Chevron demonstrated strong operational performance and strategic growth through its merger with Hess and increased production in key areas. Despite some financial headwinds from foreign currency impacts and a decline in adjusted earnings, the company remains confident in its cash flow and shareholder return capabilities.

Company Guidance

During Chevron's Second Quarter 2025 Earnings Conference Call, the company delivered comprehensive guidance on their operational and financial outlook. Chevron achieved a record production milestone in the Permian Basin, averaging over 1 million barrels of oil equivalent per day, and returned over $5 billion to shareholders for the 13th consecutive quarter. The merger with Hess has positioned Chevron as the largest leaseholder in the Gulf of America, with U.S. production nearly 60% higher than two years ago. The company expects to realize $1 billion in annual run-rate synergies by the end of the year, six months ahead of schedule, and anticipates the merger to be cash flow accretive in the fourth quarter. Chevron reported second quarter earnings of $2.5 billion, or $1.45 per share, with adjusted earnings at $3.1 billion, or $1.77 per share. Organic CapEx was $3.5 billion, and inorganic CapEx, primarily for lithium acreage acquisition, was approximately $200 million. Cash flow from operations, excluding working capital, was $8.3 billion, and adjusted free cash flow was $4.9 billion, marking a 15% quarter-on-quarter increase despite a 10% drop in crude prices. The company revised its 2026 additional free cash flow guidance to $12.5 billion, reflecting strong performance in key growth assets and cost reductions.

Record Production Achieved

Chevron reported a quarterly production record both in the U.S. and globally, with Permian Basin production averaging over 1 million barrels of oil equivalent per day.

Successful Hess Merger and Arbitration Win

Chevron closed its merger with Hess, adding significant assets to its portfolio and achieved a favorable arbitration outcome, further solidifying its market position.

Strong Cash Flow and Shareholder Returns

Chevron generated cash flow from operations of $8.3 billion and returned over $5 billion to shareholders for the 13th consecutive quarter.

Operational Excellence in Key Segments

The company reported its highest U.S. refinery crude throughput in over 20 years and achieved a 30% reduction in development and production unit costs in the Permian.

Enhanced Free Cash Flow Forecast

Chevron increased its 2026 additional free cash flow guidance to $12.5 billion, driven by synergy realization and production growth.

Chevron (DE:CHV) Earnings, Revenues Date & History

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DE:CHV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 24, 2025	2025 (Q3)	1.70 / -	2.159	―	―	―
Aug 01, 2025	2025 (Q2)	1.49 / 1.52	2.193	-30.59% (-0.67)
May 02, 2025	2025 (Q1)	1.86 / 1.87	2.52	-25.60% (-0.65)
Jan 31, 2025	2024 (Q4)	1.82 / 1.77	2.967	-40.29% (-1.20)
Nov 01, 2024	2024 (Q3)	2.08 / 2.16	2.623	-17.70% (-0.46)
Aug 02, 2024	2024 (Q2)	2.52 / 2.19	2.649	-17.21% (-0.46)
Apr 26, 2024	2024 (Q1)	2.51 / 2.52	3.053	-17.46% (-0.53)
Feb 02, 2024	2023 (Q4)	2.75 / 2.97	3.518	-15.65% (-0.55)
Oct 27, 2023	2023 (Q3)	3.18 / 2.62	4.782	-45.14% (-2.16)
Jul 28, 2023	2023 (Q2)	2.51 / 2.65	5.006	-47.08% (-2.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:CHV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	€131.39	€128.85	-1.93%
May 02, 2025	€117.73	€118.24	+0.43%
Jan 31, 2025	€145.27	€139.84	-3.74%
Nov 01, 2024	€130.68	€135.35	+3.57%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.