Chevron Corp

Chevron delivered a mixed first quarter in 2025, narrowly beating profit expectations while falling short on revenue as lower commodity prices and weaker downstream margins weighed on results. Adjusted earnings of $2.18 per diluted share edged past the $2.1518 consensus estimate by 1.31%, but revenue of $46.10 billion missed expectations of $48.39 billion by 4.74% and slipped 1.0% year over year. The headline story was a sharp decline in upstream profitability — international upstream earnings collapsed to $1.90 billion from $3.16 billion a year ago, pressured by lower liftings, reduced commodity realizations, and higher depreciation charges following the startup of the major Tengizchevroil Future Growth Project in Kazakhstan. Cash returned to shareholders reached $6.90 billion in the quarter, though Chevron signaled it would trim buyback spending in Q2 amid softer oil prices driven by tariff concerns and rising OPEC+ supply. Looking ahead, management is targeting $2 billion to $3 billion in structural cost savings by end of 2026, with Gulf of America production expected to hit 300,000 barrels per day by next year — a production growth story that makes <a href="https://247wallst.com/investing/2026/02/17/chevron-vs-conocophillips-which-is-the-better-buy-as-energy-sector-crushes-the-market/">the Chevron investment case</a> worth watching closely.