01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Chevron Corporation (CVX) reported its 2025 annual results, showing a decline in net income attributable to Chevron Corporation to $12.3 billiona 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 billionb from $24.5 billion.
Capital expenditures increased to $17.3 billionc, 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.
02—Key points
Key Highlights
- Net 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.
- The 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.
- Chevron returned $12.1 billion to shareholders through share repurchases and increased its quarterly dividend by approximately 4% in January 2026.
- Capital 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.
- Worldwide 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.
- The 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.
- Several 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.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $184.43B$193.41B | −4.6% |
| Cost of Revenue | $108.21B$119.21B | −9.2% |
| Gross Profit | $76.22B$74.21B | +2.7% |
| R&D Expenses | $427.00M$353.00M | +21.0% |
| SG&A Expenses | $5.13B$4.83B | +6.0% |
| Operating Expenses | $169.29B$175.29B | −3.4% |
| Interest Expense | $1.22B$594.00M | +104.9% |
| Net Income | $12.30B$17.70B | −30.5% |
| EPS (Basic) | $6.65$9.76 | −31.9% |
| EPS (Diluted) | $6.63$9.72 | −31.8% |
| Shares Outstanding (Basic) | 1.85B1.81B | +2.2% |
| Shares Outstanding (Diluted) | 1.86B1.82B | +2.1% |
05—Questions
Frequently Asked Questions
What was Chevron's financial performance in 2025?
Chevron's net income attributable to Chevron Corporation decreased to $12.3 billion in 2025 from $17.7 billion in 2024. This decline was primarily driven by lower liquids realizations and increased depreciation, depletion, and amortization expenses in the upstream segment. However, sales volumes and natural gas realizations saw increases, providing some offset.
How did the acquisition of Hess Corporation impact Chevron?
Chevron completed the acquisition of Hess Corporation in July 2025. This acquisition significantly boosted Chevron's proved reserves by 8% to 10.6 billion barrels of oil-equivalent and expanded its production base, particularly in the U.S. and Guyana. Financially, the acquisition led to an increase in total debt to $40.8 billion and was a key factor in the company's higher capital expenditures.
What is Chevron's outlook for production and capital expenditures in 2026?
Chevron estimates its net oil-equivalent production in 2026 to increase by 7% to 10% over 2025 levels, assuming a Brent crude oil price of $60 per barrel and excluding asset sales. This projection includes a full year of contributions from Hess assets. The company anticipates organic capital expenditures for 2026 to range between $18 billion and $19 billion, with a significant portion allocated to upstream projects, including U.S. shale and global offshore developments, as well as investments in new energy businesses.
How is Chevron managing costs and returning capital to shareholders?
Chevron achieved $1.5 billion in structural cost savings in 2025 and aims for $3-$4 billion in savings by the end of 2026 through portfolio optimization and technology leverage. The company demonstrated its commitment to shareholder returns by repurchasing $12.1 billion of its common stock in 2025 and increasing its quarterly dividend by approximately 4% in early 2026.
06—Continue