Chevron's Q3 2025 Results: Strong Growth

Chevron Corporation (NYSE: CVX) reported a net income of $3.5 billion for the third quarter of 2025. This figure was $4.5 billion in the same period of the previous year. The quarter's financial results included $235 million in severance and other transaction costs related to the acquisition of Hess Corporation. Foreign exchange effects increased earnings by $147 million. Adjusted, the third quarter in 2025 recorded an earnings of $3.6 billion (adjusted earnings per share of $1.85).

Production hit record levels with daily net oil equivalent production reaching 4.1 million barrels, representing a 21% increase compared to the same period last year. The cash flow from operations was reported at $9.4 billion. Adjusted free cash flow was determined to be $7.0 billion.

Chevron's CEO, Mike Wirth, noted that the third-quarter results reflect record production, strong cash generation, and a sustainable high cash return for shareholders. The company returned $6 billion in cash to shareholders and has provided a total of $78 billion in cash returns over the past three years.

Total capital expenditures in 2025 were recorded at $4.4 billion, reflecting an increase following the acquisition of Hess assets. However, the sale of alternative assets and increased collections helped to grow adjusted free cash flow by 50%.

With an annual debt ratio of 18.0% and a net debt ratio of 15.1%, Chevron continues to integrate its assets to enhance financial strength and adapt to market conditions.

The Yellowtail project is noted to be the fourth development in Guyana's Stabroek block. Chevron is also working to increase natural gas exports from Israel's Leviathan field to Egypt in an effort to boost natural gas sales. The company has reached agreements to explore three offshore blocks in Peru.