Chevron executives highlighted that 2025 was a year of execution, with the company achieving its highest-ever quarterly and full-year production. Global output reached 4.05 million barrels of oil-equivalent per day in Q4, fueled by the ramp-up of the Tengiz Future Growth Project (adding 260,000 barrels per day), first oil from the Ballymore and Whale developments and the Anchor expansion in the Gulf of Mexico. In the Permian Basin, production hit one million barrels of oil-equivalent per day, supporting Chevron’s goal of 300,000 barrels per day in the Gulf by 2026.

CFO Eimear Bonner reported adjusted earnings of $3.0 billion, or $1.52 per share, for the quarter, including $128 million of pension curtailment costs and a $130 million foreign currency headwind. Operating cash flow was $10.8 billion, boosted by a $1.7 billion working capital drawdown. Organic capital expenditures totaled $5.1 billion, in line with guidance. The company repurchased $3.0 billion of shares—the high end of its share-buyback target—and ended the year with a net debt to EBITDA ratio of approximately 1.0x. For full-year 2025, adjusted free cash flow reached $20.0 billion, and the board approved a 4% increase in the quarterly dividend.

Chevron’s four joint ventures in Venezuela continued uninterrupted operations, delivering gross production of roughly 250,000 barrels per day. Since 2022, production in those assets has climbed by more than 200,000 barrels per day. The CEO noted potential for up to 50% additional output over the next 18–24 months, contingent on U.S. authorizations. Investment in these ventures has been fully funded from within the joint-venture cash flows, covering taxes, royalties, debt service and reinvestment in well work and maintenance.

Chevron’s efficiency program delivered $1.5 billion of structural cost savings in 2025 and has achieved a sustained run-rate reduction of $2.0 billion. Management expanded the target to $3.0–$4.0 billion by the end of 2026, with more than 60% of savings expected to be permanent. Looking ahead, the company forecasts free cash flow of $6.0 billion from Tengiz at $70 Brent and expects production growth of 7%–10% year-over-year in 2026, driven by project ramp-ups, a full year of Hess integration and ongoing efficiency gains in shale.