CHEVRON CORP SEC 10-Q Report
Chevron Corp, a leading global energy company, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting the challenges and strategic initiatives undertaken in the current economic environment.
Financial Highlights
Total Revenues and Other Income: Chevron reported total revenues and other income of $44,822 million, a decrease from $51,181 million in the same quarter of 2024. This decline was primarily due to lower sales and other operating revenues.
Net Income (Loss) Attributable to Chevron Corporation: The company recorded a net income of $2,490 million, down from $4,434 million in the second quarter of 2024. The decrease was mainly attributed to lower upstream earnings and unfavorable foreign currency effects.
Diluted EPS: Chevron's diluted earnings per share (EPS) stood at $1.45, compared to $2.43 in the second quarter of 2024, reflecting the decrease in net income.
Total Segment Earnings: The total segment earnings were $3,464 million, a decrease from $5,067 million in the second quarter of 2024, driven by lower upstream earnings.
Net Income (Loss) Attributable to Chevron Corporation for Six Months: For the first six months of 2025, Chevron reported a net income of $5,990 million, compared to $9,935 million in the same period of 2024. This decline was due to lower liquids realizations and lower affiliate earnings.
Business Highlights
Revenue Segments: The Upstream segment, which includes the production and sale of crude oil, natural gas, and natural gas liquids, reported a decrease in earnings due to lower liquids realizations and lower affiliate earnings at Tengizchevroil LLP (TCO). Conversely, the Downstream segment, which involves refining and marketing of petroleum products, saw an increase in earnings due to higher margins on refined product sales and lower operating expenses.
Geographical Performance: In the United States, the Upstream segment reported earnings of $1.418 billion for the second quarter of 2025, down from $2.161 billion in the same period of 2024. Internationally, the Upstream segment earned $1.309 billion, a decrease from $2.309 billion in the previous year. The Downstream segment in the United States reported earnings of $404 million, while international Downstream earnings were $333 million.
Future Outlook: Chevron aims to grow its oil and gas business while lowering the carbon intensity of its operations. The company plans to expand its new businesses in renewable fuels, carbon capture and offsets, hydrogen, and power generation for data centers. Chevron is targeting sectors where emissions are harder to abate and leveraging its capabilities, assets, partnerships, and customer relationships to achieve these goals.
Operational Challenges: The company faced challenges due to lower upstream realizations, lower affiliate earnings at TCO, and unfavorable foreign currency effects. These factors contributed to the decrease in earnings for the Upstream segment.
Climate Change Initiatives: Chevron is integrating climate change-related issues into its strategy and planning, capital investment reviews, and risk management tools. The company supports the Paris Agreement and is taking actions to help lower the carbon intensity of its operations while continuing to meet energy demand.
SEC Filing: CHEVRON CORP [ CVX ] - 10-Q - Aug. 07, 2025