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

Chevron reported adjusted earnings of US$3.6 billion (US$1.85 per share) for the third quarter of 2025, beating analyst expectations of US$1.68 per share. The strong performance was driven by record oil and gas production (~4.1 million barrels of oil equivalent per day) following its acquisition of Hess Corporation, and improved refining margins. Cash flow from operations rose about 20% to US$9.9 billion. The company reiterated cost-reduction targets of US$2–3 billion for next year and continued strong shareholder returns via dividends and buybacks.