Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of roughly $600 million compared to the previous quarter [9][10] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [9] - Adjusted free cash flow for the year was $20 billion, which included the first loan repayment from TCO and $1.8 billion in asset sales [10] Business Line Data and Key Metrics Changes - Adjusted upstream earnings decreased primarily due to lowered liquids prices, while adjusted downstream earnings were lower due to reduced chemicals earnings and refining volumes [10] - Chevron achieved record levels of production globally and in the U.S., with significant contributions from the Future Growth Project at Tengiz, which added 260,000 barrels of oil per day [4][11] - The company expects production growth to continue in 2026, driven by project ramp-ups and a full year of Hess assets [11][12] Market Data and Key Metrics Changes - Chevron's production in Venezuela increased by over 200,000 barrels per day since 2022, with potential for an additional 50% growth over the next 18-24 months [5][30] - The Eastern Mediterranean assets are expected to contribute to a doubling of current earnings and free cash flow, with Leviathan reaching FID to expand production capacity [6][42] Company Strategy and Development Direction - Chevron is focused on free cash flow growth and capital discipline, with a break-even below $50 Brent [14][15] - The company is committed to leveraging its expertise in Venezuela and expanding its operations in the Eastern Mediterranean, while maintaining a disciplined approach to capital allocation [6][60] - Chevron aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [14][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with a diversified portfolio and a strong balance sheet [8][15] - The company highlighted the importance of fiscal stability and regulatory predictability in its international operations, particularly in Venezuela and the Middle East [32][60] - Management emphasized the need to focus on high-return opportunities while maintaining capital discipline [60][66] Other Important Information - Chevron's balance sheet remains strong, with a net debt coverage ratio of 1x, and the company returned over $100 billion in dividends and buybacks over the last four years [10][15] - The company announced a 4% increase in the quarterly dividend, aligning with its financial priorities [15] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the proactive measures taken to resume production, with expectations for full capacity to be online soon [20][24] Question: Venezuela asset conditions and growth potential - Management confirmed uninterrupted operations in Venezuela, with production currently at around 250,000 barrels per day and potential for significant growth [30][31] Question: Tengiz compensation cuts and production impact - Management stated that historical trends suggest TCO production is less likely to be impacted by national compensation cuts due to its fiscal attractiveness [37] Question: Eastern Mediterranean resource potential - Management expressed excitement about the resource potential in the Eastern Mediterranean, with ongoing projects expected to significantly increase production and cash flow [41][42] Question: Cost reduction progress and organizational changes - Management reported $1.5 billion in savings from the cost reduction program, with expectations for further efficiencies as the new operating model is fully implemented [47][48] Question: Permian productivity and capital efficiency - Management confirmed that the Permian is being held at 1 million barrels per day, with significant improvements in capital efficiency and cash generation [53][54] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, emphasizing the need for competitive fiscal terms to consider investments in these regions [59][60] Question: LNG portfolio size and strategy - Management indicated a selective approach to LNG investments, focusing on projects that deliver competitive returns [61]

Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of approximately $600 million from the previous quarter [8][9] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [8] - Adjusted free cash flow for the year was $20 billion, which included the first loan repayment from TCO and $1.8 billion in asset sales [9] Business Line Data and Key Metrics Changes - Production reached record levels globally and in the U.S., with significant contributions from the Future Growth Project at Tengiz, which added 260,000 barrels of oil per day [3] - Adjusted upstream earnings decreased primarily due to lowered liquids prices, while adjusted downstream earnings were lower due to reduced chemicals earnings and refining volumes [9] - The downstream segment achieved the highest U.S. refinery throughput in two decades, driven by recent expansion projects and higher efficiency [3] Market Data and Key Metrics Changes - Chevron's production in Venezuela increased by over 200,000 barrels per day since 2022, with potential for further growth of up to 50% over the next 18-24 months [4][5] - Recent and upcoming project startups in Guyana, the Gulf of Mexico, and the Eastern Mediterranean are expected to increase offshore production by approximately 200,000 barrels of oil equivalent per day [11] - The company anticipates a 7%-10% year-over-year increase in production, excluding the impact of asset sales [11] Company Strategy and Development Direction - Chevron is focusing on free cash flow growth and capital discipline, with a break-even below $50 Brent [12][13] - The company aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [12] - Chevron is committed to leveraging its expertise in Venezuela and expanding its operations in the Eastern Mediterranean, with significant projects underway [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with a diversified portfolio and a strong balance sheet [7][13] - The company highlighted the importance of fiscal stability and regulatory predictability in its international operations, particularly in Venezuela and the Middle East [28][66] - Management emphasized the need to maintain capital discipline while exploring new opportunities in resource-rich countries [66] Other Important Information - Chevron's balance sheet remains strong, ending the year with a net debt coverage ratio of 1x [9] - The company announced a 4% increase in the quarterly dividend, reflecting its commitment to shareholder returns [13] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the steps taken to resume production, emphasizing safety and efficiency [16][17][19] Question: Venezuela asset conditions and growth potential - Management provided insights into the operational stability in Venezuela and the potential for significant production growth, highlighting the importance of fiscal stability [24][26][28] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, noting improvements in fiscal terms and the potential for exploration opportunities [54][55] Question: LNG portfolio size and strategy - Management reiterated the importance of competitive returns in LNG investments and the company's current focus on U.S. offtake without significant capital deployment [56] Question: Bakken performance and cross-learning - Management expressed satisfaction with Bakken's performance and the application of best practices from other regions to enhance productivity and efficiency [88]

Core Insights - Chevron Corporation (CVX) reported adjusted fourth-quarter earnings per share of $1.52, exceeding the Zacks Consensus Estimate of $1.44 due to higher-than-expected production and an 8% year-over-year reduction in costs [1][2] - The company's revenues totaled $46.9 billion, falling short of the Zacks Consensus Estimate of $51.4 billion and representing a 10.2% decrease year over year [2] Financial Performance - Chevron's upstream production reached 4,045 thousand oil-equivalent barrels per day (MBOE/d), a 21% increase year over year, driven by higher output from the Permian Basin, Gulf of America, and Kazakhstan [4] - The U.S. output increased 25% year over year to an all-time high of 2,055 MBOE/d, while international operations rose 17% to 1,990 MBOE/d [4] - Despite improved volumes, the upstream segment profit fell 29% to $3 billion due to lower liquid realizations, with average realized liquids prices in the U.S. down over 19% to $42.99 per barrel [5] Dividend and Shareholder Returns - Chevron increased its quarterly cash dividend by 4% to $1.78 per share, payable on March 10, 2026, to shareholders of record as of February 17 [3] Cash Flow and Expenditures - The company recorded $10.8 billion in cash flow from operations, up from $8.7 billion in the previous year, with free cash flow for the quarter at $4.2 billion [7][10] - Chevron distributed a total of $27.1 billion in cash to shareholders over the year, including $12.1 billion for share repurchases and $12.8 billion in dividends [7] - Capital and exploratory expenditures for the quarter were approximately $5.3 billion, an increase from $4.3 billion in the year-ago period, attributed to spending on legacy Hess assets and higher investments in U.S. data center power solutions [8]

Chevron delivering an earnings beat as production hit a record. Oil giant of Chevron sees a lot of upside in Venezuela. Hey Mike, uh Mike Worth is the man who's in charge of Chevron.Mike, welcome back to the show. >> Thank you Jim. >> Good morning everybody. >> Good morning.Uh great quarter raising quarterly dividend output coming up. What are the uh what do you think is is driving your increase in in output. because I don't want to just pin it on Venezuela.>> Well, 2025 was a year uh a record year for us r ...

Chevron delivering an earnings beat as production hit a record. Oil giant of Chevron sees a lot of upside in Venezuela. Hey Mike, uh Mike Worth is the man who's in charge of Chevron.Mike, welcome back to the show. >> Thank you Jim. >> Good morning everybody. >> Good morning.Uh great quarter raising quarterly dividend output coming up. What are the uh what do you think is is driving your increase in in output. because I don't want to just pin it on Venezuela.>> Well, 2025 was a year uh a record year for us r ...

Fourth quarter 2025 earnings call January 30, 2026 © 2026 Chevron Leviathan Platform Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 © 2026 Chevron 2 Building a bigger stronger Chevron in 2025 Execution Record production 12% increase Projects & milestones TCO, Permian, GOA, Geismar Portfolio Hess acquisition premier upstream portfolio Future growth ...

Core Viewpoint - Venezuela has made reforms to its hydrocarbon law, easing state control and granting more autonomy to private oil producers, which is seen as a positive step for attracting investment from companies like Chevron [1][2]. Group 1: Legislative Changes and Investment Climate - Venezuela's new hydrocarbon law reforms are aimed at protecting investments by private oil companies, which could enhance the investment climate [1]. - Chevron is currently reviewing the new legislation, emphasizing the importance of contract security, commercial stability, and regulatory predictability for attracting investment [2]. Group 2: Chevron's Operations and Production Potential - Chevron is the only U.S. oil major operating in Venezuela, producing approximately 250,000 barrels per day through joint ventures with Petróleos de Venezuela (PDVSA) [3]. - The company could potentially increase its production in Venezuela by up to 50% over the next 18 to 24 months, contingent on receiving authorization from the U.S. government [3]. Group 3: Competitive Landscape and Market Position - Wall Street views Chevron as well-positioned to benefit from U.S. military intervention in Venezuela due to its established presence and relationship with PDVSA [4]. - In contrast, competitor ExxonMobil remains cautious about returning to Venezuela, citing past asset seizures and deeming the country uninvestable until a democratic transition occurs [6]. Group 4: Financial Performance - Chevron reported fourth-quarter earnings that exceeded estimates, with a 12% increase in global production and a 16% increase in U.S. production, reaching record levels [5]. - Following the earnings report, Chevron shares rose by 1.4%, reflecting a nearly 14% gain since the beginning of the year, outperforming the broader market [7].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Viewpoint - Chevron reported quarterly earnings of $1.52 per share, exceeding the Zacks Consensus Estimate of $1.44 per share, but down from $2.06 per share a year ago, indicating a decline in profitability [1] Financial Performance - The company achieved revenues of $46.87 billion for the quarter ended December 2025, which fell short of the Zacks Consensus Estimate by 8.87% and decreased from $52.23 billion year-over-year [2] - Over the last four quarters, Chevron has surpassed consensus EPS estimates four times but has not beaten revenue estimates during the same period [2] Stock Performance - Chevron shares have increased approximately 12.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.8% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.50 on revenues of $48.09 billion, while the estimate for the current fiscal year is $6.33 on revenues of $195.37 billion [7] - The outlook for the industry, specifically the Oil and Gas - Integrated - International sector, is currently in the bottom 13% of Zacks industries, which may negatively impact stock performance [8]

本文源自：金融界AI电报 1. 1月30日(周五)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.35%，标普期货跌 0.34%，纳指期货跌0.44%。 2. 截至发稿，欧洲股市主要指数齐涨。欧洲斯托克50指数涨1.04%，英国富 时100指数涨0.5%，法国CAC40指数涨0.8%，德国DAX30指数涨0.96%。 3. 截至发稿，WTI原油跌 0.64%，报65.0美元/桶。布伦特原油跌0.69%，报69.11美元/桶。纽交所黄金跌3.69%，报5157.2美元/盎 司。 市场消息 1、特朗普正式提名沃什执掌美联储，CME数据显示美联储到6月累计降息25个基点概率 达48.3%，货币市场押注美联储今年将累计降息超过两次且每次25个基点。 2、芝加哥期权交易所波动 率指数接近盘中低点，报17.80点。 3、印尼金融监管机构负责人辞职，为印尼股市抛售承担责任。 4、 印度外汇储备增至创纪录的7094.1亿美元（截至1月23日）。 5、以色列将于周日重新开放加沙与埃及之 间的拉法口岸。 6、伊朗外交部长表示伊朗的导弹问题绝不会成为谈判议题，已为战争或外交两种情况 做好准备，希望就有尊严的谈判达成框架协议 ...