Chevron Corporation (NYSE:CVX, XETRA:CHV) posted mixed earnings for the fourth quarter, with profit above Wall Street estimates but revenue falling short.
Adjusted earnings for the period were $3 billion, or $1.52 per share, exceeding analyst expectations of roughly $1.45 per share.
This was down from $3.6 billion or $2.06 per share in the year-ago quarter, primarily due to lower crude oil prices.
Total earnings for the quarter were $2.77 billion, down from $3.24 billion a year earlier, affected by pension settlement costs and foreign currency impacts.
Revenue came in at $46.87 billion, slightly below the anticipated $47.15 billion.
Production grew significantly, with worldwide net oil-equivalent output reaching 4.045 million barrels per day, a 20.7% increase from the fourth quarter of 2024. This growth was driven by the Hess acquisition and expansions in the Permian Basin and Gulf of America.
Cash flow from operations rose to $10.8 billion, with adjusted free cash flow of $4.2 billion.
“2025 was a year of significant achievement. We successfully integrated Hess, started-up major projects, delivered record production and reorganized our business,” Chevron CEO Mike Wirth said in a statement.
“This resulted in industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices.”
The company highlighted progress on major projects, including first oil in the Gulf of America and the startup of the Future Growth Project through its Tengizchevroil affiliate in Kazakhstan. Chevron also continued to advance new energy initiatives in power, lithium, and hydrogen while achieving $1.5 billion in structural cost reductions in 2025.
In Venezuela, Chevron said it remains engaged with both US and Venezuelan authorities to advance shared energy goals. The company noted its long-standing presence in the country and expressed readiness to support efforts to strengthen regional energy security and develop future energy opportunities.
Chevron also announced a 4% increase in its quarterly dividend to $1.78 per share, marking the 39th consecutive year of dividend growth.
Shares of Chevron added 1% at $173 post-earnings.