Chevron reported adjusted earnings of $1.52 per share for the fourth quarter, topping the consensus forecast by 7 basis points. Revenue for the period reached $46.87 billion, slightly above analysts’ $46.79 billion estimate but down 10% from the prior year’s $52.23 billion. Net income totaled $2.77 billion, a 14% year-over-year decline from $3.24 billion, as lower crude benchmarks weighed on upstream realizations. The quarter included a $128 million pension settlement charge and a $130 million negative impact from foreign currency translation, yet operational efficiencies and cost-reduction initiatives limited the downside.

Worldwide oil-equivalent output climbed 20.7% year over year to 4.045 million barrels per day, driven by contributions from the Hess acquisition, first oil from deepwater Gulf projects and performance in the Permian Basin. U.S. production rose 16% to 2.055 million barrels per day, while international volumes increased 17% to 1.990 million barrels per day. In Venezuela, Chevron operates under a special U.S. license and currently produces approximately 250,000 barrels per day; management has signaled potential capacity growth of up to 50% over the next two years pending regulatory approvals.

The board approved a 4% increase in the quarterly dividend to $1.78 per share, extending Chevron’s record of annual dividend increases to 39 consecutive years. Free cash flow for the quarter was $4.2 billion on a non-GAAP basis, while operating cash flow reached $10.8 billion. For full-year 2025, the company generated a record $33.9 billion in operating cash flow and returned $27.1 billion to shareholders through dividends and share repurchases. At year-end, debt-to-operating-cash-flow stood at 1.2 times, underscoring a conservative leverage profile and ample liquidity to fund both growth projects and shareholder distributions.