Chevron said net income attributable to Chevron Corporation for Q1 2025 was $3.5 billion ($2.00 per share — diluted), compared with $5.5 billion ($2.97 per share — diluted) in Q1 2024. Upstream earnings were $3.8 billion and downstream earnings were $325 million.

1. 01

   Chevron said net income attributable to Chevron Corporation for Q1 2025 was $3.5 billion ($2.00 per share — diluted), compared with $5.5 billion ($2.97 per share — diluted) in Q1 2024. Upstream earnings were $3.8 billion and downstream earnings were $325 million.

2. 02

   The company cited lower liftings, lower affiliate earnings at TCO, lower realizations, and unfavorable swings in tax items and foreign exchange effects as factors in the Q1 2025 upstream earnings decrease of $3.8 billion compared with $5.2 billion in the year-ago period. International upstream earnings decreased $1.3 billion.

3. 03

   Chevron said it purchased 15.38 million shares of Hess common stock in open market transactions for approximately $2.2 billion between January 2025 and March. This represents approximately 4.99% of the shares of Hess common stock outstanding as of January 31, 2025.

4. 04

   The company said cash provided by operating activities in the first 3 months of 2025 was $5.2 billion, compared with $6.8 billion in the year-ago period, and capital expenditures totaled $3.9 billion. Total debt and finance lease liabilities were $29.7 billion as of March 31, 2025, and the company issued $5.5 billion of debt in Q1.

Key figures

Quarter ended March 31, 2025

Revenue

$46.1B

Net income

$3.5B

EPS

$2.00

Operating cash flow

$5.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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