Chevron Corporation (NYSE: CVX) reported earnings of $2.8 billion ($1.39 per share – diluted) for fourth quarter 2025, compared with $3.2 billion ($1.84 per share – diluted) in fourth quarter 2024. Included in the quarter was a net loss of $128 million due to pension settlement costs. Foreign currency effects decreased earnings by $130 million. Adjusted earnings of $3.0 billion ($1.52 per share – diluted) in fourth quarter 2025 compared to adjusted earnings of $3.6 billion ($2.06 per share – diluted) in fourth quarter 2024.

“2025 was a year of significant achievement. We successfully integrated Hess, started-up major projects, delivered record production and reorganized our business. This resulted in industryleading free cash flow growth and superior shareholder returns, despite declining oil prices,” said Mike Wirth, Chevron’s chairman and chief executive officer.

After integrating Hess Corporation (Hess), the company quickly delivered on its initial $1 billion synergy target. In Kazakhstan, the company’s 50 percent owned affiliate, Tengizchevroil (TCO), started up the Future Growth Project. In the U.S., several major projects achieved first oil in the Gulf of America, and the Permian Basin delivered on its production target of 1 million barrels of oil equivalent per day. The company also continued to advance new energies opportunities in power, lithium and hydrogen and achieved structural cost reductions of $1.5 billion in 2025. This enabled the company to grow its production to record levels and generate the highest cash flow from operations in the company’s history at similar commodity prices, and positions the company to increase its annual dividend payout per share for the 39th consecutive year.

Chevron