Chevron reported fourth quarter 2025 adjusted earnings of $3.0 billion, or $1.52 per share, a slight miss versus consensus estimates of $1.53. This compares to $3.6 billion, or $2.06 per share, in the same period last year. Quarterly cash flow from operations was $10.8 billion. For the full year 2025, the company achieved record worldwide production, up 12% from the prior year.
Key Highlights
- The company's net oil-equivalent production for the fourth quarter jumped 21% year-over-year to 4,045 thousand barrels of oil equivalent per day (MBOED), driven by the successful integration of Hess assets and growth in the Permian Basin.
- Despite a year-over-year decline in earnings due to lower crude prices, full-year 2025 cash flow from operations increased to $33.9 billion from $31.5 billion in 2024, and the company announced a 4% increase in its quarterly dividend to $1.78 per share.
- For the full year 2025, Chevron reported a reserve replacement ratio of 158 percent, with the largest additions coming from the Hess acquisition and developments in the Permian Basin, Australia, and Guyana.