Chevron Reports Record Q4 Production and Earnings

Company highlights operational execution, portfolio growth, and shareholder returns

Published on Jan. 31, 2026

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Chevron (NYSE:CVX) executives emphasized operational execution, portfolio strengthening, and shareholder returns during the company's fourth-quarter 2025 earnings call. The company reported record production globally and in the U.S., completed major project startups, and increased its quarterly dividend by 4%. Chevron also highlighted its work in Venezuela, Eastern Mediterranean gas projects, and cost reduction efforts.

Why it matters

Chevron's strong operational and financial performance in Q4 2025 demonstrates the company's ability to execute on its strategic priorities, even in a challenging market environment. The company's focus on shareholder returns, portfolio optimization, and cost management are key to maintaining its competitiveness in the global energy landscape.

The details

Chevron reported fourth-quarter earnings of $2.8 billion, or $1.39 per share, with adjusted earnings of $3.0 billion, or $1.52 per share. Cash flow from operations was $10.8 billion for the quarter, and the company repurchased $3 billion of shares. For the full year, Chevron's adjusted free cash flow, excluding asset sales, increased more than 35% year-over-year despite a nearly 15% drop in oil prices. The company also announced a 4% increase in its quarterly dividend, citing it as its 'top financial priority'.

  • Chevron completed the Future Growth Project at Tengiz in 2025, adding 260,000 barrels of oil per day.
  • Chevron started up the Ballymore and Whale projects and ramped up the Anchor project in the Gulf of Mexico in 2025.
  • Chevron expects to reach 300,000 barrels of oil equivalent per day in the Gulf of Mexico by 2026.

The players

Chevron Corporation

An American multinational energy company engaged in virtually all aspects of the oil and gas industry, including upstream exploration and production, midstream transportation and storage, downstream refining and marketing, and petrochemical manufacturing.

Mike Wirth

Chairman and CEO of Chevron Corporation.

Eimear Bonner

Chief Financial Officer of Chevron Corporation.

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What they’re saying

“2025 was 'a year of execution,' pointing to record production globally and in the U.S.”

— Mike Wirth, Chairman and CEO (themarketsdaily.com)

“Chevron repurchased $3 billion of shares in the quarter, which Bonner described as the high end of guidance, and ended the year with a net debt coverage ratio of 1x.”

— Eimear Bonner, Chief Financial Officer (themarketsdaily.com)

“Chevron's 'top financial priority' is the 4% increase in the quarterly dividend.”

— Eimear Bonner, Chief Financial Officer (themarketsdaily.com)

What’s next

Chevron expects to provide more details on its growth plans and cost reduction efforts during its upcoming Investor Day presentation.

The takeaway

Chevron's strong operational and financial performance in Q4 2025, marked by record production, major project startups, and increased shareholder returns, positions the company well to navigate the evolving energy landscape and continue delivering value to its investors.