Core Insights - Chevron reported revenue of $47.61 billion for the quarter ended March 2025, a decrease of 2.3% year-over-year, and EPS of $2.18, down from $2.93 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $48.66 billion by 2.15%, while the EPS exceeded the consensus estimate of $2.15 by 1.40% [1] Financial Performance - Chevron's total net oil-equivalent production was 3,353 million barrels per day, surpassing the average estimate of 3,297.78 million barrels per day [4] - U.S. upstream net oil-equivalent production was 1,636 million barrels per day, slightly below the average estimate of 1,651.27 million barrels per day [4] - International upstream net oil-equivalent production was 1,717 million barrels per day, exceeding the average estimate of 1,667.46 million barrels per day [4] - Worldwide net natural gas production was 8,230 Mcf/D, higher than the estimated 7,997.44 Mcf/D [4] - Sales and other operating revenues were reported at $46.10 billion, slightly below the average estimate of $46.45 billion, reflecting a year-over-year change of -1% [4] Market Performance - Chevron's shares have returned -12.7% over the past month, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Chevron (CVX) came out with quarterly earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.15 per share. This compares to earnings of $2.93 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.40%. A quarter ago, it was expected that this oil company would post earnings of $2.19 per share when it actually produced earnings of $2.06, delivering a surprise of -5.94%.Over the last four quarters, the company has su ...

Financial Performance - First quarter 2025 earnings were $3.5 billion, or $2.00 per diluted share[21] - Adjusted earnings for the first quarter 2025 were $3.8 billion, or $2.18 per diluted share[21] - Cash flow from operations excluding working capital was $7.6 billion[21] - The company paid dividends of $3.0 billion and repurchased shares worth $3.9 billion[21] Capital and Investment - Total capital expenditure for the first quarter 2025 was $3.9 billion, with organic capital expenditure at $3.5 billion[21] - The company's share repurchases amounted to $3.9 billion in 1Q25[21] - TCO free cash flow is projected to be distributed in the form of fixed loan repayments and dividends, with a net change in cash of $5.0 billion[46] Production and Operations - Project start-ups include TCO, Anchor, Whale and Ballymore in the Gulf of America, and Pasadena Refinery LTO expansion, increasing light crude processing capacity from 85 MBOED to 125 MBOED[15] - Worldwide net oil & gas production saw changes due to factors like TCO, Gulf of America, asset sales, and turnarounds, with Brent prices at $76/BBL[32] - Turnarounds in 2Q25 are expected to impact earnings by $(300) – $(350) million[40] Financial Priorities - The company is focused on growing the dividend consistently, investing capital efficiently, maintaining a strong balance sheet, and repurchasing shares steadily[35] - The net debt ratio as of March 31, 2025, was 14.4%[21]

Core Viewpoint - Warren Buffett's investment decisions are closely monitored due to Berkshire Hathaway's strong performance, with shares up nearly 18% year-to-date in 2025, which heightens investor interest in the company's portfolio moves [1]. Group 1: Berkshire Hathaway's Equity Holdings - Berkshire's 13F filing for Q1 2025 is expected by mid-May, with the latest filing from February 14 reflecting Q4 2024 data, providing insights into Buffett's major investments [2]. - The top five equity holdings of Berkshire reflect Buffett's disciplined, long-term investment strategy [2]. Group 2: Top Equity Holdings - **Apple**: Remains the largest holding with 300 million shares, accounting for nearly 28% of the equity portfolio, despite facing demand challenges and valuation concerns in 2025 [3][4]. - **American Express**: A long-term investment with around 152 million shares, representing nearly 17% of the portfolio, though down 10% year-to-date [7][8]. - **Bank of America**: Holds close to 680 million shares, about 11% of the portfolio, with strong fundamentals and a solid dividend yield [11][12]. - **Coca-Cola**: A 35-year holding with nearly 400 million shares, comprising about 9% of the portfolio, known for its defensive appeal and reliable dividends [13][14]. - **Chevron**: A newer addition with 114 million shares, representing roughly 6% of the portfolio, appealing for its strong balance sheet and dividend returns [17][18].

Core Insights - Chevron's net income fell over 30% to $3.5 billion, or $2 per share, compared to $5.5 billion, or $2.97 per share, in the previous year [1] - U.S. crude oil prices have decreased approximately 18% this year, influenced by tariffs and increased supply from OPEC+ [2] - Chevron's global production increased by 4% to 1.6 million barrels per day from 1.57 million bpd in the same quarter last year [2] Financial Performance - Adjusted earnings per share were reported at $2.18, while revenue was $47.61 billion, slightly below the expected $48.09 billion [5] - Capital expenditures decreased by about 5% to $3.9 billion from $4.1 billion a year ago [3] - The company returned $6.9 billion to shareholders, which included $3 billion in dividends and $3.9 billion in share repurchases [3]

[First Quarter 2025 Performance Summary](index=1&type=section&id=First%20Quarter%202025%20Performance%20Summary) [Financial Results Overview](index=1&type=section&id=Financial%20Results%20Overview) Chevron reported Q1 2025 earnings of $3.5 billion, a decrease from $5.5 billion last year, with adjusted earnings also declining, while returning $6.9 billion to shareholders | Indicator | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Earnings** | $3.5 billion | $5.5 billion | | **Earnings Per Share (Diluted)** | $2.00 | $2.97 | | **Adjusted Earnings** | $3.8 billion | $5.4 billion | | **Adjusted EPS (Diluted)** | $2.18 | $2.93 | | **Cash Flow From Operations** | $5.2 billion | $6.8 billion | - CEO Mike Wirth highlighted the company's resilient portfolio and capital discipline, positioning it for industry-leading **free cash flow growth by 2026**[5](index=5&type=chunk) - The company returned **$6.9 billion** in cash to shareholders, comprising **$3.9 billion** in share repurchases and **$3.0 billion** in dividends[6](index=6&type=chunk)[11](index=11&type=chunk) - Key operational updates include production ramp-up at Tengizchevroil (TCO), Permian Basin production growth, and first oil from the Ballymore project in the Gulf of America[5](index=5&type=chunk) [Key Metrics and Business Highlights](index=2&type=section&id=Key%20Metrics%20and%20Business%20Highlights) Worldwide net oil-equivalent production remained flat at 3,353 MBOED, with capital expenditures slightly lower, while advancing strategic initiatives like the Hess stake and Ballymore production | Metric | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Return on Capital Employed (ROCE)** | 8.3% | 12.4% | | **Capital Expenditures (Capex)** | $3.9 B | $4.1 B | | **Free Cash Flow** | $1.3 B | $2.7 B | | **Net Debt Ratio (end of period)** | 14.4% | 8.8% | | **Net Oil-Equivalent Production** | 3,353 MBOED | 3,346 MBOED | - Key business milestones include acquiring **4.99% of Hess Corporation** common stock[11](index=11&type=chunk) - Production started from the Ballymore field in the Gulf of America in April 2025[11](index=11&type=chunk) - Completed the sale of a majority interest in East Texas gas assets[11](index=11&type=chunk) - Announced a simplified organizational structure to reduce structural costs by **$2-3 billion by the end of 2026**[11](index=11&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) [Upstream](index=3&type=section&id=Upstream) Total upstream earnings decreased to $3.8 billion from $5.2 billion, primarily due to lower international earnings from asset sales, affiliate earnings, and unfavorable tax and currency effects [U.S. Upstream](index=3&type=section&id=U.S.%20Upstream) U.S. upstream earnings decreased to $1.86 billion from $2.08 billion due to higher expenses and lower liquids realizations, despite a 63,000 bpd production increase | U.S. Upstream | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Earnings** | $1,858 MM | $2,075 MM | | **Net Oil-Equivalent Production** | 1,636 MBOED | 1,573 MBOED | | **Liquids Realization** | $55.26 /BBL | $57.37 /BBL | | **Natural Gas Realization** | $2.50 /MCF | $1.24 /MCF | - The **63,000 barrels per day increase** in U.S. production was primarily due to higher output in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies[15](index=15&type=chunk) [International Upstream](index=3&type=section&id=International%20Upstream) International upstream earnings fell to $1.9 billion from $3.2 billion due to lower liftings, reduced TCO affiliate earnings, lower realizations, and unfavorable tax/currency impacts, with production down 56,000 bpd | International Upstream | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Earnings** | $1,900 MM | $3,164 MM | | **Net Oil-Equivalent Production** | 1,717 MBOED | 1,773 MBOED | | **Liquids Realization** | $67.69 /BBL | $72.52 /BBL | | **Natural Gas Realization** | $7.12 /MCF | $7.25 /MCF | - The decrease in international production was primarily due to asset sales in Canada and the Republic of Congo, and withdrawal from Myanmar, partly offset by higher production in Kazakhstan[16](index=16&type=chunk) [Downstream](index=4&type=section&id=Downstream) Total downstream earnings decreased to $325 million from $783 million, with both U.S. and international segments experiencing lower earnings due to reduced refined product margins [U.S. Downstream](index=4&type=section&id=U.S.%20Downstream) U.S. downstream earnings dropped to $103 million from $453 million due to lower margins and a legal reserve, despite a 16% increase in refinery crude unit inputs | U.S. Downstream | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Earnings** | $103 MM | $453 MM | | **Refinery Crude Unit Inputs** | 1,018 MBD | 878 MBD | | **Refined Product Sales** | 1,293 MBD | 1,248 MBD | - The **16% increase** in refinery crude unit inputs was primarily due to improved reliability at the El Segundo refinery and increased capacity at the Pasadena refinery[20](index=20&type=chunk) [International Downstream](index=4&type=section&id=International%20Downstream) International downstream earnings fell to $222 million from $330 million due to lower refined product margins and unfavorable foreign currency effects, with refinery crude unit inputs down 5% | International Downstream | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Earnings** | $222 MM | $330 MM | | **Refinery Crude Unit Inputs** | 618 MBD | 651 MBD | | **Refined Product Sales** | 1,398 MBD | 1,430 MBD | - The **5% decrease** in refinery crude unit inputs was primarily due to a planned turnaround at the GS Caltex refinery in South Korea[20](index=20&type=chunk) [All Other](index=4&type=section&id=All%20Other) The 'All Other' segment reported a net charge of $583 million, up from $521 million, driven by increased operating and interest expenses, partially offset by a favorable Hess share valuation | All Other | 1Q 2025 | 1Q 2024 | | :--- | :--- | :--- | | **Net charges** | $(583) MM | $(521) MM | - This segment encompasses worldwide cash management, debt financing, corporate administration, insurance operations, real estate activities, and technology companies[20](index=20&type=chunk) [Detailed Financial Statements and Reconciliations](index=7&type=section&id=Detailed%20Financial%20Statements%20and%20Reconciliations) [Consolidated Statement of Income](index=7&type=section&id=Consolidated%20Statement%20of%20Income) Q1 2025 total revenues were $47.6 billion, slightly down from $48.7 billion, with net income attributable to Chevron significantly decreasing to $3.5 billion from $5.5 billion | (Millions of Dollars) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Sales and other operating revenues** | $46,101 | $46,580 | | **Total Revenues and Other Income** | $47,610 | $48,716 | | **Total Costs and Other Deductions** | $42,027 | $40,794 | | **Income Before Income Tax Expense** | $5,583 | $7,922 | | **Net Income Attributable to Chevron** | $3,500 | $5,501 | [Balance Sheet Data and Key Ratios](index=8&type=section&id=Balance%20Sheet%20Data%20and%20Key%20Ratios) As of March 31, 2025, total debt increased to $29.7 billion, raising the net debt ratio to 14.4%, with ROCE at 8.3% and Capex at $3.9 billion | (Millions of Dollars) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $4,638 | $6,781 | | **Total assets** | $256,397 | $256,938 | | **Total debt** | $29,681 | $24,541 | | **Total Chevron stockholders' equity** | $149,244 | $152,318 | | Ratio | 1Q 2025 | 4Q 2024 (EOP) | | :--- | :--- | :--- | | **Debt ratio** | 16.6% | 13.9% | | **Net debt ratio** | 14.4% | 10.4% | | **ROCE** | 8.3% | N/A | [Summarized Statement of Cash Flows](index=9&type=section&id=Summarized%20Statement%20of%20Cash%20Flows) Q1 2025 net cash from operations was $5.2 billion, investing activities used $5.6 billion, and financing used $1.7 billion, resulting in **$1.3 billion** free cash flow | (Billions of Dollars) | Three Months Ended March 31, 2025 | | :--- | :--- | | **Net Cash Provided by Operating Activities** | $5.2 | | **Net Cash Used for Investing Activities** | $(5.6) | | **Net Cash Used for Financing Activities** | $(1.7) | | **Net Change in Cash** | $(2.1) | | (Billions of Dollars) | Three Months Ended March 31, 2025 | | :--- | :--- | | **Net Cash Provided by Operating Activities** | $5.2 | | **Less: Capital expenditures** | $3.9 | | **Free Cash Flow** | $1.3 | [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Chevron's reported Q1 2025 net income of $3.5 billion was adjusted to $3.8 billion, excluding $175 million in special items and $138 million in negative foreign currency effects | (Millions of Dollars) | 1Q 2025 | | :--- | :--- | | **Reported Net Income** | $3,500 | | **Add back: Total Special Items** | $175 | | **Add back: Total Foreign Currency Effects** | $138 | | **Total Adjusted Earnings** | $3,813 | - Special items in Q1 2025 included a **$130 million legal reserve** in U.S. Upstream, a **$170 million legal reserve** in U.S. Downstream, and a **$55 million tax item** in International Upstream, partially offset by a **$180 million favorable fair value adjustment** of Hess common stock[36](index=36&type=chunk)

Core Insights - Chevron's adjusted earnings per share for the first quarter were $2.18, exceeding market expectations of $2.11 [1] - The upstream business generated $3.76 billion in earnings for the first quarter, representing a 28% year-over-year decline, while market expectations were $4.13 billion [1]

Key Takeaways Energy companies are expected to face a harsh reporting period. Earnings for the broader Zacks Oil & Energy sector expected to be down -22.7% YoY. XOM and CVX are both two energy titans on the reporting docket this week. Earnings season continues to move rapidly, with a notably rich reporting docket this week. A few big-tech names and representatives from many sectors have delivered their quarterly prints, with next week just as exciting.Among the bunch this week are two energy titans, Exxon ...

Group 1: Earnings Reports Overview - Chevron Corp and Exxon Mobil Corp are set to report first-quarter earnings, with both companies experiencing significant stock declines this year [1][3] - Chevron's stock is down nearly 20% in the past month and 7.46% year to date, with expected earnings per share (EPS) of $2.18 on revenue of $48.09 billion [1][4] - Exxon Mobil's shares have dropped over 11% this month and 1.58% year to date, with analysts projecting an EPS of $1.70 on revenue of $86.09 billion [3][4] Group 2: Technical Analysis - Both Chevron and Exxon Mobil stocks are trading below their eight, 20, 50, and 200-day simple moving averages (SMAs), indicating a strongly bearish trend [1][3] - Chevron's 50-day SMA has crossed below the 200-day SMA, forming a "Death Cross," which further validates the bearish outlook [2] Group 3: Market Conditions and Challenges - Both companies are facing earnings pressure due to crude oil price volatility, uncertainties regarding global demand, and challenges from green energy initiatives [4][5] - A notable difference is that Exxon's revenue base is nearly double that of Chevron's for the quarter, providing it with more capacity to absorb macroeconomic pressures [4]