Chevron has reported a net loss for the fourth quarter of 2025 due lower crude oil prices, lower affiliate earnings and unfavourable foreign currency effects even as oil production increased year over year.
Chevron reported earnings of US$2.77 billion for the quarter, or US $1.39 per share, compared with earnings of US $3.24 billion, or US $1.84 per share, in the fourth quarter of 2024.
The oil major reported a net loss of US$128 million for the quarter due to pension settlement costs. Foreign currency effects also decreased earnings by US$130 million.
Total earnings for 2025 amounted to US$12.30 billion, compared to US$17.66 billion in 2024.
The company said it would increase its quarterly dividend by 4 per cent to US$1.78 per share, payable on March 10 to shareholders.
“2025 was a year of significant achievement. We successfully integrated Hess, started up major projects, delivered record production and reorganised our business.
“This resulted in industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices,” said Mike Wirth, Chevron’s chairman and CEO.
After integrating Hess, Chevron quickly delivered on its initial US$1 billion synergy target.
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.
Worldwide and U.S. net oil-equivalent production set annual records.
For 2025, the Hess acquisition contributed 261 thousand barrels of oil equivalent per day (MBOED), while legacy Chevron operations added another 124 MBOED, driven by growth in the Permian Basin and project ramp-ups at TCO and in the Gulf of America.
Chevron also continued to advance new energy opportunities in power, lithium and hydrogen and achieved structural cost reductions of US$1.5 billion 2025.
This reduction in costs allowed the company to grow its production to record levels and generate the highest cash flow from operations.
Meanwhile, the company is ready to advance shared energy goals in Venezuela. The company said it can increase production in Venezuela by 50 per cent over the next 18 to 24 months.
“We have been a part of Venezuela’s past for more than a century. We remain committed to its present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security,” Wirth said.
