The company held cash and equivalents of $4.64 billion as of March 31.
Oil giant Chevron Corp
Revenues and other income of $47.61 billion missed the consensus of $48.09 billion.
In the first quarter, net oil-equivalent production remained broadly flat Y/Y at 3,353 MBOED as growth at TCO (20%), in the Permian Basin (12%), and in the Gulf of America (7%) was offset by the impacts of asset sales.
Adjusted net earnings were $3.8 billion, with adjusted EPS at $2.18 (down from $2.93 a year ago) in the quarter in line with the consensus.
U.S. Upstream reported earnings of $1.86 billion versus $2.08 billion a year ago due to higher operating expenses, including a legal reserve, and lower liquids realizations.
International upstream earnings fell to $1.90 billion from $3.16 billion a year ago, owing to lower liftings and weak affiliate earnings at TCO largely due to higher depreciation, depletion and amortization.
U.S. downstream earnings plunged to $103 million from $453 million a year ago, primarily due to narrower margins and legal reserves.
International downstream earnings declined to $222 million from $330 million in the prior year quarter due to decreased margins on refined product sales and a less favorable impact of foreign currency.
Operating cash flow decreased to $5.2 billion from $6.8 billion a year ago owing to lower earnings and tax payments related to the Canadian asset sale.
Capital expenditure stood at $3.9 billion in the first quarter of 2025, lower than $4.1 billion a year ago quarter, owing to inorganic investment in power solutions for U.S. data centers.
Chevron returned $6.9 billion of cash to shareholders in the quarter, including $3.0 billion in dividends and $3.9 billion in share repurchases.
