Chevron has reported 21% growth in worldwide production in the third quarter of 2025 (Q3 2025), compared to the same period the previous year.
This growth, which equates to 4.1 million barrels of oil equivalent per day (mboe/d), was driven by Chevron’s $55bn acquisition of Hess and increased output from existing operations.
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The acquisition of Hess contributed 495,000 barrels of oil equivalent per day (boepd), with a further 227,000boepd increase from its legacy operations.
The company’s net income stood at $3.54bn, or $1.82 per diluted share, for Q3 2025, down from $4.49bn ($2.48 per share) for the same period last year.
Total revenues and other income for Q3 2025 were $49.73bn, slightly lower than the $50.67bn reported in the respective quarter in 2024.
The reported revenues included a net loss of $235m from severance and other transaction costs related to the Hess acquisition, partially offset by a fair value adjustment to Hess shares.
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By GlobalDataChevron’s total costs for the reported quarter remained almost unchanged from $44.18bn in the corresponding period in 2024.
Net cash flow from operating activities stood at $9.4bn, compared to $9.7bn in the same quarter the previous year.
Chevron chairman and CEO Mike Wirth said: “Third-quarter results reflect record production, strong cash generation and sustained superior cash returns to shareholders.
“US and worldwide production hit new company records, up 27% and 21%, respectively, from last year.
“Strong cash flow from operations was sustained while the company’s adjusted free cash flow increased more than 50% from a year ago. The company returned $6bn of cash to shareholders in the quarter, and over $78bn in the last three years.”
For the nine months ended 30 September 2025, Chevron reported net income of $9.53bn, down from $14.42bn in the same period of 2024.
The company’s revenues and other income for the first nine months were $142.16bn, compared to $150.57bn in the corresponding period last year.
Total costs for the first nine months of 2025 were $127.01bn, down from $129.12bn a year ago.
Net cash flows from operating activities in the same period were $23.2bn, up from $22.8bn in the same period of 2024.
