In its first quarter 2025 outcomes assertion, which was revealed not too long ago, Chevron Company revealed that its internet oil equal manufacturing averaged 3.353 million barrels of oil equal per day within the first quarter of this yr.
That determine was up barely from the earlier quarter and the corresponding quarter of final yr, the report highlighted. Chevron produced 3.350 million barrels of oil equal per day within the fourth quarter of 2024 and three.346 million barrels of oil equal per day within the first quarter of final yr, the report outlined.
In response to the report, Chevron’s U.S. internet oil equal manufacturing averaged 1.636 million barrels of oil equal per day within the first quarter of 2025, 1.646 million barrels per day within the fourth quarter of 2024, and 1.573 million barrels per day within the first quarter of 2024.
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The corporate’s worldwide internet oil equal output averaged 1.717 million barrels of oil equal per day within the first quarter of this yr, 1.704 million barrels per day within the fourth quarter of final yr, and 1.773 million barrels per day within the first quarter of 2024, the assertion outlined.
“Worldwide manufacturing was comparatively flat from a yr in the past because the impacts of asset gross sales have been principally offset by development at Tengizchevroil (20 %), within the Permian Basin (12 %), and within the Gulf of America (7 %),” Chevron mentioned in its assertion.
“U.S. internet oil-equivalent manufacturing was up 63,000 barrels per day from a yr earlier primarily resulting from larger manufacturing within the Permian Basin and Gulf of America, partly offset by decrease manufacturing within the Rockies,” the corporate added.
Taking a look at worldwide output within the assertion, Chevron mentioned “internet oil-equivalent manufacturing through the quarter was down 56,000 barrels per day from a yr earlier primarily resulting from asset gross sales in Canada and Republic of Congo, and withdrawal from Myanmar, partly offset by larger manufacturing in Kazakhstan following the start-up of the FGP at TCO”.
Chevron’s upstream earnings got here in at $3.758 billion within the first quarter of this yr, $4.304 billion within the fourth quarter of final yr, and $5.239 billion within the first quarter of final yr, the assertion confirmed.
The corporate’s U.S. upstream earnings have been $1.858 billion within the first quarter of 2025, $1.420 billion within the fourth quarter of final yr, and $2.075 billion within the first quarter of 2024, the assertion highlighted.
“U.S. upstream earnings have been decrease than the year-ago interval primarily resulting from larger working bills, together with a authorized reserve, and decrease liquids realizations, partly offset by larger pure gasoline realizations,” the corporate famous within the assertion.
Chevron’s worldwide upstream earnings got here in at $1.900 billion within the first quarter, $2.884 billion within the fourth quarter of 2024, and $3.164 billion within the first quarter of 2024, the assertion outlined.
“Worldwide upstream earnings have been decrease than a yr in the past primarily resulting from decrease liftings, decrease affiliate earnings at TCO largely resulting from larger depreciation, depletion and amortization partly offset by larger manufacturing following FGP start-up, decrease realizations, and unfavorable swings in tax gadgets and international change results, partly offset by decrease working bills primarily from asset gross sales,” the corporate mentioned within the assertion.
Chevron’s whole earnings have been $3.500 billion within the first quarter of 2025, $3.239 billion within the fourth quarter of 2024, and $5.501 billion within the fifth quarter of 2024, in line with the assertion. Earnings per share – diluted, have been $2.00 within the first quarter, $1.84 within the fourth quarter of final yr, and $2.97 within the first quarter of final yr, the assertion identified.
Money circulation from operations stood at $5.2 billion within the first quarter of 2025, $8.7 billion within the earlier quarter, and $6.8 billion within the corresponding quarter of final yr, Chevron’s assertion highlighted.
“Included within the [first] quarter [2025] was a internet lack of $175 million associated to authorized reserves and a tax cost resulting from adjustments within the power earnings levy in the UK that have been partially offset by the honest worth measurement of Hess Company shares,” Chevron mentioned in its assertion.
“Overseas foreign money results decreased earnings by $138 million. Adjusted earnings of $3.8 billion ($2.18 per share – diluted) in first quarter 2025 in comparison with adjusted earnings of $5.4 billion ($2.93 per share – diluted) in first quarter 2024,” it added.
Within the assertion, Chevron Chairman and CEO Mike Wirth mentioned, “this quarter mirrored continued robust execution and progress on our goal to ship superior shareholder worth”.
“Regardless of altering market circumstances, our resilient portfolio, robust steadiness sheet, and constant deal with capital and price self-discipline place us to ship industry-leading free money circulation development by 2026,” he added.
To contact the creator, e mail andreas.exarheas@rigzone.com
