Chevron Corp. (NYSE CVX) on Friday reported second-quarter 2025 results, with adjusted earnings and sales surpassing Wall Street estimates despite a decline in reported net earnings.
The energy giant’s adjusted earnings were $1.77 per share, down from $2.55 a year ago but above the consensus estimate of $1.76. Sales for the quarter were $44.82 billion, a 12.5% year-over-year decline that still beat the estimated $43.43 billion.
Reported earnings fell to $2.5 billion ($1.45 per diluted share) from $4.4 billion a year earlier, a drop attributed to lower crude oil prices and a one-time net loss of $215 million related to the fair value measurement of Hess shares.
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Segment performance varied. U.S. upstream earnings were $1.42 billion, down from $2.16 billion a year ago, while international upstream earnings fell to $1.31 billion from $2.31 billion. Both segments were impacted by lower liquids realizations, among other factors.
In contrast, downstream operations showed growth, with U.S. earnings increasing to $404 million from $280 million and international earnings rising to $333 million from $317 million.
Operationally, the company set new quarterly records for worldwide and U.S. net oil-equivalent production, reaching 3.396 million barrels per day. This was driven by significant growth at the Tengizchevroil (TCO) affiliate (up 34%), the Gulf of America (up 22%), and the Permian Basin, which hit a milestone of 1 million barrels per day.
Cash flow from operations increased to $8.6 billion from $6.3 billion, largely due to higher distributions from the TCO affiliate. The company returned $5.5 billion to shareholders in the quarter through $2.9 billion in dividends and $2.6 billion in share repurchases.
Chevron’s board of directors also declared a quarterly dividend of $1.71 per share, payable September 10, 2025, to all holders of common stock as shown on the transfer records at the close of business on August 19, 2025.
CEO Mike Wirth said the completion of the Hess Corp. acquisition “further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade.”
Other business milestones included entering the U.S. lithium sector, winning new exploration blocks, and starting production at the expanded Geismar renewable diesel plant.
Price Action: CVX shares are trading 0.61% higher to $152.55 premarket at last check Friday.
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