Chevron Corporation (NYSE: CVX) reported on Friday consensus-beating earnings for the fourth quarter as it pledged to boost presence in Venezuela, where it is currently the only U.S. company authorized to operate.
Chevron reported today adjusted earnings of $3.0 billion, or $1.52 per share, for the fourth quarter of 2025. While the profit was lower compared to the same period of 2024 – as widely expected due to lower oil prices – Chevron’s earnings beat the analyst consensus estimate of $1.42 per share compiled by The Wall Street Journal.
Key to Chevron’s better-than-expected earnings was, once again, a record high level of production, which offset part of the effect of the decline in oil prices at the end of last year compared to the fourth quarter of 2024.
Worldwide and U.S. net oil-equivalent production set annual records last year. For 2025, the Hess acquisition contributed 261,000 barrels of oil equivalent per day (boed), while legacy Chevron operations added another 124,000 boed, driven by growth in the Permian Basin and project ramp-ups in Kazakhstan and in the Gulf of America.
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 boed last year, Chevron’s chairman and CEO Mike Wirth said in a statement.
Structural cost reductions of $1.5 billion in 2025 enabled Chevron to grow its production to record levels and generate the highest cash flow from operations in the company’s history at similar commodity prices, the executive added.
“As developments progress in Venezuela, Chevron continues to engage with the U.S. and Venezuelan governments to advance shared energy goals,” Wirth said.
“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.”
By Tsvetana Paraskova for Oilprice.com
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