Chevron intends to finance Venezuelan oil investments with cash from oil sales rather than committing new capital to the country, CFO Eimear Bonner says https://t.co/zBpVccNlvy ...

Core Viewpoint - Chevron reported fourth-quarter earnings that exceeded Wall Street estimates, driven by record oil production despite lower crude prices [1][3]. Group 1: Earnings Performance - Chevron's adjusted earnings per share were $1.52, surpassing the consensus estimate of $1.45 [3][5]. - The company's revenue for the quarter was $46.87 billion, slightly below the expected $47.1 billion [5]. Group 2: Production Growth - Chevron achieved a production record of 4.05 million barrels per day in the fourth quarter [3]. - The company is positioned to increase its production in Venezuela by 50% over the next 18 to 24 months following a U.S. military intervention that removed President Nicolas Maduro [2]. Group 3: Competitive Position - Wall Street views Chevron as the U.S. oil company best positioned to benefit from the U.S. intervention in Venezuela, while competitors like ExxonMobil are hesitant to return due to past asset seizures [4].

Financial Performance - Reported earnings for Q4 2025 were $2.8 billion ($1.39 per share), down from $3.2 billion ($1.84 per share) in Q4 2024[3] - Adjusted earnings for Q4 2025 were $3.0 billion ($1.52 per share), compared to $3.6 billion ($2.06 per share) in Q4 2024[3] - Total revenues and other income for Q4 2025 were $46.873 billion, down from $52.226 billion in Q4 2024[33] - Net income attributable to Chevron Corporation for Q4 2025 was $2.770 billion, compared to $3.239 billion in Q4 2024[33] - Chevron Corporation reported a net income of $2.77 billion for Q4 2025, down from $3.24 billion in Q4 2024, and a total net income of $12.30 billion for the year, compared to $17.66 billion in 2024[34] - Total adjusted earnings for Q4 2025 were $3,028 million, compared to $3,632 million in Q4 2024, with annual adjusted earnings of $13,521 million versus $18,256 million in 2024[41] - Adjusted earnings per share for Q4 2025 were $1.52, down from $2.06 in Q4 2024, with annual adjusted earnings per share of $7.29 compared to $10.05 in 2024[41] Cash Flow and Capital Expenditures - Cash flow from operations reached $10.8 billion in Q4 2025, an increase from $8.7 billion in Q4 2024[4] - Cash flow from operations (CFFO) for the year was $33.94 billion, an increase from $31.49 billion in 2024[38] - Capital expenditures for 2025 were $17.3 billion, up from $16.4 billion in 2024[10] - Capital expenditures (Capex) totaled $17.35 billion for 2025, compared to $16.45 billion in 2024, with Q4 Capex at $5.26 billion, up from $4.34 billion[36] - The company reported a free cash flow of $16.60 billion for 2025, compared to $15.00 billion in 2024[38] Shareholder Returns - The company returned $27.1 billion to shareholders in 2025, including $12.8 billion in dividends and $12.1 billion in share repurchases[15] - A 4% increase in quarterly dividend to $1.78 per share was announced, payable on March 10, 2026[15] Production and Reserves - Worldwide and U.S. production increased by 12% and 16% respectively in 2025, achieving record levels[7] - The reserve replacement ratio for 2025 was 158%, with year-end proved reserves at approximately 10.6 billion barrels[13] - The acquisition of Hess contributed 261 MBOED to production in 2025, enhancing the company's upstream portfolio[13] Cost Management - Structural cost reductions of $1.5 billion were achieved in 2025, with a target of $3-4 billion by the end of 2026[15] Downstream Performance - U.S. downstream earnings increased due to lower operating expenses, higher margins on refined product sales, and the absence of prior-year severance charges[22] - Refinery crude unit inputs rose by 14% year-over-year, primarily driven by the ramp-up of the Light Tight Oil project and improved reliability at the Pasadena refinery[22] - Refined product sales increased by 3% compared to the previous year, attributed to higher demand for jet fuel[22] - International downstream earnings improved due to higher margins on refined product sales, offset by less favorable foreign currency effects[22] - Refinery crude unit inputs in international operations increased by 2% year-over-year, mainly due to lower turnaround activity at the South Korea affiliate refinery[22] Debt and Assets - Total assets increased to $324.01 billion in 2025 from $256.94 billion in 2024, while total debt rose to $40.76 billion from $24.54 billion[36] - The debt ratio increased to 17.9% in 2025 from 13.9% in 2024, indicating a higher proportion of debt relative to equity[36] Earnings by Segment - Chevron's total upstream earnings for Q4 2025 were $3.04 billion, a decrease from $4.30 billion in Q4 2024, while total downstream earnings improved to $823 million from a loss of $248 million[34] - U.S. Upstream reported earnings of $1,258 million for Q4 2025, down from $1,420 million in Q4 2024, with a total for the year of $5,815 million compared to $7,602 million in 2024[41] - International Upstream earnings were $1,777 million in Q4 2025, a decrease from $2,884 million in Q4 2024, with annual earnings of $7,007 million versus $11,000 million in 2024[41] - U.S. Downstream reported a loss of $230 million in Q4 2025, compared to a loss of $348 million in Q4 2024, with annual earnings of $1,375 million, up from $531 million in 2024[41] - International Downstream earnings increased to $593 million in Q4 2025 from $100 million in Q4 2024, with annual earnings of $1,647 million compared to $1,196 million in 2024[41] Special Items and Impacts - Net charges in the "All Other" segment increased to $(1.088) billion in Q4 2025 from $(0.817) billion in Q4 2024, primarily due to higher corporate tax costs and interest expenses[21] - Special items for the year included a total of $(1,505) million, impacting net income significantly[41] - Foreign currency effects resulted in a total impact of $(130) million in Q4 2025, compared to $722 million in Q4 2024[41] - The company experienced a decrease in total adjusted earnings due to various impairments and severance costs across segments[41] Future Outlook - The company aims to grow its oil and gas business while lowering the carbon intensity of operations and expanding into new energy businesses[21] - Chevron plans to provide forward guidance and sensitivities quarterly, with the next earnings discussion scheduled for January 30, 2026[24]

Chevron's fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025. ...

Core Viewpoint - Chevron Corporation reported a decrease in earnings for the fourth quarter of 2025, primarily due to lower crude oil prices and unfavorable foreign currency effects, despite achieving record production levels and significant cash flow growth [1][6]. Financial Performance - Reported earnings for Q4 2025 were $2.8 billion ($1.39 per share), down from $3.2 billion ($1.84 per share) in Q4 2024 [1]. - Adjusted earnings for Q4 2025 were $3.0 billion ($1.52 per share), compared to $3.6 billion ($2.06 per share) in Q4 2024 [1][2]. - Cash flow from operations (CFFO) increased to $10.8 billion in Q4 2025 from $8.7 billion in Q4 2024 [2][6]. Production and Operations - Chevron's net oil-equivalent production reached record levels, with a total of 4,045 MBOED in Q4 2025, up from 3,350 MBOED in Q4 2024 [5][9]. - The acquisition of Hess Corporation contributed 261 MBOED to production, while legacy Chevron operations added 124 MBOED [6][12]. - The company achieved a production target of 1 million barrels of oil equivalent per day in the Permian Basin [3]. Capital Expenditures and Cash Flow - Capital expenditures (Capex) for 2025 were $17.3 billion, an increase from $16.4 billion in 2024, driven by investments in legacy Hess assets [5][6]. - Free cash flow for 2025 was reported at $20.2 billion, compared to $21.3 billion in 2024 [5][6]. Shareholder Returns - Chevron returned $27.1 billion to shareholders in 2025, including $12.1 billion in share repurchases and $12.8 billion in dividends [6]. - The Board of Directors declared a 4% increase in the quarterly dividend to $1.78 per share, payable on March 10, 2026 [6]. Strategic Developments - The company successfully integrated Hess and achieved its initial synergy target of $1 billion [3][12]. - Chevron is advancing new energy opportunities in power, lithium, and hydrogen, while also achieving structural cost reductions of $1.5 billion in 2025 [3][12]. - The company continues to engage with the U.S. and Venezuelan governments to advance energy goals in Venezuela [4].

Oil giant Chevron Corporation, the only US company currently producing oil in Venezuela, is set to report its fourth-quarter earnings before the market opens on Friday. Its operations in Venezuela ar... ...

Core Viewpoint - The Trump administration has issued a general license that expands the operational capabilities of oil companies in Venezuela, indicating a significant shift in U.S. sanctions policy under the new leadership in Caracas [1]. Group 1: License Details - The license from the U.S. Treasury Department allows various activities related to Venezuelan crude, including exporting, selling, storing, and refining, provided these actions are conducted by a U.S. entity [2]. - The license does not permit upstream crude production within Venezuela, where only Chevron Corp. currently operates under a special U.S. license [2]. Group 2: Economic Implications - Venezuelan lawmakers have approved a significant reform of the country's hydrocarbons policy, which U.S. oil executives view as crucial for resuming operations in the country [3]. - President Trump anticipates that U.S. energy companies will invest billions to revitalize Venezuela's oil sector, which has suffered from years of underinvestment and corruption [3]. Group 3: Restrictions and Limitations - The White House aims to stimulate Venezuela's economy following the capture of former President Nicolás Maduro, but the impact of the new license may be limited due to restrictions, such as prohibiting transactions with Chinese-tied entities [4]. - Payments to the state oil company, Petroleos de Venezuela SA (PDVSA), must go through U.S.-controlled accounts, and collaborations with Chinese-controlled Venezuelan ventures are prohibited [6]. - The license mandates that U.S. laws govern contracts and that disputes must be resolved in the U.S., along with a requirement for a detailed report on transactions involving Venezuelan oil [6].

Venezuela makes up less than 10% of Chevron's production, but has investors transfixed. ...

雪佛龙公司（CVX）周四尾盘上涨1.2%，此前有报道称特朗普政府与一些能源公司商讨快速提高委内 瑞拉石油产量。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：张俊 SF065 雪佛龙公司（CVX）周四尾盘上涨1.2%，此前有报道称特朗普政府与一些能源公司商讨快速提高委内 瑞拉石油产量。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：张俊 SF065 ...

Group 1 - Oil stocks experienced a broad rally, with Occidental Petroleum (OXY.US) rising over 4%, ConocoPhillips (COP.US) increasing more than 3%, and ExxonMobil (XOM.US) and Chevron (CVX.US) both gaining over 2% [1] - Brent crude oil futures surged more than 4% during the day, strongly breaking through the $70 per barrel mark, driven by market concerns over escalating tensions between the U.S. and Iran [1] - President Trump continues to apply pressure on Iran to terminate its nuclear program, threatening military action and deploying naval forces to the region [1] Group 2 - Reports indicate that Trump is considering options that include precise strikes against Iranian security forces and leaders to incite protests and potentially overthrow the current Iranian regime [1] - Analysts warn that if Iran retaliates, such as by closing the Strait of Hormuz, it could have catastrophic effects on the transportation of over 20 million barrels of oil per day [1]