Chevron Raises 2025 Output Guidance After Strong Q4, Extends Dividend Streak

Overview

• Chevron reported Q4 2025 earnings of $2.8 billion ($3.0 billion adjusted), $10.8 billion in cash from operations, and $4.2 billion in adjusted free cash flow.
• The company lifted 2025 production guidance to record levels, forecasting a 12% increase worldwide and a 16% increase in the U.S.
• Management cited completion of the Hess integration with about $1 billion in synergies and first production milestones in the Permian Basin and the Gulf of Mexico.
• Chevron said its 50%‑owned Tengizchevroil affiliate started up the Future Growth Project in Kazakhstan and reported $1.5 billion of structural cost reductions in 2025.
• The board raised the annual dividend for the 39th consecutive year, and fresh analyst commentary highlighted Chevron’s income profile and cash‑flow durability.