Chevron reported third‑quarter 2025 results with net income of $3.5 billion and diluted earnings per share of $1.82, down from $4.5 billion and $2.48 in the same quarter a year earlier. Revenue for the quarter was $49.73 billion, slightly below the $50.67 billion forecasted by analysts, and adjusted earnings per share were $1.85, exceeding the $1.71 consensus estimate.
Production reached a record 4.1 million barrels of oil equivalent per day, a 21% increase from the same period last year. The surge was driven by the integration of Hess assets, the ramp‑up of the Tengizchevroil Future Growth Project in Kazakhstan, and continued output from the Gulf of America and Permian Basin. Hess assets contributed approximately 495,000 boed to the total production.
Free cash flow rose to $7 billion, a 42% increase from $4.9 billion in Q3 2024. The growth reflects strong cash generation amid lower oil prices and a $235 million transaction‑cost charge related to the Hess acquisition.
The $235 million charge is part of the $53 billion all‑stock acquisition of Hess, which adds 495,000 boed of upstream capacity and is expected to deliver $1 billion in annual cost synergies by the end of 2025, with an additional $2‑3 billion in cost reductions anticipated thereafter. The deal also resulted in 575 job cuts in Houston.
Chevron’s guidance for Q4 2025 projects adjusted earnings per share of $1.85 to $1.90, above the $1.68 consensus. Management highlighted ongoing cost‑reduction initiatives and the expected completion of the Hess integration, which is projected to enhance long‑term cash flow.
During the quarter, Chevron distributed $6 billion in dividends and share repurchases, continuing its commitment to shareholder returns.
Strategic projects such as the ACES Green Hydrogen initiative and the Ballymore tieback project progressed, underscoring the company’s focus on long‑term growth and diversification.
Brent crude averaged $69 per barrel in Q3 2025, down from $80 in Q3 2024, yet Chevron maintained strong refining margins and operational efficiencies, enabling it to beat adjusted earnings estimates.
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