• Reported earnings of $2.5 billion; adjusted earnings of $3.1 billion
• Record production; 1 million BOE per day in the Permian Basin
• Returned $5.5 billion cash to shareholders; 13 straight quarters of over $5 billion
• Completed acquisition of Hess Corporation in July

Chevron reported earnings of $2.5 billion ($1.45 per share - diluted) for second quarter 2025, compared with $4.4 billion ($2.43 per share - diluted) in second quarter 2024. Included in the quarter was a net loss of $215 million related to the fair value measurement of Hess Corporation shares, and company pension curtailment costs, partly offset by a gain on the sale of certain non-operated U.S. pipeline assets. Foreign currency effects decreased earnings by $348 million. Adjusted earnings of $3.1 billion ($1.77 per share - diluted) in second quarter 2025 compared to adjusted earnings of $4.7 billion ($2.55 per share - diluted) in second quarter 2024.

“Second quarter results reflect continued strong execution, record production, and exceptional cash generation,” said Mike Wirth, Chevron’s chairman and chief executive officer. Permian Basin production increased to 1 million barrels of oil equivalent per day, and U.S. and worldwide production hit new company records. Cash flow from operations, at similar commodity prices, was one of the highest in company history.

“The completion of the Hess acquisition further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade.” The addition of Hess’s high-quality assets, including those in Guyana, the U.S. Bakken, and the Gulf of America, creates one of the most advantaged and differentiated portfolios in the industry.

Financial Highlights

• Reported earnings decreased compared to last year primarily due to lower crude oil prices, lower income from upstream and downstream equity affiliates and an unfavorable fair value adjustment for Hess shares.
• Worldwide and U.S. net oil-equivalent production set quarterly records. Worldwide production was up from a year ago as growth at the company’s Tengizchevroil (TCO) affiliate (34 percent), in the Gulf of America (22 percent), and in the Permian Basin (14 percent) more than offset the impacts of asset sales. Permian Basin production increased to 1 million BOE per day in the second quarter.
• Capex in the second quarter of 2025 was lower than last year as the inorganic acquisition of lithium acreage was more than offset by lower spend in downstream. Affiliate capex was down primarily due to lower spend at TCO.
• Cash flow from operations was higher than a year ago mainly due to absence of prior year working capital outflows and higher cash distributions from TCO.
• The company returned $5.5 billion of cash to shareholders during the quarter, including share repurchases of $2.6 billion and dividends of $2.9 billion.
• The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-one cents ($1.71) per share, payable September 10, 2025, to all holders of common stock as shown on the transfer records of the corporation at the close of business on August 19, 2025.

Business Highlights and Milestones

• Completed the acquisition of Hess Corporation in July after a favorable arbitration outcome related to Hess’s offshore Guyana asset.
• Entered U.S. lithium sector by acquiring ~125,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for direct lithium extraction.
• Winning bidder on 9 blocks in Brazil and 2 blocks in Egypt in the auctions for offshore exploration licenses.
• Started production from the Geismar renewable diesel plant in Louisiana, after increasing plant capacity from 7,000 to 22,000 barrels per day.
• Entered long-term contracts to purchase liquefied natural gas (LNG), bringing Chevron’s total U.S. Gulf Coast LNG offtake capacity to 7 million tonnes per year, further strengthening the company’s global gas and LNG value chain.
• Effective July 1, began implementing a simplified organizational structure designed to realize greater efficiencies through standardization and centralization.

U.S. Upstream

• U.S. upstream earnings were lower than the year-ago period primarily due to lower liquids realizations, higher depreciation, depletion and amortization and higher operating expenses, partly offset by higher sales volumes, higher natural gas realizations, and a gain on the sale of certain non-operated U.S. pipeline assets.
• U.S. net oil-equivalent production was up 123,000 barrels per day from a year earlier primarily due to higher production in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies.

International Upstream

• International upstream earnings were lower than a year ago primarily due to lower affiliate earnings at TCO, largely due to higher depreciation, depletion and amortization and lower realizations, partly offset by higher sales volumes following Future Growth Project (FGP) start-up. Lower liftings following asset sales and lower liquids realizations also reduced earnings, which were partly offset by lower operating expenses, mainly from asset sales.
• Net oil-equivalent production during the quarter was down 19,000 barrels per day from a year earlier primarily due to asset sales in Canada and Republic of Congo, partly offset by higher production in Kazakhstan as FGP at TCO reached nameplate capacity.

U.S. Downstream

• U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales and lower operating expenses, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company.
• Refinery crude unit inputs increased 17 percent from the year-ago period primarily due to improved operational availability at the El Segundo, California refinery, the absence of the prior year turnaround at the Pascagoula, Mississippi refinery, and increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project.
• Refined product sales increased 4 percent compared to the year-ago period primarily due to higher demand for jet fuel and gasoline.

International Downstream

• International downstream earnings were higher than a year ago primarily due to higher margins on refined product sales, partly offset by unfavorable foreign currency effects and unfavorable tax impacts.
• Refinery crude unit inputs increased 2 percent from the year-ago period.
• Refined product sales decreased 1 percent from the year-ago period.

 KeyFacts Energy: Chevron US country profile