Summary
Chevron Corporation reported a notable decrease in its financial performance for the three and six months ending June 30, 2025, compared to the same periods in 2024. Net income attributable to Chevron Corporation fell to $2.49 billion in Q2 2025 from $4.43 billion in Q2 2024, and for the first six months, it dropped to $5.99 billion from $9.93 billion a year prior. This decline is primarily attributed to lower upstream realizations, reduced earnings from equity affiliates like TCO (Tengizchevroil LLP) due to higher depreciation and amortization, and unfavorable foreign currency impacts. Despite the decrease in earnings, the company's operational performance shows mixed results with upstream production increasing slightly year-over-year, while downstream operations saw improved margins and lower expenses in the US, though international downstream faced currency headwinds. The company also highlighted significant strategic developments, including the completion of the Hess Corporation acquisition in July 2025, which is expected to positively impact future production and cash flow. Chevron continued its share repurchase program, demonstrating a commitment to returning capital to shareholders, and announced new ventures in the lithium sector and renewable diesel production. The company also finalized substantial LNG take-or-pay export agreements, bolstering its position in the energy market. While financial results have softened, Chevron's strategic initiatives and ongoing capital discipline signal a focus on long-term value creation.
Financial Highlights
46 data points| Revenue | $44.38B |
| Cost of Revenue | $26.86B |
| Gross Profit | $17.52B |
| SG&A Expenses | $889.00M |
| Operating Expenses | $40.67B |
| Interest Expense | $274.00M |
| Net Income | $2.49B |
| EPS (Basic) | $1.45 |
| EPS (Diluted) | $1.45 |
| Shares Outstanding (Basic) | 1.72B |
| Shares Outstanding (Diluted) | 1.72B |
Key Highlights
- 1Net income attributable to Chevron Corporation decreased significantly, with Q2 2025 at $2.49 billion (vs. $4.43 billion in Q2 2024) and YTD 2025 at $5.99 billion (vs. $9.93 billion in YTD 2024).
- 2Upstream segment earnings declined primarily due to lower liquids realizations and reduced affiliate earnings at TCO, despite a slight increase in overall net oil-equivalent production.
- 3Downstream segment earnings showed resilience, with U.S. operations improving due to higher margins and lower expenses, while international downstream was impacted by foreign currency effects.
- 4The acquisition of Hess Corporation was completed in July 2025, with expectations of favorable impacts on future production and free cash flow.
- 5Chevron repurchased $2.6 billion of its stock in Q2 2025 as part of its ongoing $75 billion repurchase program.
- 6The company announced strategic moves into the lithium sector and expanded renewable diesel capacity.
- 7Total debt increased to $29.5 billion as of June 30, 2025, from $24.5 billion at year-end 2024, largely due to new bond issuances.