Chevron Corporation (CVX) Q4 2025 (USD): EPS 1.52 (exp. 1.43), Revenue 46.9bln (exp. 46.88bln); hikes quarterly dividend +4% to 1.78/shr

• Increased 2025 worldwide and US production by 12% and 16% percent to record levels
• Reserve replacement ratio of 158% in 2025
• FX effects decreased earnings by USD 130mln

VENEZUELA:

• As developments progress in Venezuela, Chevron continues to engage with the US and Venezuelan governments to advance shared energy goals
• CEO sees Venezuelan output up 50% in the next 18-24 months

PRODUCTION:

• Worldwide and US net oil-equivalent production set annual records; for 2025, the Hess acquisition contributed 261 MBOED, while legacy Chevron operations added another 124 MBOED, driven by growth in the Permian Basin and project ramp-ups at TCO and in the Gulf of America.
• Year-end 2025 proved reserves were approximately 10.6bln bbls of net oil-equivalent, subject to final review; largest additions were from the acquisition of Hess and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana.

CAPEX:

• Capex in 2025 was higher Y/Y due to spend on legacy Hess assets post-acquisition and increased investments in US data centre power solutions more than offsetting lower spend in downstream.
• Affiliate capex was down primarily due to lower spend at TCO.