron Corp10-K exhibit

cvx-ex2322025.htm
Document

Exhibit 23.2

DeGolyer and MacNaughton
5001 Spring Valley Road
Suite 800 East
Dallas, Texas 75244


January 23, 2026


Hess Corporation
1400 Smith Street
Houston, Texas 77002

Ladies and Gentlemen:

We hereby consent to the use of the name DeGolyer and MacNaughton, to references to DeGolyer and MacNaughton as an independent petroleum engineering consulting firm, to references to our report of third party dated January 23, 2026, containing our opinion on the estimated proved reserves, as of December 31, 2025, attributable to certain properties in which Hess Corporation has represented it holds an interest (our “Report”) under the heading “Proved Oil and Gas Reserves–Reserves Audit,” and to the inclusion of our Report as an exhibit in Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025. We also consent to all such references, including under the heading “Experts,” and to the incorporation by reference of our Report in the Registration statements filed by Chevron Corporation on Form S-3 (Nos. 333-283053, 333-283054, 333-288745) and Form S-8 (Nos. 333-265728, 333-258484, 333-244369, 333-212894, 333-212893, 333-202203, 333-190422, 333-190421, 333-152846, 333-105136, 333-72672, 333-26731, 333-288746).


Very truly yours,





/s/DeGolyer and MacNaughton
DeGOLYER and MacNAUGHTON
Texas Registered Engineering Firm F-716

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer