Summary
Chevron Corporation (CVX) reported its 2025 annual results, showing a decline in net income attributable to Chevron Corporation to $12.3 billion from $17.7 billion in 2024. This decrease was largely driven by lower liquids realizations and higher depreciation, depletion, and amortization expenses in the upstream segment, partly offset by increased sales volumes and higher natural gas realizations. The company's strategy remains focused on safely delivering lower carbon energy, aiming for higher returns and superior shareholder value by growing its oil and gas business, reducing operational carbon intensity, and expanding new energy ventures. The acquisition of Hess Corporation in July 2025 significantly impacted the company's financials, contributing to a rise in total debt to $40.8 billion from $24.5 billion. Capital expenditures increased to $17.3 billion, with significant investments in U.S. shale, global offshore developments, and new energy initiatives. Despite the lower net income, Chevron continued to return capital to shareholders, repurchasing $12.1 billion of its common stock in 2025 and increasing its quarterly dividend. The company's proved reserves saw an increase of 8% year-over-year, reaching 10.6 billion barrels of oil-equivalent.
Financial Highlights
50 data points| Revenue | $184.43B |
| Cost of Revenue | $108.21B |
| Gross Profit | $76.22B |
| R&D Expenses | $427.00M |
| SG&A Expenses | $5.13B |
| Operating Expenses | $169.29B |
| Interest Expense | $1.22B |
| Net Income | $12.30B |
| EPS (Basic) | $6.65 |
| EPS (Diluted) | $6.63 |
| Shares Outstanding (Basic) | 1.85B |
| Shares Outstanding (Diluted) | 1.86B |
Key Highlights
- 1Net income attributable to Chevron Corporation decreased to $12.3 billion in 2025 from $17.7 billion in 2024, primarily due to lower liquids realizations and higher upstream depreciation, depletion, and amortization.
- 2The acquisition of Hess Corporation was completed in July 2025, contributing to an 8% increase in total proved reserves to 10.6 billion barrels of oil-equivalent and a significant increase in debt to $40.8 billion.
- 3Chevron returned $12.1 billion to shareholders through share repurchases and increased its quarterly dividend by approximately 4% in January 2026.
- 4Capital expenditures increased to $17.3 billion in 2025, with a projected 2026 organic capex range of $18-$19 billion, focusing on U.S. shale, global offshore developments, and new energy businesses.
- 5Worldwide net oil-equivalent production increased by 12% to 3.7 million barrels per day in 2025, driven by the Hess acquisition and growth in key assets.
- 6The company achieved $1.5 billion in structural cost savings in 2025, with a target of $3-$4 billion in structural cost reductions by the end of 2026.
- 7Several key upstream projects advanced or commenced production in 2025, including Gorgon Stage 3 FID, Hammerhead sanctioning in Guyana, and ramp-up at Tengizchevroil (TCO) and U.S. shale assets.