Chevron Reports Third Quarter 2025 Results

• Reported earnings of $3.5 billion; adjusted earnings of $3.6 billion
• Record production of 4.1 million BOE per day; 21 percent higher than last year
• Cash flow from operations of $9.4 billion; adjusted free cash flow of $7.0 billion

HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) reported earnings of $3.5 billion ($1.82 per share – diluted) for third quarter 2025, compared with $4.5 billion ($2.48 per share – diluted) in third quarter 2024. Included in the quarter was a net loss of $235 million due to severance and other transaction costs related to the acquisition of Hess Corporation (Hess), partly offset by the fair value measurement of Hess shares. Foreign currency effects increased earnings by $147 million. Adjusted earnings of $3.6 billion ($1.85 per share – diluted) in third quarter 2025 compared to adjusted earnings of $4.5 billion ($2.51 per share – diluted) in third quarter 2024. See Attachment 4 for a reconciliation of adjusted earnings.

Earnings & Cash Flow Summary
		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Total Earnings / (Loss)		$ MM	$	3,539		$	2,490			$	4,487		$	9,529		$	14,422
Upstream		$ MM	$	3,302		$	2,727			$	4,589		$	9,787		$	14,298
Downstream		$ MM	$	1,137		$	737			$	595		$	2,199		$	1,975
All Other		$ MM	$	(900	)	$	(974	)		$	(697	)	$	(2,457	)	$	(1,851	)
Earnings Per Share – Diluted		$/Share	$	1.82		$	1.45			$	2.48		$	5.27		$	7.88
Adjusted Earnings (1)		$ MM	$	3,627		$	3,053			$	4,531		$	10,493		$	14,624
Adjusted Earnings Per Share – Diluted (1)		$/Share	$	1.85		$	1.77			$	2.51		$	5.80		$	7.99
Cash Flow From Operations (CFFO)		$ B	$	9.4		$	8.6			$	9.7		$	23.2		$	22.8
CFFO Excluding Working Capital (1)		$ B	$	9.9		$	8.3			$	8.3		$	25.8		$	25.0
Avg. Brent Spot Price (Source: Platts)		$/BBL	$	69		$	68			$	80		$	71		$	83
(1) See non-GAAP reconciliation in attachments

“Third quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders,” said Mike Wirth, Chevron’s chairman and chief executive officer. U.S. and worldwide production hit new company records, up 27 percent and 21 percent, respectively, from last year. Strong cash flow from operations was sustained while the company’s adjusted free cash flow increased more than 50 percent from a year ago. The company returned $6 billion of cash to shareholders in the quarter, and over $78 billion in the last 3 years.

“The integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company,” Wirth concluded. After closing of the Hess transaction, the company’s interest in the Malaysia-Thailand joint development area was divested, and other assets are now being integrated into the company’s streamlined organizational structure.

Financial and Business Highlights
		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Return on Capital Employed (ROCE)		%		7.6	%		6.2	%			10.1	%		6.7	%		10.8	%
Capital Expenditures (Capex)		$ B	$	4.4		$	3.7			$	4.1		$	12.1		$	12.1
Affiliate Capex		$ B	$	0.4		$	0.4			$	0.6		$	1.4		$	1.8
Free Cash Flow (FCF) (1)		$ B	$	4.9		$	4.9			$	5.6		$	11.1		$	10.7
Adjusted Free Cash Flow (1)		$ B	$	7.0		$	4.9			$	4.6		$	16.0		$	13.3
Debt Ratio (end of period)		%		18.0	%		16.8	%			14.2	%		18.0	%		14.2	%
Net Debt Ratio (1) (end of period)		%		15.1	%		14.8	%			11.9	%		15.1	%		11.9	%
Net Oil-Equivalent Production		MBOED		4,086			3,396				3,364			3,614			3,334
(1) See non-GAAP reconciliation in attachments

Financial Highlights

• Reported earnings decreased compared to last year primarily due to lower crude oil prices, severance costs and other transaction costs related to the Hess acquisition, partly offset by higher margins on refined product sales.
• Worldwide and U.S. net oil-equivalent production set quarterly records, with the Hess acquisition contributing 495 MBOED. An additional 227 MBOED increase came from legacy Chevron production growth, including gains in the Permian Basin and the ramp-up of projects at the company’s Tengizchevroil LLP (TCO) affiliate and in the Gulf of America.
• Capex in the third quarter of 2025 was higher than last year largely due to spend on legacy Hess assets post-acquisition. Affiliate capex was down primarily due to lower spend at TCO.
• Cash flow from operations was lower than a year ago mainly due to an unfavorable swing in working capital effects, partly offset by higher cash distributions from TCO. Adjusted FCF benefited from a loan repayment from TCO and higher asset sales proceeds.
• Return on capital employed decreased from last year primarily due to lower earnings and an increase in capital employed from the purchase of Hess.
• The company returned $6.0 billion of cash to shareholders during the quarter, including share repurchases of $2.6 billion and dividends of $3.4 billion.
• The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-one cents ($1.71) per share, payable December 10, 2025, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2025.

Business Highlights

• Achieved first oil at Yellowtail, the fourth development in Guyana’s offshore Stabroek block.
• Sold the company’s interest in Block A-18 at the Malaysia-Thailand joint development area.
• Sanctioned the Hammerhead project, the seventh Stabroek block development in Guyana.
• Announced second long-term agreement to sell liquefied natural gas (LNG) to ENN Global Trading Pte. Ltd. in China, further strengthening the company’s LNG value chain.
• Extended agreement to increase export of natural gas from Leviathan field in Israel to Egypt.
• Entered agreement to explore three offshore blocks in Trujillo basin in Peru and two frontier exploration blocks in Guinea-Bissau.

Segment Highlights

Upstream

U.S. Upstream		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Earnings / (Loss)		$ MM	$	1,282		$	1,418			$	1,946		$	4,558		$	6,182
Net Oil-Equivalent Production		MBOED		2,040			1,695				1,605			1,792			1,584
Liquids Production		MBD		1,496			1,218				1,156			1,292			1,139
Natural Gas Production		MMCFD		3,265			2,864				2,694			2,997			2,665
Liquids Realization		$/BBL	$	48.12		$	47.77			$	54.86		$	50.12		$	57.33
Natural Gas Realization		$/MCF	$	1.77		$	1.75			$	0.55		$	1.99		$	0.85

• U.S. upstream earnings were lower than the year-ago period primarily due to lower liquids realizations and severance and other transaction costs related to the Hess acquisition, partly offset by impacts from higher sales volumes.
• U.S. net oil-equivalent production during the quarter was up 435,000 barrels per day from a year earlier primarily due to the acquisition of Hess and higher production in the Permian Basin and Gulf of America.

International Upstream		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Earnings / (Loss) (1)		$ MM	$	2,020		$	1,309			$	2,643		$	5,229		$	8,116
Net Oil-Equivalent Production		MBOED		2,046			1,701				1,759			1,822			1,750
Liquids Production		MBD		1,099			850				834			925			832
Natural Gas Production		MMCFD		5,674			5,099				5,550			5,382			5,513
Liquids Realization		$/BBL	$	63.16		$	58.88			$	70.59		$	63.14		$	72.70
Natural Gas Realization		$/MCF	$	6.88		$	7.20			$	7.46		$	7.06		$	7.20
(1) Includes foreign currency effects		$ MM	$	89		$	(236	)		$	13		$	(283	)	$	(202	)

• International upstream earnings were lower than a year ago primarily due to lower affiliate earnings, lower realizations, and asset sales, partly offset by earnings from legacy Hess, primarily Guyana.
• Net oil-equivalent production during the quarter was up 287,000 barrels per day from a year earlier primarily due to the acquisition of Hess and higher production in Kazakhstan as the Future Growth Project at TCO maintained nameplate capacity, partly offset by impacts from asset sales in Canada and Republic of Congo.

Downstream

U.S. Downstream		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Earnings / (Loss)		$ MM	$	638		$	404			$	146		$	1,145		$	879
Refinery Crude Unit Inputs		MBD		1,064			1,051				995			1,043			925
Refined Product Sales		MBD		1,303			1,381				1,312			1,325			1,296

• U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales and lower operating expenses, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company.
• Refinery crude unit inputs increased 7 percent from the year-ago period primarily due to increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project.
• Refined product sales decreased 1 percent compared to the year-ago period.

International Downstream		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Earnings / (Loss) (1)		$ MM	$	499		$	333			$	449		$	1,054		$	1,096
Refinery Crude Unit Inputs		MBD		663			661				628			648			643
Refined Product Sales		MBD		1,517			1,473				1,507			1,463			1,473
(1) Includes foreign currency effects		$ MM	$	42		$	(102	)		$	(55	)	$	(57	)	$	—

• International downstream earnings were higher than the year-ago period primarily due to favorable foreign currency effects, partly offset by lower margins on refined product sales.
• Refinery crude unit inputs increased 6 percent from the year-ago period primarily due to lower turnaround activity at our affiliate refinery in Singapore.
• Refined product sales increased 1 percent from the year-ago period.

All Other

All Other		Unit	3Q 2025			2Q 2025				3Q 2024			YTD 2025			YTD 2024
Net charges (1)		$ MM	$	(900	)	$	(974	)		$	(697	)	$	(2,457	)	$	(1,851	)
(1) Includes foreign currency effects		$ MM	$	16		$	(10	)		$	(2	)	$	1		$	—

• All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
• Net charges increased compared to a year ago primarily due to higher interest expense, transaction costs related to the Hess acquisition and pension curtailment costs, partly offset by a favorable fair market valuation adjustment for Hess shares.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com.

NOTICE

Chevron’s discussion of third quarter 2025 earnings with security analysts will take place on Friday, October 31, 2025, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Non-GAAP Financial Measures – This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.

This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow are shown in Attachment 3.

This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities as a percentage of total debt less cash and cash equivalents, time deposits and marketable securities, plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio is shown in Attachment 2.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations, assets and strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

	Attachment 1
CHEVRON CORPORATION – FINANCIAL REVIEW
(Millions of Dollars, Except Per-Share Amounts)
(unaudited)
CONSOLIDATED STATEMENT OF INCOME
		Three Months Ended September 30,								Nine Months Ended September 30,
REVENUES AND OTHER INCOME		2025				2024				2025				2024
Sales and other operating revenues		$	48,169			$	48,926			$	138,645			$	145,080
Income (loss) from equity affiliates			981				1,261				2,337				3,908
Other income (loss)			576				482				1,176				1,578
Total Revenues and Other Income			49,726				50,669				142,158				150,566
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products			27,398				30,450				82,866				89,058
Operating expenses (1)			9,128				7,935				24,414				23,236
Exploration expenses			288				154				727				546
Depreciation, depletion and amortization			5,781				4,214				14,248				12,309
Taxes other than on income			1,347				1,263				3,903				3,575
Interest and debt expense			370				164				856				395
Total Costs and Other Deductions			44,312				44,180				127,014				129,119
Income (Loss) Before Income Tax Expense			5,414				6,489				15,144				21,447
Income tax expense (benefit)			1,801				1,993				5,504				6,957
Net Income (Loss)			3,613				4,496				9,640				14,490
Less: Net income (loss) attributable to noncontrolling interests			74				9				111				68
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION		$	3,539			$	4,487			$	9,529			$	14,422
(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.
PER SHARE OF COMMON STOCK
Net Income (Loss) Attributable to Chevron Corporation
– Basic		$	1.83			$	2.49			$	5.29			$	7.91
– Diluted		$	1.82			$	2.48			$	5.27			$	7.88
Weighted Average Number of Shares Outstanding (000’s)
– Basic			1,938,922				1,800,336				1,801,623				1,822,770
– Diluted			1,946,035				1,807,030				1,808,004				1,829,776
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,999 million and 1,755 million at September 30, 2025, and December 31, 2024, respectively.

EARNINGS BY MAJOR OPERATING AREA		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Upstream
United States		$	1,282			$	1,946			$	4,558			$	6,182
International			2,020				2,643				5,229				8,116
Total Upstream			3,302				4,589				9,787				14,298
Downstream
United States			638				146				1,145				879
International			499				449				1,054				1,096
Total Downstream			1,137				595				2,199				1,975
All Other			(900	)			(697	)			(2,457	)			(1,851	)
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION		$	3,539			$	4,487			$	9,529			$	14,422

Contacts

Ross Allen — +1 713-372-6497

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