• Reported earnings of $3.5 billion; adjusted earnings of $3.6 billion
• Record production of 4.1 million BOE per day; 21 percent higher than last year
• Cash flow from operations of $9.4 billion; adjusted free cash flow of $7.0 billion

Chevron Corporation reported earnings of $3.5 billion ($1.82 per share - diluted) for third quarter 2025, compared with $4.5 billion ($2.48 per share - diluted) in third quarter 2024. Included in the quarter was a net loss of $235 million due to severance and other transaction costs related to the acquisition of Hess Corporation (Hess), partly offset by the fair value measurement of Hess shares.

“Third quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders,” said Mike Wirth, Chevron’s chairman and chief executive officer. U.S. and worldwide production hit new company records, up 27 percent and 21 percent, respectively, from last year. Strong cash flow from operations was sustained while the company's adjusted free cash flow increased more than 50 percent from a year ago. The company returned $6 billion of cash to shareholders in the quarter, and over $78 billion in the last 3 years.

“The integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company,” Wirth concluded. After closing of the Hess transaction, the company’s interest in the Malaysia-Thailand joint development area was divested, and other assets are now being integrated into the company’s streamlined organizational structure.

Financial Highlights

Reported earnings decreased compared to last year primarily due to lower crude oil prices, severance costs and other transaction costs related to the Hess acquisition, partly offset by higher margins on refined product sales.
Worldwide and U.S. net oil-equivalent production set quarterly records, with the Hess acquisition contributing 495 MBOED. An additional 227 MBOED increase came from legacy Chevron production growth, including gains in the Permian Basin and the ramp-up of projects at the company’s Tengizchevroil LLP (TCO) affiliate and in the Gulf of America.
Capex in the third quarter of 2025 was higher than last year largely due to spend on legacy Hess assets post-acquisition. Affiliate capex was down primarily due to lower spend at TCO.
Cash flow from operations was lower than a year ago mainly due to an unfavorable swing in working capital effects, partly offset by higher cash distributions from TCO. Adjusted FCF benefited from a loan repayment from TCO and higher asset sales proceeds.
Return on capital employed decreased from last year primarily due to lower earnings and an increase in capital employed from the purchase of Hess.
The company returned $6.0 billion of cash to shareholders during the quarter, including share repurchases of $2.6 billion and dividends of $3.4 billion.
The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-one cents ($1.71) per share, payable December 10, 2025, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2025.

Business Highlights

Achieved first oil at Yellowtail, the fourth development in Guyana’s offshore Stabroek block.
Sold the company’s interest in Block A-18 at the Malaysia-Thailand joint development area.
Sanctioned the Hammerhead project, the seventh Stabroek block development in Guyana.
Announced second long-term agreement to sell liquefied natural gas (LNG) to ENN Global Trading Pte. Ltd. in China, further strengthening the company’s LNG value chain.
Extended agreement to increase export of natural gas from Leviathan field in Israel to Egypt.
Entered agreement to explore three offshore blocks in Trujillo basin in Peru and two frontier exploration blocks in Guinea-Bissau.

U.S. Upstream

U.S. upstream earnings were lower than the year-ago period primarily due to lower liquids realizations and severance and other transaction costs related to the Hess acquisition, partly offset by impacts from higher sales volumes.
U.S. net oil-equivalent production during the quarter was up 435,000 barrels per day from a year earlier primarily due to the acquisition of Hess and higher production in the Permian Basin and Gulf of America.

International Upstream

International upstream earnings were lower than a year ago primarily due to lower affiliate earnings, lower realizations, and asset sales, partly offset by earnings from legacy Hess, primarily Guyana.
Net oil-equivalent production during the quarter was up 287,000 barrels per day from a year earlier primarily due to the acquisition of Hess and higher production in Kazakhstan as the Future Growth Project at TCO maintained nameplate capacity, partly offset by impacts from asset sales in Canada and Republic of Congo.

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 7 percent from the year-ago period primarily due to increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project.
Refined product sales decreased 1 percent compared to the year-ago period.

International Downstream

International downstream earnings were higher than the year-ago period primarily due to favorable foreign currency effects, partly offset by lower margins on refined product sales.
Refinery crude unit inputs increased 6 percent from the year-ago period primarily due to lower turnaround activity at our affiliate refinery in Singapore.
Refined product sales increased 1 percent from the year-ago period.