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Repsol SA (ticker symbol: REP) is a global multi-energy company primarily engaged in the upstream and downstream of oil and gas. Founded in 1986 and headquartered in Madrid, Spain, the company operates in all areas of the oil and gas industry, including exploration, production, refining, transport, and distribution of energy. Repsol is also active in the power and natural gas markets with a growing focus on renewables and new energy solutions.

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with 2025 worldwide net oil-equivalent production of 3.7 million barrels per day, including 8.5 billion cubic feet per day of natural gas and 2.3 million barrels of liquids per day. Production takes place in North America, South America, Europe, Africa, Asia, and Australia. The company's refining networks arelocated in the United States and Asia, with a total worldwide refining capacity of 1.8 million barrels of oil a day at year-end 2025. Net proved reserves at year-end 2025 stood at 10.6 billion barrels of oil equivalent, consisting of 5.7 billion barrels of liquids and 29.2 trillion cubic feet of natural gas.