Chevron(US:CVX)2025-10-31 10:16Financial Performance - Chevron reported earnings of $3.5 billion ($1.82 per share - diluted) for Q3 2025, down from $4.5 billion ($2.48 per share - diluted) in Q3 2024[3]. - Adjusted earnings for Q3 2025 were $3.6 billion ($1.85 per share - diluted), compared to $4.5 billion ($2.51 per share - diluted) in Q3 2024[3]. - Net income attributable to Chevron Corporation for Q3 2025 was $3.539 billion, down 21.1% from $4.487 billion in Q3 2024[33]. - Net income for the three months ended September 30, 2025, was $3.6 billion, down from $4.5 billion in the same period of 2024, reflecting a 20% decline[38]. - Adjusted earnings for the three months ended September 30, 2025, were $3,627 million, compared to $4,531 million in the prior year, reflecting a decline of approximately 20%[40]. - For the nine months ended September 30, 2025, net income attributable to Chevron Corporation was $9,529 million, down from $14,422 million in the same period of 2024[40]. - Total adjusted earnings for the nine months ended September 30, 2025, were $10,493 million, compared to $14,624 million in the previous year, reflecting a decrease of approximately 28%[40]. Production and Operations - Record production of 4.1 million BOE per day in Q3 2025, a 21% increase from the previous year[6]. - Cash flow from operations was $9.4 billion in Q3 2025, with adjusted free cash flow of $7.0 billion, reflecting a more than 50% increase year-over-year[6]. - Upstream net income for Q3 2025 was $3.302 billion, a decrease of 28.0% from $4.589 billion in Q3 2024[34]. - Downstream net income for Q3 2025 was $1.137 billion, an increase from $0.595 billion in Q3 2024[34]. - Operating expenses for Q3 2025 were $9.128 billion, an increase of 15.0% from $7.935 billion in Q3 2024[33]. Shareholder Returns - The company returned $6 billion to shareholders in Q3 2025, including $2.6 billion in share repurchases and $3.4 billion in dividends[12]. Capital Expenditures and Investments - Capital expenditures (Capex) in Q3 2025 were $4.4 billion, higher than the previous year due to spending on legacy Hess assets[12]. - Total capital expenditures for the nine months ended September 30, 2025, were $12.1 billion, consistent with the $12.1 billion spent in the same period of 2024[38]. - Chevron Corporation acquired businesses for $1.1 billion during the three months ended September 30, 2025[38]. Debt and Financial Ratios - The debt ratio at the end of Q3 2025 was 18.0%, up from 14.2% a year earlier[8]. - Total debt rose to $41.5 billion in September 2025, compared to $24.5 billion in December 2024, marking a 69% increase[36]. - The debt ratio increased to 18.0% in September 2025 from 13.9% in December 2024, showing a rise in leverage[36]. - The net debt ratio indicates the company's leverage, calculated as total debt less cash and cash equivalents as a percentage of total debt plus stockholders' equity[29]. Future Outlook - The company anticipates future growth opportunities despite risks related to crude oil prices, production curtailments, and geopolitical factors[31]. - Chevron's structural cost reductions are expected to be sustainable compared to 2024 levels, focusing on operational efficiencies and divestments[25]. Currency and Special Items - Special items for the three months ended September 30, 2025, resulted in a total impact of $(359) million, affecting net income significantly[40]. - The total foreign currency effects for the three months ended September 30, 2025, were $147 million, compared to $(44) million in the prior year, indicating a notable change in currency impact[40].