Chevron Corporation tops Q3 earnings estimates with record production following Hess deal

Chevron reported adjusted third-quarter 2025 earnings of US$3.6 billion (US$1.85/share), significantly above analysts’ expectations around US$1.68/share, driven by a record production of 4.1 million barrels of oil-equivalent per day after completion of its US$55 billion acquisition of Hess in July. Cash-flow from operations jumped nearly 20% year-on-year to US$9.9 billion, helped by strong performance in the Permian Basin and U.S. Gulf of Mexico. The company reaffirmed its commitment to US$2-3 billion in cost cuts next year and returned US$3.4 billion in dividends plus US$2.6 billion in share buybacks.