Summary
Chevron Corporation reported a net income attributable to Chevron of $3.5 billion ($2.00 per diluted share) for the first quarter of 2025, a decrease from $5.5 billion ($2.97 per diluted share) in the first quarter of 2024. This decline was primarily driven by lower earnings in both the Upstream and Downstream segments. Upstream earnings decreased due to lower liftings, reduced affiliate earnings, and lower realizations, while Downstream earnings were impacted by lower refined product margins and a legal reserve. Despite the decrease in earnings, the company's financial position remains robust. Cash provided by operating activities was $5.2 billion, and capital expenditures totaled $3.9 billion. Chevron also continued its commitment to shareholder returns, paying $3.0 billion in dividends and repurchasing $3.9 billion of its stock in the quarter. The company also highlighted progress on strategic initiatives, including its planned acquisition of Hess Corporation and ongoing efforts to achieve structural cost reductions.
Financial Highlights
46 data points| Revenue | $46.10B |
| Cost of Revenue | $28.61B |
| Gross Profit | $17.49B |
| SG&A Expenses | $1.22B |
| Operating Expenses | $42.03B |
| Interest Expense | $212.00M |
| Net Income | $3.50B |
| EPS (Basic) | $2.01 |
| EPS (Diluted) | $2.00 |
| Shares Outstanding (Basic) | 1.74B |
| Shares Outstanding (Diluted) | 1.75B |
Key Highlights
- 1Net income attributable to Chevron Corporation decreased to $3.5 billion in Q1 2025 from $5.5 billion in Q1 2024.
- 2Diluted earnings per share fell to $2.00 in Q1 2025 from $2.97 in Q1 2024.
- 3Upstream segment earnings decreased significantly due to lower liftings, reduced affiliate earnings, and lower commodity realizations.
- 4Downstream segment earnings were also lower, impacted by reduced refined product margins and a legal reserve.
- 5Operating cash flow remained strong at $5.2 billion, though lower than the prior year's $6.8 billion.
- 6Capital expenditures were $3.9 billion, a slight decrease from the prior year, with a focus on U.S. upstream and power solutions.
- 7The company paid $3.0 billion in dividends and repurchased $3.9 billion of common stock in the quarter, underscoring its commitment to shareholder returns.
- 8Progress continues on the proposed acquisition of Hess Corporation, with Chevron acquiring a stake and managing regulatory reviews and arbitration.