U.S. oil major Chevron (CVX) has reported mixed fourth-quarter 2025 financial results despite record oil production.
The Houston, Texas-based company announced earnings per share (EPS) of $1.52 U.S., which topped the $1.45 U.S. forecast on Wall Street.
However, revenue of $46.87 billion U.S. fell short of the $47.10 billion U.S. consensus view of analysts. Sales were down 10% from a year earlier.
Management blamed the revenue miss on lower crude prices, noting that oil last year logged its biggest annual price decline since 2020.
During the quarter, Chevron pumped 4.05 million barrels per day of crude oil, an increase of 21% compared with 3.35 million barrels a day in the fourth quarter of 2024.
The company’s U.S. production business booked profits of $1.26 billion U.S., down 11% from a year ago. International production posted a profit of $1.78 billion U.S., down 38% year-over-year
Chevron’s U.S. refining business swung to a profit of $230 million U.S. after posting a loss of $348 million U.S. in the year earlier period.
International refining posted earnings of $593 million U.S., an increase of nearly 500% from $100 million U.S. in the fourth quarter of 2024.
Wall Street expects Chevron to benefit after the U.S. military attacked Venezuela and seized control of the South American country’s oil industry.
Chevron is the only U.S. oil major currently operating in Venezuela under a special license issued by the U.S. Treasury Department.
Management said they can likely ramp up production in Venezuela by 50% over the next 18 to 24 months.
More barrels from Venezuela would add to Chevron’s already strong output, with production in 2025 increasing by 12% worldwide to record levels.
Along with its latest financial results, Chevron announced that it is increasing its quarterly dividend payment by 4% to $1.78 U.S. per share.
CVX stock has risen 10% over the last 12 months to trade at $171.19 U.S. per share.
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