Chevron Corporation today reported earnings of US$3.5 billion (US$1.82 per diluted share) for the third quarter of 2025, down from US$4.5 billion (US$2.48 per share) in the same period last year.
The decline was driven mainly by lower crude prices and US$235 million in severance and transaction costs linked to the company’s acquisition of Hess Corporation, partly offset by fair value gains on Hess shares. Foreign currency effects increased earnings by US$147 million, while adjusted earnings stood at US$3.6 billion (US$1.85 per share) compared to US$4.5 billion (US$2.51 per share) a year earlier.
“Third quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders,” Chevron’s Chairman and Chief Executive Officer Mike Wirth said.
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He noted that the integration of Hess is progressing well, unlocking synergies and positioning Chevron as a premier global energy company. U.S. and worldwide production hit new records, increasing by 27% and 21%, respectively, from last year. The Hess acquisition contributed 495,000 barrels of oil equivalent per day, along with an additional 227,000 barrels from Chevron’s legacy operations, including gains in the Permian Basin and ramp-ups at the company’s Tengizchevroil affiliate and in the Gulf of America.
Chevron’s international upstream earnings were lower than a year ago due to reduced affiliate income and asset sales, but were partly offset by contributions from legacy Hess operations, primarily Guyana. The company highlighted two key milestones offshore Guyana in the quarter: first oil at Yellowtail — the fourth development in the Stabroek Block and the sanctioning of Hammerhead, the Block’s seventh development.
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Both projects form part of a broader expansion strategy in one of the world’s most prolific oil provinces, where Chevron now holds a stake.
The company said it continues to generate robust cash flow from operations, supported by higher asset sales and distributions from Tengizchevroil. It returned US$6 billion to shareholders during the quarter, including US$2.6 billion in share repurchases and US$3.4 billion in dividends.
Chevron’s Board of Directors declared a quarterly dividend of US$1.71 per share, payable on December 10, 2025, to shareholders of record as of November 18, 2025.
