Chevron said Hess-related impacts on its earnings in Q3 2025 are estimated to be a loss of $(200) to $(400) million, and excluding severance and other transaction costs, adjusted earnings are estimated to be $50 to $150 million.

1. 01

   Chevron said Hess-related impacts on its earnings in Q3 2025 are estimated to be a loss of $(200) to $(400) million, and excluding severance and other transaction costs, adjusted earnings are estimated to be $50 to $150 million.

2. 02

   The company provided Q3 2025 Hess-related guidance of pre-tax depreciation, depletion and amortization of $1.2 to 1.4 billion, net oil-equivalent production of 450 to 500 MBOED, and capital expenditures of $1.0 to 1.25 billion.

3. 03

   Chevron said approximately half of the cash outflows associated with severance and other transaction costs related to the Hess acquisition are expected to occur in Q3 2025, and the remainder within the next 12 months, and it expects a working capital outflow of $0.5 to $1.5 billion in Q3.

4. 04

   The company provided proceeds and deposits related to the Malaysia/Thailand JDA asset sale of $410 million, and said it expects approximately 2 billion shares of common stock outstanding as of September 30, 2025 and approximately 1.95 billion weighted average shares outstanding during Q3.

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Original filing

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