Chevron Corporation reported earnings of $3.5 billion ($2.00 per share – diluted) for first quarter 2025, compared with $5.5 billion ($2.97 per share – diluted) in first quarter 2024. Included in the quarter was a net loss of $175 million related to legal reserves and a tax charge due to changes in the energy profits levy in the United Kingdom that were partially offset by the fair value measurement of Hess Corporation shares. Foreign currency effects decreased earnings by $138 million. Adjusted earnings of $3.8 billion ($2.18 per share – diluted) in first quarter 2025 compared to adjusted earnings of $5.4 billion ($2.93 per share – diluted) in first quarter 2024. See Attachment 4 for a reconciliation of adjusted earnings.
“This quarter reflected continued strong execution and progress on our objective to deliver superior shareholder value,” said Mike Wirth, Chevron’s chairman and chief executive officer. Over the last three years, Chevron has returned more than $78 billion of cash to shareholders. “Despite changing market conditions, our resilient portfolio, strong balance sheet, and consistent focus on capital and cost discipline position us to deliver industry-leading free cash flow growth by 2026.”
In Kazakhstan, following the completion of the Future Growth Project (FGP) at the company’s Tengizchevroil (TCO) affiliate, production ramped up to name-plate capacity. In the United States, Permian Basin production grew with increased efficiencies, first oil was recently achieved on the Ballymore project in the Gulf of America on time and on budget, and the company sold a majority interest in its East Texas gas assets.
Financial Highlights
Chevron Reports First Quarter 2025 Results
Segment Highlights
Upstream
International Upstream
Downstream
U.S Downstream
International Downstream
All Other
Source: Chevron
