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Mar 31
Chevron Q1 2025 Earnings Report
Chevron reported lower earnings compared to the prior year quarter due to reduced upstream and downstream performance and foreign exchange impacts.
Key Takeaways
Chevron delivered $3.5B in net income and $47.6B in revenue for Q1 2025, down from the prior year. The company maintained stable production and initiated production at the Ballymore field, while returning $6.9B to shareholders.
Net income totaled $3.5B, down from $5.5B in Q1 2024.
Adjusted EPS was $2.18, slightly above the GAAP EPS of $2.00.
Cash flow from operations was $5.2B, impacted by lower earnings and tax payments.
Chevron began production at the Ballymore field and acquired a 4.99% stake in Hess Corporation.
Chevron
Chevron
Chevron Revenue by Segment
Chevron Revenue by Geographic Location
Revenue by Segment
Upstream Revenue
CapyFin.comDownstream Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Chevron expects to grow free cash flow through 2026 supported by strong operational execution and disciplined capital management.
Positive Outlook
- Ballymore field production ramp-up to support Gulf of America output growth.
- Continued growth in Permian Basin production.
- Improved refinery reliability increasing crude throughput.
- Acquisition of Hess shares aligns with long-term strategic growth.
- Structural cost reduction initiative targeting $2–3B savings by 2026.
Challenges Ahead
- Lower upstream and downstream margins affected current quarter results.
- Foreign exchange impacts reduced earnings by $138M.
- Legal reserves contributed to $175M in special item losses.
- Tax payments related to prior asset sales reduced cash flow.
- Reduced Capex and affiliate Capex reflect constrained investment pace.
Revenue & Expenses
Visualization of income flow from segment revenue to net income