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Company Research17 Jan 2024
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Chevron (CVX) investor relations material
Chevron Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved record production exceeding 4.1 million barrels of oil equivalent per day, up 21% year-over-year, driven by the successful integration of Hess, Permian and Gulf of America growth, and high reliability.
Ballymore project reached design capacity ahead of schedule; first production achieved at ACES Green Hydrogen project.
$6 billion was returned to shareholders through dividends and share repurchases.
PDC Energy and Hess integrations are progressing well, delivering synergies and operational improvements.
Managed a fire at El Segundo refinery without serious injuries and maintained supply commitments.
Financial highlights
Reported Q3 2025 earnings of $3.5 billion ($1.82/share); adjusted earnings of $3.6 billion ($1.85/share).
Cash flow from operations (excluding working capital) was $9.9 billion; adjusted free cash flow was $7.0 billion, up over 50% year-over-year.
Capital expenditures were $4.4 billion for the quarter, mainly due to Hess asset integration.
$6 billion returned to shareholders, including $3.4 billion in dividends and $2.6 billion in share repurchases.
Net debt ratio stood at 15.1% as of September 30, 2025.
Outlook and guidance
Full-year organic CapEx guidance reaffirmed at $17–$17.5 billion.
Full-year average production growth expected at the top end of 6%–8% guidance range, excluding legacy HES.
4Q25 upstream turnarounds and downtime expected to reduce production by approximately 125 MBOED; downstream turnarounds projected to impact earnings by $400–$500 million.
Affiliate dividends forecasted at $0.8–$0.9 billion; share repurchases expected at $2.5–$3.0 billion.
Board declared a quarterly dividend of $1.71 per share, payable December 10, 2025.
Assess Hess acquisition's Q3 financial drag
Quantify Q3 production growth drivers
What factors drove the Q3 debt ratio increase?
Hess Bakken asset's long-term portfolio role?
Shift in exploration strategy and capital?
Permian production plateau with fewer rigs?
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Investor Day 202512 Nov, 2025
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Frequently asked questions
A Warren Buffet favorite
As one of the successors of Standard Oil, a company that at its height was the largest petroleum company in the world, Chevron has operations in over 180 countries. The company is engaged in most of the different oil sectors and was one of the Seven Sisters that dominated the global petroleum industry from the 1940s to the 1970s.
By the end of Q1 2022, Warren Buffett increased Berkshire Hathaway’s stake in Chevron, making the oil giant Berkshire’s fourth-largest holding by then.
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