Chevron (CVX) Q2 Earnings 2025

Chevron on Friday reported second-quarter earnings that took a substantial hit due to low oil prices and a loss on its acquisition of Hess Corporation.

The oil major’s net income declined about 44% to $2.49 billion, or $1.45 per share, from $4.43 billion, or $2.43 per share, in the same period last year.

Chevron booked a $215 million loss on the fair value measurement of Hess shares. When adjusted for that charge and other one-time items, Chevron earned $1.77 per share to beat Wall Street estimates.

Here is what Chevron reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.77 adjusted vs. $1.70 expected
• Revenue: $44.82 billion vs. $43.82 billion expected

Chevron completed its acquisition of Hess on July 18, after prevailing against Exxon Mobil in a long-running dispute that threatened to blow up the $53 billion deal. An arbitration court rejected Exxon’s claim to a right of first refusal over lucrative Hess assets in Guyana, clearing the way for Chevron to complete the transaction after a long delay.

Chevron expects the deal to begin adding to earnings in the fourth quarter. It also hopes to reduce annual run-rate costs by $1 billion by the end of 2025.

Chevron pumped about 3.4 million barrels per day worldwide in the quarter, a 3% increase over the same period last year. U.S. production jumped about 8% to 1.69 million bpd compared to the year-ago period, with production in the Permian Basin hitting 1 million bpd. The Hess acquisition will add assets in the Bakken formation and Gulf of Mexico in addition to Guyana.

Chevron’s production business posted a profit of $2.72 billion, down 38% from $4.47 billion in the same period last year due to lower oil prices. Its refining business booked earnings of $737 million, up 23% from $597 million last year on higher margins for product sales.