Chevron Raises Dividend 4% After Q4 Production Jumps 20.7%
Chevron’s Q4 adjusted EPS of $1.52 beat the $1.45 consensus, while revenue of $46.87 billion missed the $47.15 billion forecast and net income fell 14% year-over-year to $2.77 billion. Production rose 20.7% to 4,045 MBOED driven by the Hess acquisition and Permian Basin growth, and quarterly dividend was increased 4% to $1.78 per share.
1. Chevron Tops Q4 Earnings Estimates
Chevron reported adjusted fourth-quarter earnings of $1.52 per share, surpassing the consensus estimate of $1.42 by 7 cents or 5.24%. Net income attributable to Chevron totaled $2.77 billion, down 14% from $3.24 billion a year earlier, reflecting lower crude realizations. Revenue for the period was $46.87 billion, slightly above the projected $46.79 billion but below last year’s $52.23 billion, underscoring pressure on top‐line growth despite efficiency gains.
2. Production Jumps Driven by Permian Basin and International Assets
Worldwide net oil-equivalent production climbed 20.7% year-over-year to 4,045 thousand barrels per day. U.S. output rose 16% to a record 2,055 MBOED, buoyed by higher volumes in the Permian Basin and new deepwater projects in the Gulf of Mexico. International production increased by 17% to 1,990 MBOED, with contributions from the Hess acquisition, ramp-up at Tengizchevroil in Kazakhstan and expanded activity in Guyana’s Stabroek block.
3. Dividend Hike and Cash Flow Strength Bolster Payout Confidence
Chevron raised its quarterly dividend by 4% to $1.78 per share, marking the 39th consecutive year of increases. The company generated $10.8 billion in operating cash flow and $4.2 billion in adjusted free cash flow during the quarter. Full-year 2025 operating cash flow reached $33.9 billion—the highest on record at comparable commodity prices—supporting $27.1 billion returned to shareholders through dividends and share repurchases.