Chevron Corporation (CVX) Stock: Surges After Record Q3 Output and Earnings Beat Expectations
TLDR
- Chevron posted adjusted Q3 2025 EPS of $1.85, beating forecasts of $1.66.
- Record production of 4.09 million BOE/d drove performance.
- Revenue reached $49.7 billion, down 1.9% year-over-year.
- Quarterly dividend maintained at $1.71 per share.
- Stock rose 3.47% to $158.84 after results.
Chevron Corporation (NYSE: CVX) reported its third-quarter 2025 results on October 29, with shares rising 3.47% to $158.84 as earnings exceeded analyst expectations.
Chevron Corporation, CVX
The company posted adjusted earnings per share (EPS) of $1.85, topping forecasts of $1.66, supported by record production levels.
The strong operational performance was partially offset by lower crude prices and costs tied to the Hess acquisition. Reported revenue came in at $49.7 billion, missing the consensus estimate of $53.6 billion and marking a 1.9% decline from last year.
Record Output and Segment Performance
Chevron achieved record production of 4.086 million barrels of oil equivalent per day (MBOE/d), up 21.5% year over year. The U.S. segment rose 27.1% to 2.04 million MBOE/d, while international operations increased 16.3% to 2.05 million MBOE/d.
The upstream segment earned $3.3 billion, a 28% decline from last year due to lower liquid prices. U.S. average realized liquids were $48.12 per barrel, down 10% year-on-year, while international liquids averaged $63.16 per barrel. Natural gas prices rose 221.8% in the U.S. but fell 7.8% overseas.
The downstream segment delivered a profit of $1.1 billion, up 91% from $595 million last year, reflecting higher refined product margins.
Strong Cash Flow and Dividend Stability
Chevron reported $9.4 billion in operating cash flow versus $6.7 billion a year ago, with free cash flow hitting $4.9 billion. The company maintained its quarterly dividend at $1.71 per share, payable on December 10, 2025, to shareholders of record as of November 18, 2025. Chevron also repurchased $2.6 billion in shares and invested $4.4 billion in capital expenditures, mainly on Hess assets post-acquisition.
Financial Position and Outlook
As of September 30, 2025, Chevron held $7.7 billion in cash and $41.5 billion in total debt, maintaining an 18% debt-to-capitalization ratio. The company continues to focus on capital discipline and shareholder returns, supported by strong balance sheet fundamentals.
Chevron plans to provide its 2030 strategic outlook at its Investor Day on November 12. CEO Mike Wirth emphasized efficiency and reliability, saying, “Affordable and reliable energy is the lifeblood of a modern economy.” Year-to-date, CVX shares are up 13.5%, while the S&P 500 has risen 16.3%. Over the past year, Chevron gained 11.59%, reflecting investor confidence in its strategic growth and operational execution despite market volatility.
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