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Chevron (CVX) investor relations material
Chevron Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Achieved record U.S. and global production, with Permian output surpassing 1 million BOE/day.
Completed $48B Hess acquisition in July 2025, adding high-quality assets and expected to deliver $1B in annual synergies by year-end 2025.
Entered U.S. lithium sector, acquiring 125,000 net acres and expanding new energy initiatives.
Returned $5.5B to shareholders in Q2 2025, including $2.6B in share repurchases and $2.9B in dividends.
Announced $2–3B in structural cost reductions by 2026 and implemented a simplified organizational structure.
Financial highlights
Q2 2025 earnings were $2.5B ($1.45/share diluted), down from $4.4B ($2.43/share) in Q2 2024; adjusted earnings were $3.1B ($1.77/share).
Free cash flow for Q2 2025 was $4.9B, up 15% quarter-on-quarter and up from $2.3B year-over-year.
Cash flow from operations was $8.6B in Q2 2025; capex was $3.7B, with organic capex at $3.5B.
ROCE was 6.2% in Q2 2025, down from 9.9% in Q2 2024.
Net oil-equivalent production reached 3,396 MBOED, up from 3,292 MBOED year-over-year.
Outlook and guidance
2026 additional free cash flow guidance increased to $12.5B, driven by synergies and production growth.
Integration of Hess assets expected to extend production and free cash flow growth into the next decade.
Share repurchases in Q3 2025 projected between $2.5B and $3.0B.
Ongoing cost reduction initiatives target $2–3B in savings by 2026.
Capex in the Permian expected at the lower end of $4.5–5B range for 2025, with further reductions anticipated.
Assess impact of simplified structure.
Explain drivers of Permian production growth.
How will Hess assets affect future growth?
How will Hess integration impact 2026 free cash flow?
What's driving improved Gulf of America EURs?
What changes are planned for exploration program?
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Next Chevron earnings date
Q3 202531 Oct, 2025
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