Chevron ECONOMIC

Target: Chevron Corporation Research date: 26 October 2026 Period examined: Historical transactions through October 2026 Geographical scope: Israel, the occupied Palestinian territory, occupied Syrian Golan Heights, and related Eastern Mediterranean energy infrastructure.

Supply Chain & Sourcing Relationships

Direct supplier relationships - natural gas

Chevron participates in Israel’s natural-gas supply chain as an upstream producer and operator through Chevron Mediterranean Limited. Its principal producing assets are the Leviathan and Tamar reservoirs, while its regional relationships include NewMed Energy and other field partners.¹

Leviathan’s disclosed working-interest owners are Chevron Mediterranean Limited (39.66%), NewMed Energy (45.34%) and Ratio Energies (15%). Chevron operates the asset, and the reservoir supplies natural gas to Israel and regional export markets.¹

Leviathan began commercial production on 31 December 2019. Its production infrastructure connects the offshore reservoir to the Israeli gas transmission system, which distributes gas to customers in Israel, Egypt and Jordan.¹

The project has a substantial historical construction footprint: NewMed describes offshore production wells, subsea transmission pipelines and a processing platform as components of Leviathan’s original development.²

Israeli agricultural suppliers

No public evidence identified of direct Chevron procurement contracts with Mehadrin, Hadiklaim, Galilee Export or Agrexco.

Importer-of-record structure

Chevron’s documented commercial relationship with Israel principally involves production and supply of natural gas through operating interests and transmission infrastructure, rather than an identified agricultural import entity.³

No public evidence identified of a Chevron-owned importer-of-record company established specifically to import Israeli agricultural products.

Seasonal sourcing

No public evidence identified of recurring December–April procurement of Israeli fruit, vegetables, dates, herbs or other seasonal agricultural products.

Third-party distribution and exports

NewMed identifies the Israeli national natural-gas transmission network as the distribution connection through which Leviathan gas reaches domestic customers and export markets.¹

The International Energy Agency reported that Israel produced nearly 27 billion cubic metres of gas during 2025 from Leviathan, Tamar and Karish. Approximately 10 BCM was exported to Egypt and approximately 3 BCM to Jordan; those are national market figures, rather than Chevron-only production or sales figures.⁴

NewMed’s description of its regional relationships identifies natural-gas cooperation with Egypt and Jordan as components of its Eastern Mediterranean commercial activities.⁵

AFSC Investigate identifies Chevron as a co-owner and operator of the East Mediterranean Gas pipeline, which supports gas exports from Israel to Egypt. AFSC also raises concerns about the pipeline’s route and its proximity to Gaza; those maritime and legal claims are attributed to AFSC rather than established through independently examined boundary records.⁶

No public evidence identified of Chevron-specific arrangements for distributing Israeli agricultural products through third-party retailers or private-label channels.

Product Origin, Labeling & Regulatory Compliance

Origin of principal products

Chevron’s documented Israeli-market operations involve offshore natural-gas production at Leviathan and Tamar, with gas entering the domestic transmission system and regional export infrastructure.¹

NewMed identifies Leviathan as located approximately 130 kilometres offshore Haifa in Israel’s declared exclusive economic zone, with processing and transmission infrastructure serving the Israeli market and exports.¹

Chevron’s Tamar participation concerns an offshore gas-producing asset rather than a settlement-origin agricultural product. AFSC identifies Tamar as one of the major fields operated by Chevron in Israel.⁶

Settlement-origin products

No public evidence identified of Chevron-branded agricultural or retail goods falsely described as originating within Israel when manufactured or grown in an occupied settlement.

AFSC’s investigation alleges that the Israeli electricity system supplied by Chevron-operated gas fields also serves settlements in the occupied West Bank. This is evidence of an asserted indirect infrastructure relationship; the investigation does not establish a separate direct Chevron supply contract for every settlement.⁶

Country-of-origin labeling compliance

No public evidence identified of a DEFRA, customs or equivalent regulatory enforcement action against Chevron concerning agricultural country-of-origin labeling for products from Israeli settlements.

No public evidence identified of a Chevron product-labeling violation specifically involving settlement-produced goods.

Corporate policy concerning occupied territories

No public evidence identified of a Chevron-specific published labeling policy governing agricultural or retail products originating in occupied Palestinian or Syrian territory.

Territorial infrastructure considerations

AFSC describes Chevron’s participation in the EMG pipeline and raises concerns about maritime restrictions affecting Gaza. The source presents these matters as part of its investigation into the regional energy system, and the precise maritime-jurisdiction claims require independent legal and geographic verification.⁶

Investment, Capital & Financial Exposure

Acquisition of Noble Energy

Chevron acquired Noble Energy Inc. in a transaction completed on 5 October 2020. Nasdaq Trader’s corporate-action notice confirms the merger’s completion, the shareholder exchange mechanism and the termination of the former Noble Energy listing.⁷

The acquisition brought Noble Energy’s existing Eastern Mediterranean operating interests into Chevron’s corporate group, including the company’s interests in Israel’s natural-gas industry.⁸

Chevron’s Israeli operating entity is identified as Chevron Mediterranean Limited, the successor to the former Noble Energy Mediterranean operation. NewMed’s description of Leviathan identifies Noble Energy as the predecessor of Chevron’s current working interest.¹

Acquired Israeli operating companies

Chevron’s acquired operating structure includes the Israeli-market business historically conducted through Noble Energy Mediterranean Limited, subsequently named Chevron Mediterranean Limited. Its principal activity concerns offshore gas exploration, production and supply.⁶

The acquired business’s operational interests include Leviathan and Tamar, but the percentage interest in an individual gas field must be distinguished from ownership of the operating company itself.¹

No public evidence identified of additional, separately acquired Israeli-domiciled manufacturing, food, consumer-brand, pharmaceutical or cybersecurity companies now controlled by Chevron.

No public evidence identified of a verified acquisition price specifically allocated to Chevron Mediterranean Limited as a stand-alone legal entity.

No public evidence identified of the precise current number of Israeli employees attributable to each acquired legal entity.

Leviathan capital investment

On 16 January 2026, Chevron Mediterranean Limited, NewMed Energy and Ratio Energies approved a final investment decision for the Leviathan expansion. NewMed reported an approximately $2.36 billion project budget on a 100% consortium basis, intended to support production capacity of approximately 21 BCM annually.⁹

The expansion is expected to add production capacity through offshore infrastructure development, with NewMed projecting additional production during 2029. The $2.36 billion figure is the consortium’s total project budget and should not be attributed entirely to Chevron.¹⁰

Independent industry reporting in January and February 2026 corroborated the expansion decision, the participating companies and the planned production increase.^{11, 12}

Constructive-notice chronology

Chevron’s acquisition of Noble Energy occurred in October 2020, before the ICJ advisory opinion of 19 July 2024 and the ICC arrest warrants issued in November 2024. The ownership and operating relationship subsequently continued into 2026, as demonstrated by the Leviathan expansion decision.^{7, 9}

The January 2026 decision documents a new capital commitment following both dates, with construction and additional production scheduled beyond 2026.⁹

Regional investments involving Israeli partners

Chevron Cyprus Limited participates in the Aphrodite offshore gas development together with Shell and Israeli energy company NewMed Energy. The field is situated offshore Cyprus and Chevron’s disclosed operating interest is approximately 35%.¹³

NewMed’s project information describes Aphrodite as an offshore Cypriot natural-gas asset and documents its involvement in the consortium.¹⁴

NewMed’s February 2025 updates record approval of the Aphrodite development plan, including planned offshore production facilities and a pipeline connection to Egypt.⁹

Aphrodite is therefore a separate Cypriot operational investment involving an Israeli commercial partner, rather than evidence that the reservoir lies within Israel.^{13, 14}

Research and development facilities

No public evidence identified of a separately established Chevron-owned Israeli R&D centre, innovation accelerator or government-funded research laboratory.

Israeli sovereign debt and investment funds

No public evidence identified of Chevron acting as an underwriter or distributor of Israeli sovereign bonds or Israel Bonds.

No public evidence identified of material Chevron corporate treasury investments in Israeli sovereign securities or Israel-focused investment funds.

Controlling principals and personal investments

Chevron’s 2026 proxy statement identifies the company’s directors, executive compensation and corporate-governance arrangements. The disclosures establish the listed individuals’ formal positions within the company.¹⁵

No public evidence identified of a specific material Israeli company investment made through the personal or family-office vehicle of Chevron’s Chairman, CEO, another director or a disclosed controlling shareholder.

Additional commercial interests

NewMed’s published asset descriptions and investment materials identify interests in other Eastern Mediterranean exploration and natural-gas opportunities. Those NewMed interests cannot automatically be attributed to Chevron without proof of Chevron’s participation in the particular project.¹⁶

On 2 June 2026, Chevron Technology Ventures (CTV) announced the launch of Chevron Studio Israel in partnership with Chevron Mediterranean Limited (CML) and EnergyCom, Israel’s Energy Innovation Community. Chevron described this as the first international launch of its Chevron Studio programme, designed to accelerate the commercialisation of early-stage technologies developed at Israeli universities and research institutions. Its stated technology priorities include AI for energy, cybersecurity, carbon utilisation, energy infrastructure, heat and power, hydrogen and renewable fuels, circular economy technologies, and robotics. This primary disclosure corrects the existing Economic statement under “Research and development facilities” that no separately established Chevron-owned Israeli innovation accelerator was identified: a Chevron-sponsored Israeli accelerator programme is demonstrably established. However, the disclosure identifies a programme operated through partnerships; it does not establish a separately incorporated, wholly Chevron-owned Israeli accelerator company, dedicated R&D facility or government-funded laboratory. The distinction between Chevron’s programme sponsorship and ownership of a separate legal entity remains material.¹⁷

Operational Presence & Market Activity

Physical operating footprint

Chevron’s principal documented Israeli operational presence comprises its interests in the Leviathan and Tamar offshore natural-gas fields and their associated production infrastructure.^{1, 6}

Leviathan includes offshore wells, subsea pipelines and a production-processing platform connected to the Israeli natural-gas system.²

Tamar is a producing natural-gas field operated by Chevron and associated with Israeli electricity generation and gas supply.⁶

The production installations and infrastructure constitute substantial physical energy operations, rather than merely passive investments in Israeli securities.¹

Israeli electricity market

AFSC identifies Chevron as a major natural-gas producer supplying Israel’s electricity-related energy system and describes the Israel Electric Corporation as a central downstream electricity provider.⁶

The International Energy Agency states that approximately 85% of Israel’s domestic natural-gas supply was used by the power sector during 2025. This is a national consumption figure and does not identify every individual gas supplier or electricity end user.⁴

AFSC states that the domestic electricity network ultimately serves government facilities, military installations and settlements. Such network dependence establishes an indirect connection to Chevron-operated gas production but does not by itself establish individual direct supply contracts between Chevron and those facilities.⁶

Exports to Egypt and Jordan

The International Energy Agency recorded approximately 10 BCM of Israeli gas exports to Egypt and 3 BCM to Jordan in 2025. These totals are attributable to Israel’s export market and should not be described as Chevron’s consolidated sales volume.⁴

NewMed’s Leviathan materials identify Egypt and Jordan as principal export destinations for gas from the reservoir.¹

NewMed reported in January 2026 that the Leviathan expansion supports an export agreement covering approximately 130 BCM of natural gas to Egypt.⁹

Industry reporting also identified the Egyptian export agreement as a major commercial basis for the expansion investment decision.¹²

Operational disruption and continuity

The International Energy Agency’s Q2 2026 report describes interruptions to Israeli offshore natural-gas production during the regional conflict in early 2026, including suspension of Leviathan production on 28 February and a subsequent return to operation in April.⁴

The same report records that Israel’s principal offshore fields include Leviathan, Tamar and Karish, with combined annual production of nearly 27 BCM in 2025.⁴

Workforce

No public evidence identified establishing Chevron’s exact number of employees working in Israel as of October 2026.

Tax and regulatory registration

Chevron’s direct operating participation in Israeli natural-gas extraction is documented through its field interests and joint-venture arrangements.¹

No public evidence identified establishing Chevron Mediterranean Limited’s exact current Israeli corporate-income-tax assessment, tax-residency classification or Preferred Technology Enterprise status.

Settlement-based facilities

No public evidence identified of a Chevron-owned office, retail shop, warehouse, manufacturing establishment or production well physically situated within a named West Bank or Golan Heights settlement.

Market positioning

NewMed describes Leviathan as an important component of Israeli domestic energy production and regional natural-gas exports.¹

NewMed separately identifies the planned expansion as supporting its regional energy strategy and substantial additional production capacity.¹⁰

AFSC characterises Chevron as a major participant in the Israeli natural-gas sector, based on its upstream operations and links to the domestic electricity system.⁶

NewMed Energy’s regulatory disclosure dated 1 March 2026 establishes that Chevron Mediterranean Limited, operator of Leviathan, received a directive from Israel’s Minister of Energy and Infrastructure on 28 February 2026 requiring suspension of operations at the Leviathan platform until further notice, following a security recommendation. On the same date, the Petroleum Commissioner instructed the Leviathan partners to prepare for flexible operating arrangements, potentially including further temporary suspensions. NewMed confirmed that natural-gas production had consequently been suspended and that the partners intended to invoke contractual force-majeure provisions. Its subsequent disclosure of 3 April 2026 confirmed 33 days of non-production, with regular production resuming overnight on 2 April after regulatory clearance for restart preparations on 31 March. These primary operational disclosures confirm Economic’s existing 28 February suspension chronology under “Operational disruption and continuity” and correct the conflicting Political characterisation of the suspension as beginning in March. The 1 March date identifies the publication of NewMed’s regulatory notice, rather than the beginning of the government-directed suspension.^{18, 19}

Corporate Structure & Foundational Ties

Founding and domicile

Chevron Corporation is a United States-based publicly traded energy company. Its 2026 SEC proxy statement establishes its governance as a US public corporation.¹⁵

AFSC identifies Chevron’s headquarters jurisdiction as the United States and its Chairman and CEO as Michael K. Wirth.⁶

Chevron itself was not founded in Israel. Its Israeli-market operations were acquired through the October 2020 Noble Energy transaction.^{7, 8}

Israeli-Nexus Floor factual checks

Founded in Israel: Chevron Corporation is US-based; no public evidence identified that the parent company was founded in Israel.⁶

Headquarters or principal place of management in Israel: The corporate parent is headquartered in the United States; the Israeli operating business forms part of its international operations.⁶

Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified for the Chevron Corporation parent.

Beneficial ownership or control by Israeli capital: no public evidence identified establishing Israeli controlling ownership of Chevron Corporation.

Corporate governance

Chevron’s 2026 proxy statement identifies Michael K. Wirth as Chairman and Chief Executive Officer and describes the board’s governance arrangements.¹⁵

The 2026 proxy discloses the company’s director-election and shareholder-governance framework, providing evidence of the parent company’s publicly traded corporate structure.¹⁵

No public evidence identified of an Israeli government golden share, special voting right or statutory power to appoint directors to the board of Chevron Corporation.

Regional corporate structure

Chevron’s entry into the Israeli natural-gas sector followed its acquisition of Noble Energy, whose assets included Mediterranean upstream operations.^{7, 8}

At Leviathan, Chevron’s 39.66% working interest is smaller than NewMed Energy’s 45.34% interest, although Chevron is the operating partner. Operational control and equity ownership must therefore be described separately.¹

NewMed’s financial-reporting portal provides public company reporting materials relevant to the gas partnership and its investment commitments.²⁰

The company’s investor presentations provide additional descriptions of NewMed’s operating portfolio and project development activities.²¹

Israeli partners and ownership attribution

NewMed Energy is a separate commercial entity participating alongside Chevron in Leviathan and Aphrodite. Its own business activities should be attributed to Chevron only where a documented joint investment, contract or operational relationship exists.^{1, 14}

NewMed’s corporate profile identifies its role in Eastern Mediterranean energy exploration and production, including regional partnerships.²²

Historical operating relationships

Chevron’s inherited Leviathan interest originated with Noble Energy’s participation in the reservoir’s discovery in 2010. Leviathan subsequently commenced commercial production in 2019.¹

The Noble Energy merger closed in October 2020, transferring the acquired company’s business into Chevron’s group.⁷

Governance links to the Israeli state

Chevron’s Israeli natural-gas business operates in a regulated energy sector involving field development, offshore infrastructure and commercial supply arrangements.¹

No public evidence identified of an Israeli government ownership stake in Chevron Corporation or a government-appointed director exercising control over the parent company’s board.

Settlement-database screening

AFSC publishes a reproduction of the February 2020 OHCHR list of companies associated with Israeli settlement activities. That historical list provides an initial screening reference but is not a substitute for checking every subsequent official OHCHR update and all relevant legal-entity aliases.²³

AFSC separately includes Chevron in its own company database and divestment research, describing its activities in the Israeli natural-gas and electricity sectors.⁶

AFSC’s methodology states that its corporate investigations draw on business disclosures, government materials, specialist investigations and independent research. Inclusion in its database must be distinguished from inclusion in the official OHCHR settlement database.²⁴

No independently verified determination identified that Chevron Corporation itself appears as a named entity on the most recent official OHCHR settlement database.

On 17 September 2026, Israel’s interministerial Dayan Committee, chaired by Energy Ministry Director-General Yossi Dayan, published its final natural-gas policy recommendations without adopting proposals from the Ministry of Finance and Competition Authority to compel Chevron to divest its interest in either the Tamar or Leviathan gas reservoir. The committee recommended preserving the existing ownership structure, allowing Chevron to retain its 25% interest in Tamar and 39.66% interest in Leviathan, while continuing to operate both reservoirs. Energy Minister Eli Cohen and committee chairman Dayan justified the decision on grounds of regulatory stability and the need to attract further international investment in Israeli gas exploration and production. The decision concerned the committee’s recommendations and does not independently establish their subsequent legislative or regulatory implementation.^{25, 26}

The committee nevertheless acknowledged competition concerns arising from the concentration of Israeli natural-gas production and Chevron’s operation of both major reservoirs. Rather than requiring ownership divestment, it recommended mandatory separate marketing of Leviathan gas by the reservoir’s partners for contracts signed from 1 January 2030. For Tamar, it recommended ensuring that partners could market gas independently without contractual restrictions preventing separate sales. These proposed competition measures would alter commercial marketing arrangements while retaining existing equity ownership. Contemporary reporting identified Chevron’s 39.66% Leviathan interest alongside NewMed Energy’s 45.34% and Ratio Energies’ 15%, and Chevron’s separate 25% Tamar interest.²⁶

Profit Repatriation & Economic Contribution

Revenue-generating activity

Chevron participates in revenue-generating natural-gas production at Leviathan and Tamar, with gas supplied to domestic and regional markets.^{1, 6}

AFSC reports that Chevron’s participation in Tamar and Leviathan generated substantial commercial revenue during 2025. Its company profile reports more than $2.4 billion in revenue from these fields, although the exact accounting definition and proportion attributable to the Chevron parent require verification against underlying financial statements.⁶

Israeli domestic market contribution

The International Energy Agency reports approximately 27 BCM of Israeli natural-gas production in 2025, including approximately 11 BCM from Leviathan, 10 BCM from Tamar and 6 BCM from Karish.⁴

Chevron operates Leviathan and Tamar; the national production total also includes Karish and must not be attributed entirely to Chevron.^{1, 4}

AFSC connects Chevron-operated gas production with Israeli electricity generation and the wider domestic energy infrastructure.⁶

Royalty payments and fiscal receipts

AFSC reports that Chevron-operated Tamar and Leviathan fields collectively generated more than $2.6 billion in Israeli government royalties from 2020 onward, including approximately $474 million during 2025. These are reported gas-field royalty receipts and should not be presented as amounts individually paid by Chevron Corporation without allocation evidence.⁶

The distinction between field-level royalties, Chevron’s working-interest share, taxes paid by operating entities and shareholder distributions remains material to calculating Chevron’s precise fiscal contribution.⁶

Profit flows and distributions

Chevron’s interests in Leviathan and Tamar are foreign-parent operating investments involving Israeli natural-gas production and associated commercial revenues.^{1, 6}

No public evidence identified establishing the exact annual amount of cash dividends or profits remitted from Chevron Mediterranean Limited to Chevron Corporation during 2025 or 2026.

No public evidence identified of an Israel-domiciled parent company receiving Chevron’s worldwide consolidated earnings.

Regional export earnings

The approximately 130 BCM Leviathan export agreement with Egypt creates a long-term commercial outlet associated with the January 2026 expansion decision.⁹

NewMed reports that the expansion project is expected to strengthen natural-gas production and sales to Israel and regional customers through additional offshore capacity.¹⁰

The International Energy Agency’s figures distinguish exports to Egypt and Jordan from domestic Israeli consumption, providing an independent market-level comparison.⁴

Economic ecosystem significance

NewMed identifies Leviathan as a major offshore gas resource whose development supports Israel’s domestic market and regional exports.¹

The Society of Petroleum Engineers describes the 2026 Leviathan expansion as a substantial additional investment in offshore natural-gas production supported by long-term export demand.¹²

The existing infrastructure and expansion projects establish continued participation in Israel’s domestic energy production and its Eastern Mediterranean gas-export industry.^{1, 9}

Other investment exposure

No public evidence identified of Chevron functioning as a direct lender to Israeli settlements.

No public evidence identified of Chevron underwriting Israeli military insurance policies.

No public evidence identified of Chevron underwriting Israeli sovereign debt or selling Israel Bonds.

No public evidence identified of a quantified Chevron-specific portfolio of Israeli defence-company shares held as passive treasury investments.

Economic contribution through historical infrastructure

NewMed’s operational history identifies the development of its offshore gas portfolio, including Leviathan and predecessor projects, as central to the emergence of Israel’s domestic natural-gas industry.²²

NewMed’s operations overview distinguishes its producing assets, developing assets and other energy investments, providing context for the different stages of capital deployment.²⁷