Chevron Q4 Earnings Down 13% Y-on-Y on Lower Crude Prices

SECAUCUS, NJ (DTN) – Chevron reported on Friday (1/30) fourth quarter earnings of $2.8 billion, down 13% from the $3.2 billion of a year ago, as lower crude prices impacted overall financial results.

Sales and other operating revenues in the fourth quarter were $45.79 billion, down from $48.33 billion in the year-ago period due primarily to lower crude prices.

U.S. upstream earnings totaled $3.04 billion versus $4.3 billion last year, primarily on lower realizations partially offset by higher production volumes from the Hess acquisition.

U.S. net oil-equivalent production reached record levels of 4.05 million bpd during the quarter, up 21% from the fourth quarter of 2024 due to growth in the Permian Basin.

Chevron’s fourth quarter U.S. downstream earnings at $823 million were significantly higher than the $248 million loss in the year-ago quarter, mostly due to higher margins.

Refinery crude oil inputs were influenced by increased capacity at the Pasadena refinery, while the company achieved $1.5 billion in structural cost reductions during the year.