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Company Research17 Jan 2024
The Largest Announced M&A Deals of 2023
Explore the biggest M&A deals of 2023, including major moves in energy, tech, and biotech sectors, reflecting a trend in strategic growth.
Chevron
Chevron (CVX) investor relations material
Chevron Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Achieved record global and U.S. production in 2025, up 12% year-over-year, driven by major project startups and the Hess acquisition, creating a high-margin upstream portfolio.
Completed the Hess acquisition, adding premier upstream assets and supporting future growth.
Delivered the highest U.S. refinery throughput in two decades, reflecting expansion and efficiency gains.
Achieved $1.5B in structural cost reductions in 2025, targeting $3–4B by end of 2026.
Returned a record $27 billion to shareholders in 2025, including dividends, share repurchases, and Hess share purchases.
Financial highlights
2025 net earnings were $12.3B ($6.63/share); adjusted earnings were $13.5B ($7.29/share).
Cash flow from operations for 2025 was $33.9B, including $1.7B from working capital drawdown.
Adjusted free cash flow for 2025 was $20.2B, up over 35% year-over-year despite a 15% drop in oil prices.
Total capex was $17.3B; organic capex $16.5B.
Debt to CFFO ratio at 1.2x; net debt to CFFO at 1.0x as of year-end.
Outlook and guidance
2026 production guidance: 3,980–4,100 MBOED, up 7–10% year-over-year, with full-year contribution from Hess assets.
Organic capex expected at $18–$19B; share repurchases targeted at $2.5–$3B.
Dividend per share to increase 4% to $1.78.
Structural cost reduction program targets $3–4B in annual savings by end of 2026, with over 60% from durable efficiency gains.
Sensitivity: $600MM A/T earnings and cash flow per $1 change in Brent price.
ROCE outlook post-Hess integration?
Detail path to $3-4B structural cost reduction
What is the capital allocation for new energies?
Venezuela production growth drivers
Shale portfolio capital efficiency outlook
Middle East investment strategy
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Next Chevron earnings date
Q1 20261 May, 2026
Chevron
Next Chevron earnings date
Q1 20261 May, 2026
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Frequently asked questions
A Warren Buffet favorite
As one of the successors of Standard Oil, a company that at its height was the largest petroleum company in the world, Chevron has operations in over 180 countries. The company is engaged in most of the different oil sectors and was one of the Seven Sisters that dominated the global petroleum industry from the 1940s to the 1970s.
By the end of Q1 2022, Warren Buffett increased Berkshire Hathaway’s stake in Chevron, making the oil giant Berkshire’s fourth-largest holding by then.
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