Chevron reports quarterly profit above estimates and eyes Venezuela investments

Chevron's Q4 adjusted earnings were US$1.52 per share, above LSEG estimates, and the company said it is evaluating further investment in Venezuela, where it currently produces about 250,000 barrels of oil equivalent per day.

Chevron reported that its fourth-quarter profits fell year‑over‑year but exceeded analyst estimates as the company focused on cost cuts and operational efficiency amid lower crude prices in 2025. The company highlighted Venezuela as an area of long‑term potential and said it is evaluating additional investment opportunities there. Chevron is the only U.S. oil producer currently operating in Venezuela and noted it could expand production with further U.S. government authorizations. The company also described stronger performance in regions such as Kazakhstan, the Permian Basin and the U.S. Gulf of Mexico. Key facts: - Adjusted earnings for the quarter ended Dec. 31 were US$1.52 per share, versus an LSEG consensus estimate of US$1.45 and down from US$2.06 a year earlier. - Chevron currently produces about 250,000 barrels of oil equivalent per day in Venezuela and said it could increase that output by roughly 50% within 18 to 24 months with additional U.S. government authorizations. - Total company production was about 4 million boepd in the fourth quarter, flat with the previous quarter and higher than a year earlier after the acquisition of Hess. - The company returned capital in 2025 with US$12.8 billion in dividends and US$12.1 billion in share repurchases, near the low end of its guidance range. - Chevron expects production to grow 7% to 10% in 2026, while noting first‑quarter turnarounds that are expected to lower upstream output by 185,000 to 225,000 boepd and to reduce downstream earnings by about US$275 million to US$325 million. Summary: Chevron's reported results show profit per share that beat estimates despite lower year‑over‑year earnings, and the company emphasized discipline on capital as it evaluates new projects. It singled out Venezuela as a potential area for growth subject to U.S. authorizations and broader policy actions. Near‑term production and downstream earnings are expected to be affected by scheduled turnarounds. Undetermined at this time.