智通财经APP获悉，由于美国墨西哥湾和哈萨克斯坦的供应增长带动石油产量激增，雪佛龙(CVX.US) 第四季度业绩超出分析师预期，这有助于缓解原油价格下跌的影响。第四季度调整后净利润为每股1.52 美元，比分析师平均预期高出0.14美元。与此同时，雪佛龙将股息提高4%至每股1.78美元，但比预期低 0.1美元。营收为468.7亿美元（同比下降10.3%），高于市场预期。 由于哈萨克斯坦腾吉兹等地的新供应投入使用，以及公司整合了从赫斯收购中获得的资产，四季度产量 比上年同期增长了20%以上，达到每天 405 万桶。 雪佛龙公司公布该季度净利润为 27.7 亿美元，即每股 1.39 美元，与去年同期净利润 32.4 亿美元(即每 股 1.84 美元)相比下降了约 14%。 雪佛龙首席财务官Eimear Bonner在接受采访时表示："我们之前谈到的现金流拐点和现金创造目标—— 我们在2025年实现了。我们说到做到，这确实让我们处于有利地位。" 雪佛龙预计今年将实现更多增长，产量预计将增长7%至10%，主要来自圭亚那和东地中海地区的油 田。雪佛龙首席执行官Mike Wirth去年大部分时间都在裁员、降低运营成本，并完 ...

Despite President Donald Trump‘s call for increased investment in Venezuela, Chevron Corporation (NYSE:CVX) has decided to maintain its current level of capital spending in the country, the U.S. oil major’s finance chief told the Financial Times on Friday. Chevron Continues To Engage With The AdministrationEimear Bonner said the company will not be increasing its capital spending in Venezuela this year. Bonner added that the company is currently producing 250,000 barrels a day and saw the potential to grow ...

Both Chevron and Exxon Mobil both said production of oil and gas reached historic levels, but also saw profit and revenue decline as energy prices fell. ...

It's Time To Rethink Passive Investing For more than a decade, the investing advice aimed at everyday Americans followed a familiar script: automate everything, keep costs low, and don't touch a thing. And increasingly, investors are realizing that being completely hands-off also means being completely disengaged. That realization hits like a lightning bolt when you realize not just how much better your returns could be, but that there are amazing offers like one app where new self-directed investing accoun ...

本文源自：金融界AI电报 雪佛龙(CVX.N)：预计第一季度股票回购规模为25亿至30亿美元。 ...

格隆汇1月30日｜由于美国墨西哥湾和哈萨克斯坦的供应增长推动原油产量激增，抵消了油价下跌的影 响，雪佛龙公司的业绩超出了分析师的预期。雪佛龙第四季度调整后净利润为每股1.52美元，比调查的 平均预期高出14美分。公司将股息提高了4%至每股1.78美元，比预期低1美分。雪佛龙预计今年将进一 步增长，产量预计增长约8%，主要来自圭亚那和东地中海的油田。雪佛龙备受华尔街推崇的支出纪律 正面临来自特朗普的压力，后者希望雪佛龙在委内瑞拉进行大规模投资。雪佛龙计划在未来两年内将委 内瑞拉的产量提高50%，但据副董事长Mark Nelson称，公司将利用现有的地面设备和其他资产，这表 明其资本预算不会发生重大变化。 ...

Group 1 - Shares of both companies have risen over the past year [1] - U.S. oil prices are projected to end 2025 down 20% a barrel [1]

Core Viewpoint - Chevron reported fourth-quarter earnings that exceeded Wall Street estimates, driven by record oil production despite lower crude prices [1][3]. Group 1: Earnings Performance - Chevron's adjusted earnings per share were $1.52, surpassing the consensus estimate of $1.45 [3][5]. - The company's revenue for the quarter was $46.87 billion, slightly below the expected $47.1 billion [5]. Group 2: Production Growth - Chevron achieved a production record of 4.05 million barrels per day in the fourth quarter [3]. - The company is positioned to increase its production in Venezuela by 50% over the next 18 to 24 months following a U.S. military intervention that removed President Nicolas Maduro [2]. Group 3: Competitive Position - Wall Street views Chevron as the U.S. oil company best positioned to benefit from the U.S. intervention in Venezuela, while competitors like ExxonMobil are hesitant to return due to past asset seizures [4].

Financial Performance - Reported earnings for Q4 2025 were $2.8 billion ($1.39 per share), down from $3.2 billion ($1.84 per share) in Q4 2024[3] - Adjusted earnings for Q4 2025 were $3.0 billion ($1.52 per share), compared to $3.6 billion ($2.06 per share) in Q4 2024[3] - Total revenues and other income for Q4 2025 were $46.873 billion, down from $52.226 billion in Q4 2024[33] - Net income attributable to Chevron Corporation for Q4 2025 was $2.770 billion, compared to $3.239 billion in Q4 2024[33] - Chevron Corporation reported a net income of $2.77 billion for Q4 2025, down from $3.24 billion in Q4 2024, and a total net income of $12.30 billion for the year, compared to $17.66 billion in 2024[34] - Total adjusted earnings for Q4 2025 were $3,028 million, compared to $3,632 million in Q4 2024, with annual adjusted earnings of $13,521 million versus $18,256 million in 2024[41] - Adjusted earnings per share for Q4 2025 were $1.52, down from $2.06 in Q4 2024, with annual adjusted earnings per share of $7.29 compared to $10.05 in 2024[41] Cash Flow and Capital Expenditures - Cash flow from operations reached $10.8 billion in Q4 2025, an increase from $8.7 billion in Q4 2024[4] - Cash flow from operations (CFFO) for the year was $33.94 billion, an increase from $31.49 billion in 2024[38] - Capital expenditures for 2025 were $17.3 billion, up from $16.4 billion in 2024[10] - Capital expenditures (Capex) totaled $17.35 billion for 2025, compared to $16.45 billion in 2024, with Q4 Capex at $5.26 billion, up from $4.34 billion[36] - The company reported a free cash flow of $16.60 billion for 2025, compared to $15.00 billion in 2024[38] Shareholder Returns - The company returned $27.1 billion to shareholders in 2025, including $12.8 billion in dividends and $12.1 billion in share repurchases[15] - A 4% increase in quarterly dividend to $1.78 per share was announced, payable on March 10, 2026[15] Production and Reserves - Worldwide and U.S. production increased by 12% and 16% respectively in 2025, achieving record levels[7] - The reserve replacement ratio for 2025 was 158%, with year-end proved reserves at approximately 10.6 billion barrels[13] - The acquisition of Hess contributed 261 MBOED to production in 2025, enhancing the company's upstream portfolio[13] Cost Management - Structural cost reductions of $1.5 billion were achieved in 2025, with a target of $3-4 billion by the end of 2026[15] Downstream Performance - U.S. downstream earnings increased due to lower operating expenses, higher margins on refined product sales, and the absence of prior-year severance charges[22] - Refinery crude unit inputs rose by 14% year-over-year, primarily driven by the ramp-up of the Light Tight Oil project and improved reliability at the Pasadena refinery[22] - Refined product sales increased by 3% compared to the previous year, attributed to higher demand for jet fuel[22] - International downstream earnings improved due to higher margins on refined product sales, offset by less favorable foreign currency effects[22] - Refinery crude unit inputs in international operations increased by 2% year-over-year, mainly due to lower turnaround activity at the South Korea affiliate refinery[22] Debt and Assets - Total assets increased to $324.01 billion in 2025 from $256.94 billion in 2024, while total debt rose to $40.76 billion from $24.54 billion[36] - The debt ratio increased to 17.9% in 2025 from 13.9% in 2024, indicating a higher proportion of debt relative to equity[36] Earnings by Segment - Chevron's total upstream earnings for Q4 2025 were $3.04 billion, a decrease from $4.30 billion in Q4 2024, while total downstream earnings improved to $823 million from a loss of $248 million[34] - U.S. Upstream reported earnings of $1,258 million for Q4 2025, down from $1,420 million in Q4 2024, with a total for the year of $5,815 million compared to $7,602 million in 2024[41] - International Upstream earnings were $1,777 million in Q4 2025, a decrease from $2,884 million in Q4 2024, with annual earnings of $7,007 million versus $11,000 million in 2024[41] - U.S. Downstream reported a loss of $230 million in Q4 2025, compared to a loss of $348 million in Q4 2024, with annual earnings of $1,375 million, up from $531 million in 2024[41] - International Downstream earnings increased to $593 million in Q4 2025 from $100 million in Q4 2024, with annual earnings of $1,647 million compared to $1,196 million in 2024[41] Special Items and Impacts - Net charges in the "All Other" segment increased to $(1.088) billion in Q4 2025 from $(0.817) billion in Q4 2024, primarily due to higher corporate tax costs and interest expenses[21] - Special items for the year included a total of $(1,505) million, impacting net income significantly[41] - Foreign currency effects resulted in a total impact of $(130) million in Q4 2025, compared to $722 million in Q4 2024[41] - The company experienced a decrease in total adjusted earnings due to various impairments and severance costs across segments[41] Future Outlook - The company aims to grow its oil and gas business while lowering the carbon intensity of operations and expanding into new energy businesses[21] - Chevron plans to provide forward guidance and sensitivities quarterly, with the next earnings discussion scheduled for January 30, 2026[24]

Chevron's fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025. ...