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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
Chevron expects continued strength in production and cash flow, boosted by its recent Hess acquisition, while macro uncertainties and energy prices may pose risks.