At Chevron’s recent investor call, CEO Mike Wirth announced that the company delivered record annual oil and gas production of 3.1 million barrels of oil equivalent per day, driven by new project startups in the Gulf of Mexico and the completion of the Tengiz Future Growth Project. He also unveiled a historic $27 billion cash return to shareholders for 2025, comprising $12 billion in dividends and $15 billion in share repurchases, marking the largest annual payout in company history and reflecting Chevron’s commitment to capital discipline and shareholder value.

CFO Eimear Bonner reported fourth-quarter GAAP net income of $2.8 billion (adjusted to $3.0 billion) on revenue of $45.8 billion, beating earnings expectations by $0.08 per share equivalent. Free cash flow reached $5.7 billion in the quarter, enabling Chevron to repurchase $3 billion of stock while maintaining a net debt to EBITDA ratio of 1.0x. The board approved a 4 percent rise in the quarterly dividend to $1.78 per share equivalent, representing an annualized payout of $7.12 and a yield of roughly 4.0 percent.

Since 2022, Chevron’s four joint ventures in Venezuela have ramped gross production by more than 200,000 barrels per day to approximately 250,000 bpd of ultra-heavy crude. Wirth stated that ongoing reinvestment of venture cash flows into well work, infrastructure maintenance and tax obligations has driven this growth without incremental corporate funding. He sees potential for up to 50 percent additional volume over the next 18–24 months, contingent on further U.S. licensing approvals and stable fiscal terms under the new hydrocarbons law.