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

• 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

• 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 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.

Chevron’s Q4 2025 results beat expectations on both EPS and revenue, reflecting strong operational performance and a solid dividend hike. The company is ramping up production significantly, particularly in the Permian Basin and through its recent Hess acquisition, which supports bullish sentiment in the energy sector. Investors should note the FX headwinds and ongoing developments in Venezuela as potential market-moving factors going forward.