Chevron reported a decrease in earnings and adjusted earnings compared to the prior year, primarily driven by lower crude oil prices and unfavorable foreign currency effects, despite achieving record production levels and integrating the Hess acquisition. The company highlighted strong free cash flow generation and a significant increase in shareholder returns, positioning for continued dividend growth.
Achieved record worldwide and U.S. production, increasing by 12% and 16% respectively.
positiveCompleted the acquisition of Hess and achieved the initial $1 billion synergy target.
positiveStarted production at major projects including the Future Growth Project at TCO and new wells in the Gulf of America.
positiveReturned $27.1 billion of cash to shareholders, including $12.1 billion in share repurchases and $12.8 billion in dividends.
positiveAnnounced a 4 percent increase in quarterly dividend to $1.78 per share, marking the 39th consecutive year of dividend payout increase.
positiveAchieved structural cost reductions of $1.5 billion in 2025.
positiveReported earnings decreased to $2.8 billion from $3.2 billion in Q4 2024, primarily due to lower crude oil prices and unfavorable foreign currency effects.
negativeAdjusted earnings decreased to $3.0 billion ($1.52 per share) from $3.6 billion ($2.06 per share) in Q4 2024.
negativeLower crude oil prices impacted earnings, with the average Brent spot price decreasing from $75/bbl in Q4 2024 to $64/bbl in Q4 2025.
negativeInternational upstream earnings were lower than a year ago due to unfavorable foreign currency effects, lower affiliate earnings, and lower realizations.
negativeTotal debt increased to $40.8 billion from $24.5 billion in the prior year, and the debt ratio increased to 17.9% from 13.9%.
attentionNet debt increased to $34.5 billion from $17.8 billion in the prior year, and the net debt ratio increased to 15.6% from 10.4%.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Upstream | N/A | — | — | — |
Downstream | N/A | — | — | — |
All Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was a year of significant achievement. We successfully integrated Hess, started-up major projects, delivered record production and reorganized our business.
This resulted in industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices.
The company also continued to advance new energies opportunities in power, lithium and hydrogen and achieved structural cost reductions of $1.5 billion in 2025.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.