Chevron (NYSE: CVX) reported fourth-quarter adjusted earnings that exceeded analyst expectations, although revenue fell short of forecasts and profit declined year over year due to lower crude prices.
Chevron posted adjusted earnings of $3.0 billion, or $1.52 per share, for the fourth quarter of 2025, topping the consensus estimate of $1.45 per share. Revenue totaled $46.87 billion, below analyst expectations of $47.15 billion. Earnings declined from $3.6 billion, or $2.06 per share, in the same period last year, largely reflecting weaker oil prices.
Worldwide net oil-equivalent production rose 20.7% year over year to 4,045 thousand barrels of oil equivalent per day, driven primarily by the Hess acquisition and production growth in the Permian Basin and the Gulf of America.
The company generated $10.8 billion in cash flow from operations during the quarter and $4.2 billion in adjusted free cash flow. For full-year 2025, Chevron reported operating cash flow of $33.9 billion, the highest in its history at comparable commodity prices.
Chevron also announced a 4% increase in its quarterly dividend to $1.78 per share, extending its streak of annual dividend increases to 39 consecutive years. The company said it achieved its initial $1 billion synergy target from the Hess integration and delivered $1.5 billion in structural cost reductions in 2025, as part of a broader plan to cut $3 billion to $4 billion in costs by the end of 2026.
