In its first quarter 2025 results statement, which was published recently, Chevron Corporation revealed that its net oil equivalent production averaged 3.353 million barrels of oil equivalent per day in the first quarter of this year.
That figure was up slightly from the previous quarter and the corresponding quarter of last year, the report highlighted. Chevron produced 3.350 million barrels of oil equivalent per day in the fourth quarter of 2024 and 3.346 million barrels of oil equivalent per day in the first quarter of last year, the report outlined.
According to the report, Chevron’s U.S. net oil equivalent production averaged 1.636 million barrels of oil equivalent per day in the first quarter of 2025, 1.646 million barrels per day in the fourth quarter of 2024, and 1.573 million barrels per day in the first quarter of 2024.
The company’s international net oil equivalent output averaged 1.717 million barrels of oil equivalent per day in the first quarter of this year, 1.704 million barrels per day in the fourth quarter of last year, and 1.773 million barrels per day in the first quarter of 2024, the statement outlined.
“Worldwide production was relatively flat from a year ago as the impacts of asset sales were mostly offset by growth at Tengizchevroil (20 percent), in the Permian Basin (12 percent), and in the Gulf of America (7 percent),” Chevron said in its statement.
“U.S. net oil-equivalent production was up 63,000 barrels per day from a year earlier primarily due to higher production in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies,” the company added.
Looking at international output in the statement, Chevron said “net oil-equivalent production during the quarter was down 56,000 barrels per day from a year earlier primarily due to asset sales in Canada and Republic of Congo, and withdrawal from Myanmar, partly offset by higher production in Kazakhstan following the start-up of the FGP at TCO”.
Chevron’s upstream earnings came in at $3.758 billion in the first quarter of this year, $4.304 billion in the fourth quarter of last year, and $5.239 billion in the first quarter of last year, the statement showed.
The company’s U.S. upstream earnings were $1.858 billion in the first quarter of 2025, $1.420 billion in the fourth quarter of last year, and $2.075 billion in the first quarter of 2024, the statement highlighted.
“U.S. upstream earnings were lower than the year-ago period primarily due to higher operating expenses, including a legal reserve, and lower liquids realizations, partly offset by higher natural gas realizations,” the company noted in the statement.
Chevron’s international upstream earnings came in at $1.900 billion in the first quarter, $2.884 billion in the fourth quarter of 2024, and $3.164 billion in the first quarter of 2024, the statement outlined.
“International upstream earnings were lower than a year ago primarily due to lower liftings, lower affiliate earnings at TCO largely due to higher depreciation, depletion and amortization partly offset by higher production following FGP start-up, lower realizations, and unfavorable swings in tax items and foreign exchange effects, partly offset by lower operating expenses mainly from asset sales,” the company said in the statement.
Chevron’s total earnings were $3.500 billion in the first quarter of 2025, $3.239 billion in the fourth quarter of 2024, and $5.501 billion in the fifth quarter of 2024, according to the statement. Earnings per share – diluted, were $2.00 in the first quarter, $1.84 in the fourth quarter of last year, and $2.97 in the first quarter of last year, the statement pointed out.
Cash flow from operations stood at $5.2 billion in the first quarter of 2025, $8.7 billion in the previous quarter, and $6.8 billion in the corresponding quarter of last year, Chevron’s statement highlighted.
“Included in the [first] quarter [2025] was a net loss of $175 million related to legal reserves and a tax charge due to changes in the energy profits levy in the United Kingdom that were partially offset by the fair value measurement of Hess Corporation shares,” Chevron said in its statement.
“Foreign currency effects decreased earnings by $138 million. Adjusted earnings of $3.8 billion ($2.18 per share – diluted) in first quarter 2025 compared to adjusted earnings of $5.4 billion ($2.93 per share – diluted) in first quarter 2024,” it added.
In the statement, Chevron Chairman and CEO Mike Wirth said, “this quarter reflected continued strong execution and progress on our objective to deliver superior shareholder value”.
“Despite changing market conditions, our resilient portfolio, strong balance sheet, and consistent focus on capital and cost discipline position us to deliver industry-leading free cash flow growth by 2026,” he added.
To contact the author, email andreas.exarheas@rigzone.com
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