Chevron reported adjusted fourth-quarter earnings of $1.52 per share, outperforming the consensus estimate of $1.42 by 7.0%. Revenue for the period reached $46.87 billion, narrowly surpassing the forecast of $46.79 billion but representing a 10.3% decline from the prior year’s $52.23 billion. Net income was $2.77 billion, down 14% year-over-year from $3.24 billion, as lower crude realizations and negative foreign-currency effects weighed on profitability. Despite those headwinds, the company maintained its streak of four consecutive quarters of positive earnings surprises, driven by operational efficiencies and disciplined cost controls.

Worldwide net oil-equivalent production climbed 20.7% year-over-year to 4,045 thousand barrels per day, reflecting contributions from the Hess acquisition and ramp-ups in key assets. U.S. production rose by 409 thousand barrels per day to 2,055 MBOED, powered by new Gulf of Mexico deep-water projects and sustained growth in the Permian Basin. International output increased by 286 thousand barrels per day to 1,990 MBOED, led by Guyana developments and early benefits from Tengizchevroil’s Future Growth Project. In Venezuela, Chevron currently produces about 250 thousand barrels per day under a special license and has signaled capacity to increase that rate by up to 50% over the next 18–24 months, contingent on regulatory approvals.

The company generated $10.8 billion in cash flow from operations and $4.2 billion in adjusted free cash flow during the quarter, contributing to a record $33.9 billion of operating cash flow for the full year. Free cash flow supported $27.1 billion of shareholder returns in 2025, including $12.8 billion in dividends and $12.1 billion in share repurchases. The board approved a 4% increase in the quarterly dividend to $1.78 per share, marking 39 consecutive years of annual dividend growth. Net debt to operating cash flow stood at 1.0x at year-end, underscoring the company’s conservative leverage and high liquidity position.

Post-closing of the Hess transaction, Chevron delivered its initial $1 billion in run-rate synergies ahead of schedule and achieved $1.5 billion in structural cost reductions during 2025. Management reaffirmed a target to eliminate $3–4 billion of structural costs by the end of 2026 through efficiency programs and asset rationalisation. The company also advanced its new energies strategy with investments in power generation, lithium extraction acreage, and renewable diesel capacity, while divesting non-core midstream and downstream assets to streamline the portfolio and focus on high-quality upstream cash generators.