Chevron on Friday reported fourth-quarter earnings that beat Wall Street estimates as record oil production offset the pinch of lower crude prices. Last year, oil logged its biggest annual price decline since 2020.
Chevron could be poised to grow its production even further this year in the wake of a U.S. military intervention in Venezuela that removed President Nicolás Maduro and effectively seized control of the South American nation’s oil industry.
Chevron is the only U.S. oil major operating in Venezuela under a special license issued by the U.S. Treasury Department. It said Friday it can ramp up production in Venezuela by 50% over the next 18 to 24 months.
“We have been a part of Venezuela’s past for more than a century. We remain committed to its present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security,” CEO Mike Wirth said in a news release.
Chevron shares rose more than 3%.
Here is what Chevron reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.52 adjusted vs. $1.45 expected
- Revenue: $46.87 billion vs. $47.1 billion
Chevron reported net income that fell more than 14% compared with the year-ago period due to low oil prices. It booked earnings of $2.77 billion for the quarter, or $1.39 per share, compared with earnings of $3.24 billion, or $1.84 per share, in the fourth quarter of 2024.
After adjustments, Chevron earned $1.52 per share, outpacing the Street’s consensus estimate of $1.45 per share. Revenue came in at $46.87 billion, a decline of 10% from $52.23 billion in the year-ago period.
More barrels from Venezuela would add to Chevron’s already strong output in the U.S. and around the world. It increased production in 2025 by 12% worldwide and 16% in the U.S. to record levels.
For the quarter, Chevron pumped 4.05 million barrels per day, an increase of about 21% compared with 3.35 million bpd in the fourth quarter of 2024.
Wall Street views Chevron as the U.S. oil company best positioned to benefit from the U.S. intervention in Venezuela. Competitors such as Exxon Mobil are hesitant to return to Venezuela due to the country’s history of seizing the assets of international oil majors.
Chevron’s U.S. production business booked profit of $1.26 billion, down about 11% compared with $1.42 billion in the year-ago period. International production posted a profit of $1.78 billion, down 38% from earnings of $2.88 billion in the the fourth quarter of 2024.
Its U.S. refining business swung to a profit of $230 million after posting a loss of $348 million in the year-ago period. International refining posted earnings of $593 million, an increase of nearly 500% from $100 million in the fourth quarter of 2024.
The company said it would increase its quarterly dividend by 4% to $1.78 per share.
Read More: Chevron (CXV) Q4 2025 earnings
