Chevron (CVX) third quarter 2025 earnings

Strip On Friday, the company announced third-quarter financial results that beat Wall Street forecasts as it achieved record production due in part to its acquisition of Hess Corporation.

The oil giant’s net income fell 21% to $3.54 billion, or $1.82 per share, from $4.49 billion, or $2.48 per share, in the same period last year. Its earnings declined year over year due to falling oil prices and a $235 million loss in transaction costs related to the Hess acquisition.

Excluding costs related to Hess and foreign exchange effects, Chevron earned $1.85 per share, beating Wall Street’s forecast of $1.71 per share.

Here’s what Chevron reported: third quarter Compared to Wall Street expectations, according to a survey of analysts by LSEG:

• Earnings per share: adjusted $1.85, expected $1.71
• Revenues: 49.01 billion dollars is expected against the expectation of 49.73 billion dollars

U.S. crude oil prices have fallen nearly 16% this year as OPEC+ ramps up production and President Donald Trump’s tariffs worry the market about an economic slowdown.

Despite the low prices, Chevron reached a record 4.1 million barrels per day, up 21% from the same period last year. The Hess acquisition led to higher production from the Permian Basin, Gulf of Mexico and Kazakhstan, according to the company.

Chevron’s U.S. manufacturing business reported profits of $1.28 billion, down 34% from $1.95 billion in the third quarter of 2024. It pumped 2 million barrels per day, up 27% from 1.6 million barrels per day in the previous period.

International production recorded a gain of $2 billion, down 24% compared to $2.64 billion in the same quarter last year. Production increased by 16% to 2 million barrels per day, compared to 1.76 million barrels per day in the same period of the previous year.

Profit at Chevron’s U.S. refining business rose more than 300% to $638 million compared to $146 million in the third quarter of 2024. International refining reported earnings of $499 million, up 11% from $449 million in the prior period. Refining profits increased year over year due to higher margins on product sales.

Capital expenditures rose 7% from last year’s quarter to $4.4 billion, driven by spending on legacy Hess assets. Chevron’s adjusted free cash flow increased nearly 50% compared to the same period last year, reaching $7 billion.