CHEVRON (CVX) Company Report

Chevron is evaluating overseas Lukoil assets after receiving a U.S. Treasury license to negotiate until Dec. 13, with full sanctions set to take effect on Nov. 21.
The company is targeting assets overlapping its operations, notably Lukoil’s 75% stake in Iraq’s West Qurna-2.
Other bidders like Carlyle are examining parts of the portfolio, while Gunvor withdrew a ~$22 billion offer amid U.S. objections.
Lukoil’s international holdings, valued at ~$22 billion, span refineries, upstream stakes and retail networks across Europe, the Middle East, Central Asia and Africa, requiring clear jurisdictional and regulatory approvals.

8 days ago

Bloomberg

Chevron outlines 2025–2030 cash flow, capital and production guidance

CVX

Guidance Update

Share Buyback

New Projects/Investments

Chevron expects annual adjusted free cash flow growth of >10% at nominal $70 Brent through 2030, supported by a 2–3% upstream production CAGR and margin improvements, with a breakeven under $50 Brent.
Capital spending will be $18–21 billion per year through 2030, while targeting $3–4 billion in annual structural cost savings by 2026 and maintaining a strong AA-rated balance sheet with net debt/CFO <1×.
Maintains top-quartile shareholder returns, with a dividend growth track record and $10–20 billion in annual share buybacks at $60–80 Brent, aiming to return over 45% of market cap in five years.
Upstream portfolio aims for 2–3% production CAGR over five years with a 10% margin uplift at flat prices, leveraging 50% shale/tight and diverse deepwater and LNG assets with over 20 years of resource inventory.
Advancing a 2.5 GW gas-fired data center power project in West Texas targeting first power in 2027, with mid-teens returns and FID planned upon securing long-term offtake.

Nov 12, 2025, 2:30 PM

Transcript

Chevron outlines plan for sustained cash flow growth

CVX

Guidance Update

New Projects/Investments

Share Buyback

Expects adjusted free cash flow and EPS to grow >10% annually at $70 Brent, and has reduced its capex guidance to $18–$21 billion per year.
Aims to sustain capital discipline with a capex and dividend breakeven below $50 per barrel through 2030, improve return on capital employed by over 3% by 2030, and grow production 2–3% annually through 2030.
Plans to increase Hess synergies to $1.5 billion and achieve $3–$4 billion in structural cost reductions by end of 2026.
To advance its New Energies strategy, Chevron expects first power from its AI data center project in West Texas by 2027.
Commits to superior shareholder returns, targeting $10–$20 billion in annual share repurchases through 2030 and maintaining a history of 7% annual dividend per share growth.

Nov 12, 2025, 10:30 AM

Press Release

Chevron signs three-year seismic capacity agreement with TGS

CVX

New Projects/Investments

Chevron and TGS enter a three-year capacity agreement for marine streamer and OBN acquisition services, with a minimum firm commitment of 18 months of combined services.
The agreement enables collaboration on seismic acquisition projects using TGS streamer and OBN crews for global exploration and development.
It deepens Chevron’s relationship with TGS, fostering joint technology development in survey design, acquisition technology, data collection, and integration.
The previously announced St Malo 4D OBN reservoir monitoring contract in the Gulf of America is included and will commence immediately under this agreement.

Nov 5, 2025, 6:00 AM

Press Release

Chevron’s U.S. Oil Production Hits Record in August

CVX

Demand Weakening

U.S. oil production reached 13.8 million barrels per day in August, marking a third consecutive monthly record and exceeding EIA estimates by about 300,000 barrels per day.
Diesel demand declined by 4.9% year-over-year in August, while jet fuel demand rose by 2.7%, signaling mixed end-market dynamics.
Production gains were driven by robust output from the Permian Basin and Guyana, with Chevron among the companies ramping up output despite expectations of lower prices.
U.S. sanctions and tariffs on Russian crude importers have redirected trade flows, leading to increased U.S. energy exports to Asia following agreements with China and South Korea.
Market forecasts project Brent crude prices to average $62 per barrel in late 2025, potentially falling to $52 in 2026, against current levels near $65.

Nov 1, 2025, 12:28 AM

Bloomberg

Chevron reports Q3 2025 results

CVX

Earnings

Guidance Update

M&A

Chevron reported Q3 net earnings of $3.5 billion ($1.82 EPS), adjusted earnings of $3.6 billion ($1.85 EPS) and organic CapEx of $4.4 billion, maintaining full-year CapEx guidance at $17–$17.5 billion [[1]].
Q3 production averaged over 4 million boe/d, up 690,000 boe/d sequentially, driven by legacy HES, Permian, Gulf of Mexico and TCO growth; full-year production growth is expected at the top end of 6–8% (ex-HES) [[0]].
Operating cash flow (ex-WC) reached $9.9 billion, adjusted free cash flow was $7 billion, and $6 billion was returned to shareholders, fully covered by cash generation [[1]].
Integration of legacy HES assets and PDC is on track, with $1.5 billion in annual run-rate cost savings captured and $150 million in HES earnings contribution in Q3 [[1]].

Oct 31, 2025, 3:00 PM

Transcript

Chevron reports Q3 2025 results

CVX

Earnings

New Projects/Investments

Dividends

Chevron delivered record production of over 4 MMboe/d, up 690 kboe/d QoQ driven by legacy Hess integration and growth in the Permian, Gulf of Mexico, and TCO.
Q3 net earnings were $3.5 B ($1.82/sh), adjusted earnings $3.6 B ($1.85/sh), including $235 M of special items; organic CapEx was $4.4 B, with 2025 guidance of $17–17.5 B.
Cash flow from operations ex-WC was $9.9 B, and adjusted free cash flow was $7 B, fully covering $6 B returned to shareholders.
Key milestones include Ballymore reaching design capacity ahead of schedule, first production at ACES Green Hydrogen, and realization of $1.5 B in annual run-rate cost savings from integration synergies.

Oct 31, 2025, 3:00 PM

Transcript

Chevron reports Q3 2025 results

CVX

Earnings

Dividends

Share Buyback

Chevron’s 3Q25 reported EPS was $1.82 and adjusted EPS was $1.85.
Cash flow from operations excluding working capital was $9.9 B, generating $4.9 B free cash flow and enabling $6 B return to shareholders ($3.4 B dividends, $2.6 B buybacks).
Upstream production reached 4.086 MMBOED, driven by Hess integration and Permian/Gulf of America growth.
Return on capital employed (ROCE) was 7.6% (adjusted 7.8%) and net debt ratio stood at 15.1%.
Ballymore at design capacity ahead of schedule, first hydrogen at ACES, and 4Q25 outlook includes ~125 MBOED downtime and $2.5 – 3.0 B share repurchases.

Oct 31, 2025, 3:00 PM

Presentation

Chevron reports Q3 2025 earnings and record production

CVX

Earnings

Dividends

Guidance Update

Q3 GAAP earnings of $3.5 B ($1.82/share) and adjusted earnings of $3.6 B ($1.85/share); cash flow from operations $9.9 B, adjusted free cash flow $7 B, and $6 B returned to shareholders.
Record production of over 4 MMboe/d, up 690 Mb/d sequentially; full-year production growth expected at the high end of 6–8% (ex-HES).
Key project milestones: PDC integration on track, Ballymore reached design capacity ahead of schedule, ACES Green Hydrogen first production, and no injuries in El Segundo refinery fire.
New operating model captured $1.5 B in annual run-rate savings; organic CapEx of $4.4 B in Q3, with full-year guidance of $17–17.5 B.

Oct 31, 2025, 3:00 PM

Transcript

Chevron reports Q3 2025 results

CVX

Earnings

Guidance Update

Dividends

Chevron posted $3.5 billion in reported earnings (EPS $1.82) and $3.6 billion in adjusted earnings (EPS $1.85).
Worldwide production exceeded 4 MMBOED, reflecting contributions from the Hess acquisition and Permian growth.
Operating cash flow excluding working capital was $9.9 billion, and adjusted free cash flow reached $7.0 billion in Q3 2025.
Returned $6 billion to shareholders, comprising $3.4 billion in dividends and $2.6 billion in share repurchases.
Q4 2025 outlook includes ~125 MBOED of upstream downtime, a $400–500 million downstream earnings headwind, and $2.5–3.0 billion in planned share repurchases.

Oct 31, 2025, 3:00 PM

Presentation

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