Chevron(US:CVX) Haitong Securities International·2025-08-18 01:46Investment Rating - The report does not explicitly state an investment rating for Chevron (CVX US) but indicates a positive outlook for the company's performance in the market for the second quarter of 2025 [1]. Core Insights - Chevron reported adjusted net income of $3.053 billion for Q2 2025, slightly below the consensus estimate of $3.116 billion, primarily due to weak performance in the upstream segment [2]. - The company maintained its quarterly dividend at $1.71 per share and reiterated its guidance for $15 billion in organic capital expenditures for FY 2025 [1][2]. - Chevron's stock buyback amounted to $2.6 billion in the second quarter, down from $3.9 billion in the first quarter of 2025 [1]. Summary by Sections Financial Performance - Adjusted net income for Q2 2025 was $3.053 billion, a decrease of 20% quarter-over-quarter and 35% year-over-year [5]. - Revenue for Q2 2025 was $44.822 billion, reflecting a 6% decline from the previous quarter and a 12% decline year-over-year [5]. - Adjusted free cash flow for Q2 2025 was $4.9 billion, compared to $4.2 billion in Q1 2025, against a guidance of $10 billion [2]. Upstream Segment - The upstream segment reported adjusted net income of $2.727 billion, with production levels at 1.701 million barrels of oil equivalent per day, showing a slight decrease of approximately 1% quarter-over-quarter and year-over-year [2][3]. Downstream Segment - The downstream segment achieved a profit of $737 million, benefiting from improved refining margins that offset weaker performance in the chemicals business [3].