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CVX Operating Expenses

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In Q1'26, Chevron's (CVX) total operating expenses reached $205M USD, driven entirely by SG&A expenses at $205M USD, while R&D expenses reported no data at $0. This marks a significant decline from the prior quarter's total of $1.716B USD in Q4'25, reflecting a sharp reduction in overall spending. Over the period from Q2'23 to Q1'26, operating expenses exhibited volatility with a general upward trend in totals, peaking at $2.034B USD in Q4'24 amid elevated SG&A costs of $1.585B USD, before fluctuating downward to $1.612B USD in Q4'25. R&D expenses remained relatively low and inconsistent, ranging from $129M USD in Q1'24 to a high of $449M USD in Q4'24, while SG&A dominated the stack, averaging around $1.2B USD quarterly and showing spikes in Q3'24 ($1.191B USD) and Q3'25 ($1.524B USD), underscoring its role in driving expense variability.