Chevron Reports Fourth Quarter 2025 Results

30 Jan Chevron Reports Fourth Quarter 2025 Results

(Oilandgaspress) -] Chevron Corporation reported earnings of $2.8 billion ($1.39 per share – diluted) for fourth quarter 2025, compared with $3.2 billion ($1.84 per share – diluted) in fourth quarter 2024. Included in the quarter was a net loss of $128 million due to pension settlement costs. Foreign currency effects decreased earnings by $130 million. Adjusted earnings of $3.0 billion ($1.52 per share – diluted) in fourth quarter 2025 compared to adjusted earnings of $3.6 billion ($2.06 per share – diluted) in fourth quarter 2024. See Attachment 4 for a reconciliation of adjusted earnings.

Financial Highlights

• Reported earnings decreased in 2025 compared to last year primarily due to lower crude oil prices, lower affiliate earnings and unfavorable foreign currency effects, partly offset by higher margins on refined product sales, impact from higher sales volumes and lower severance charges.
• Worldwide and U.S. net oil-equivalent production set annual records. For 2025, the Hess acquisition contributed 261 MBOED, while legacy Chevron operations added another 124 MBOED, driven by growth in the Permian Basin and project ramp-ups at TCO and in the Gulf of America.
• Year-end 2025 proved reserves were approximately 10.6 billion barrels of net oil-equivalent, subject to final review. The largest additions were from the acquisition of Hess and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana. The one-year reserve replacement ratio was 158 percent.
• Capex in 2025 was higher than last year largely due to spend on legacy Hess assets post-acquisition and increased investments in U.S. data center power solutions more than offsetting lower spend in downstream. Affiliate capex was down primarily due to lower spend at TCO.
• Cash flow from operations in 2025 was higher than a year ago as higher cash distributions from TCO and contributions from legacy Hess assets more than offset the impact of lower commodity prices. Adjusted free cash flow includes asset sale proceeds of $1.8 billion and net loan repayments from equity affiliates of $0.8 billion.
• The company returned $27.1 billion of cash to shareholders during the year, including share repurchases of $12.1 billion, dividends of $12.8 billion, and $2.2 billion of Hess share purchases in early 2025.
• The company’s Board of Directors declared a 4 percent increase in the quarterly dividend to one dollar and seventy-eight cents ($1.78) per share, payable March 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on February 17, 2026.

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