Chevron Corporation (NYSE:CVX) reported third-quarter 2025 earnings that exceeded market expectations, supported by strong downstream performance and record production following its acquisition of Hess Corporation.
For the three months ended September 30, adjusted earnings came in at about US $3.6 billion, or US $1.85 per share, topping analyst forecasts of roughly US $1.68 per share. Upstream earnings declined to about US $3.3 billion, while downstream results rose sharply to around US $1.1 billion.
The company completed its US $55 billion all-stock acquisition of Hess in July, contributing to increased output of about 4.1 million barrels of oil equivalent per day, compared with 3.4 million a year earlier. Lower crude prices, driven by robust global supply and concerns about slowing economic growth, weighed on upstream profitability.
#Investor Takeaway
Chevron’s quarterly results highlight resilient refining margins and early benefits from the Hess deal, offsetting weaker oil prices and integration costs.
Chevron’s consistent dividend policy remains a key attraction for investors seeking steady income — explore other long-term dividend leaders maintaining payout growth for decades.
#Market Impact
The stronger-than-expected performance may help stabilise investor sentiment, though ongoing acquisition-related expenses and subdued crude prices could limit near-term gains.
#What’s Next
Investors will look to Chevron’s November Investor Day for further guidance on post-acquisition strategy, cost synergies, and capital returns.
#About Chevron
Chevron Corporation (NYSE: CVX) is one of the world’s leading integrated energy companies, engaged in the exploration, production, refining, and marketing of oil and natural gas, as well as the development of renewable and lower-carbon energy solutions. Headquartered in San Ramon, California, Chevron operates globally across more than 100 countries, focusing on delivering affordable, reliable, and ever-cleaner energy.