🔹 Adj EPS: $2.18 (Est. $2.11) 🟢; –26 % YoY
🔹 Revenue: $47.61 B (Est. $48.08 B) 🔴; –6 % YoY
🔹 Cash Flow from Ops: $5.28 B (Est. $6.82 B) 🔴
🔹 Free Cash Flow (ex-WC): $3.7 B (–5 % YoY)
🔹 Slashes buybacks as Trump trade war, OPEC hit oil prices.
Segment Performance
Upstream
🔹 Earnings: $3.76 B (Est. $4.13 B) 🔴; –28 % YoY
🔹 Net Production: 3,353 MBOE/d (flat YoY)
🔹 U.S. Liquids Realization: $55.26/bbl (–4 %)
🔹 Intl. Liquids Realization: $67.69/bbl (–7 %)
Downstream
🔹 Earnings: $325 M (Est. $427 M) 🔴; –59 % YoY
🔹 U.S. Refinery Inputs: 1,018 kbd (+16 % YoY)
🔹 Intl. Refinery Inputs: 618 kbd (–5 % YoY)
All Other / Corporate
🔹 Net Charges: –$583 M (vs. –$521 M YoY)
Balance-Sheet & Capital
🔹 Capex: $3.9 B (–5 % YoY)
🔹 Net-Debt Ratio: 14.4 % (vs 8.8 % YoY)
🔹 Board declared Q2 dividend $1.71/sh (payable Jun 10 2025)
🔹 Shareholder Returns: $6.9 B ( $3.9 B buybacks + $3.0 B dividends)
Operational & Strategic Updates
🔸 Production ramp-up at Tengizchevroil after Future Growth Project completion (+20 % YoY output).
🔸 First oil achieved at Ballymore (deep-water Gulf of America) on time & on budget.
🔸 Acquired 4.99 % of Hess shares; remains confident in full Hess acquisition.
🔸 Completed sales of East Texas gas assets and select non-operated U.S. mid-stream assets; proceeds funding buybacks.
🔸 Announced simplified org structure targeting $2-3 B structural cost reduction by 2026.
Management Commentary
🔸 CEO Mike Wirth: “Resilient portfolio, strong balance sheet, and disciplined capital allocation position Chevron to deliver industry-leading free-cash-flow growth by 2026 despite changing market conditions.”
