Chevron Corp. (NYSE CVX) on Friday reported third-quarter 2025 results, with adjusted earnings and sales surpassing Wall Street estimates.
Details
The energy giant’s adjusted earnings were $1.85 per share, down from $2.51 a year ago but above the consensus estimate of $1.71.
Sales for the quarter were $49.7 billion, beating the estimated $49.0 billion.
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Reported earnings fell to $3.5 billion ($1.82 per share) from $4.5 billion ($2.48 per share) a year earlier.
This was due to a drop attributed to lower crude oil prices, severance costs, and transaction costs related to the Hess acquisition.
Cash flow from operations decreased to $9.4 billion from $9.7 billion, largely due to an unfavorable movement in working capital.
The company returned $6.0 billion to shareholders in the quarter through $3.4 billion in dividends and $2.6 billion in share repurchases.
Production Update
Operationally, U.S. and global production rose 27% and 21% year-over-year, respectively, in the quarter.
The company set new quarterly records for worldwide and U.S. net oil-equivalent production, reaching 4.086 million barrels per day (MBOED).
The production was driven by 495 MBOED from the Hess acquisition and an additional 227 MBOED from Chevron’s legacy production growth. This includes gains in the Permian Basin and project ramp-ups at Tengizchevroil LLP and in the Gulf of America.
Segment Performance
Segment performance varied. U.S. upstream earnings were $1.28 billion, down from $1.95 billion a year ago, while international upstream earnings fell to $2.02 billion from $2.64 billion. Both segments were impacted by lower liquids realizations, among other factors.
In contrast, downstream operations showed growth, with U.S. earnings increasing to $638 million from $146 million and international earnings rising to $499 million from $449 million.
Dividend
Chevron’s board of directors also declared a quarterly dividend of $1.71 per share, payable on December 10, 2025, to shareholders of record as of November 18, 2025.
Management Commentary
CEO Mike Wirth added, “The integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company.”
“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.”
Price Action: CVX shares were trading higher by 0.50% to $154.28 premarket at last check Friday.
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