Chevron Corp. (NYSE: CVX) on Friday reported mixed fourth-quarter fiscal 2025 results, with revenue missing the consensus and earnings exceeding it. The energy giant's adjusted earnings were $1.52 per share, down from $2.06 a year ago but above the consensus estimate of $1.47.
Sales for the quarter were $46.9 billion, missing the estimated $47.2 billion.
Reported earnings fell to $2.8 billion ($1.39 per share) from $3.2 billion ($1.84 per share) a year earlier due to a drop attributed to lower crude oil prices, lower affiliate earnings, and negative foreign currency impacts.
Cash flow from operations in the quarter increased to $10.8 billion from $8.7 billion a year ago quarter.
During the year, the company returned $27.1 billion to shareholders, including $12.1 billion in share repurchases, $12.8 billion in dividends, and $2.2 billion for Hess share purchases in early 2025.
Following the integration of Hess, the company achieved its initial $1 billion synergy target.
The company advanced new energy initiatives in power, lithium, and hydrogen, and realized $1.5 billion in structural cost reductions in 2025, as part of a program that aims to reduce structural costs by $3-$4 billion by the end of 2026.
Production Update
In the quarter, U.S. net oil-equivalent production rose by 409,000 barrels per day year-over-year (Y/Y) to 2,055 MBOED, aided by the Hess acquisition, higher Gulf of Mexico output from new deepwater projects, and growth in the Permian Basin.
Also, international net oil-equivalent production rose 286,000 barrels per day Y/Y to 1,990 MBOED, driven by the Hess acquisition and higher output at TCO.
In Kazakhstan, Tengizchevroil (50% owned) commenced the Future Growth Project in 2025, while in the U.S., major Gulf of Mexico projects reached first oil, and the Permian Basin met its 1 million barrels of oil equivalent per day production target.
Segment Performance
U.S. upstream earnings declined to $1.26 billion from $1.42 billion a year ago quarter, owing to lower liquids prices.
Also, international upstream earnings fell to $1.78 billion from $2.88 billion a year ago quarter, due to unfavorable foreign currency effects (mainly in Australia), lower affiliate earnings, and weaker realizations.
Chevron's Board of Directors approved a 4% increase in the quarterly dividend to $1.78 per share, payable on March 10, to shareholders of record as of February 17, 2026.
Management Commentary
Chevron said it increased worldwide and U.S. production by 12% and 16%, respectively, in 2025, reaching record levels. The company said capex was higher in 2025, as post-acquisition spending on legacy Hess assets and rising investment in U.S. data-center power more than outweighed lower downstream outlays.
CEO Mike Wirth said, "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."
"We have been a part of Venezuela's past for more than a century. We remain committed to its present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security."
The Wall Street Journal reported on Friday that Exxon Mobil (NYSE: XOM) and Chevron posted their lowest annual profits since 2021, pressured by a global oversupply of crude that has weighed on oil prices. Both companies also saw fourth-quarter earnings decline year over year despite higher production.
CVX Price Action: Chevron shares were up 0.06% at $171.30 during premarket trading on Friday. The stock is approaching its 52-week high of $174.92, according to Benzinga Pro data.