Chevron said U.S. upstream earnings decreased by $1.8 billion and international upstream earnings decreased by $4.0 billion. The company cited higher DD&A of $2.8 billion and lower realizations of $2.0 billion for international operations, and lower liquids realizations of $2.4 billion for the United States.

1. 01

   Chevron said U.S. upstream earnings decreased by $1.8 billion and international upstream earnings decreased by $4.0 billion. The company cited higher DD&A of $2.8 billion and lower realizations of $2.0 billion for international operations, and lower liquids realizations of $2.4 billion for the United States.

2. 02

   The company said net cash provided by operating activities in 2025 was $33.9 billion, compared with $31.5 billion in 2024, and capital expenditures were $17.3 billion. It said higher cash distributions from TCO and contributions from legacy Hess assets more than offset the impact of lower commodity prices.

3. 03

   The company said total debt, including finance lease liabilities, was $40.8 billion at December 2025, up from $24.5 billion at year-end 2024. It said it issued $11.2 billion of public bonds in 2025 and assumed $10.0 billion of debt and finance lease liabilities as part of the Hess acquisition in Q3.

4. 04

   Chevron said it repurchased 79.9 million shares for $12.1 billion in 2025, and that $36.5 billion remained under the 2023 Program. The company estimated 2026 organic capex will range from $18 billion to $19 billion.

Key figures

Fiscal year ended December 31, 2025

Revenue

$184.4B

Net income

$12.3B

EPS

$6.63

Operating cash flow

$33.9B

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.