Chevron(US:CVX)2025-05-02 11:18Financial 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]