S&P Global Ratings assigns ‘AA-’ long-term financial strength and issuer credit ratings to Heddington Insurance Co. of Texas Inc., a captive insurance company wholly owned by Chevron. The outlook is 'stable'. The ratings are new and were assigned on 9 September 2026. S&P rates the captive in line with the core operating entities of Chevron. S&P classifies the captive as a core subsidiary within the Chevron group. The agency points to how closely Heddington is integrated with its parent, the part it plays in group risk management, and its view that Chevron would step in with financial support under any circumstances it can foresee. Heddington writes cover for the Chevron group and, on the agency’s assessment, sits wholly inside the group risk management and operational structures. S&P regards the captive as well capitalised, but expects Chevron to add capital where needed to keep it above regulatory minimums. The stable outlook mirrors the one S&P carries on Chevron as a consolidated group. A downgrade could follow within two years if S&P cuts its Chevron ratings, if it judges the captive to have become markedly less important to group strategy, or if parental support weakens. An upgrade over the same period would depend on Chevron itself being upgraded.
