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Jun 30, 2025
Chevron Q2 2025 Earnings Report
Chevron reported Q2 2025 results with lower earnings and revenue compared to the prior year, impacted by weaker commodity prices and foreign currency effects.
Key Takeaways
Chevron delivered solid operational execution in Q2 2025, achieving record oil-equivalent production, particularly in the Permian Basin. However, earnings declined year-over-year due to lower oil prices and a fair value adjustment related to Hess shares.
Net income was $2.49 billion, down from $4.43 billion in Q2 2024
Adjusted earnings were $3.1 billion, excluding special items and FX effects
Permian Basin production reached 1 million barrels of oil equivalent per day
Returned $5.5 billion to shareholders and completed Hess acquisition
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Chevron expects continued strength in production and cash flow, boosted by its recent Hess acquisition, while macro uncertainties and energy prices may pose risks.
Positive Outlook
- Completion of Hess acquisition enhances long-term portfolio
- Permian production at record levels
- Cash flow from operations among highest in history
- Operational efficiency improvements from reorganization
- Strong LNG and renewable energy positioning
Challenges Ahead
- Lower realized crude prices continue to pressure earnings
- Foreign currency effects reduced earnings by $348 million
- Depreciation and amortization increased versus prior year
- Fair value adjustment for Hess shares impacted results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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