Gilead signs lenacapavir access deal; Arvinas CEO to step down
Today, a brief rundown of news involving Gilead Sciences and Arvinas, as well as updates from Chugai Pharmaceutical, Recursion Pharmaceuticals and Dizal Pharma that you may have missed.
Gilead Sciences on Wednesday said it would supply its HIV prevention drug lenacapavir 'at no profit' to low and lower-middle-income countries through a three-year agreement with the Global Fund to Fight AIDS, Tuberculosis and Malaria. The Global Fund will prioritize country access based on HIV epidemiology and available resources. The move builds on previous steps taken by Gilead, including its agreement in October to license rights to manufacture and supply lenacapavir in many of these countries. The new deal will provide enough doses for up to 2 million people to access the drug until those licensed generic versions are available. The twice-yearly injection was approved by the Food and Drug Administration for HIV pre-exposure prophylaxis last month, which one analyst said could 'redefine the PrEP market.' — Delilah Alvarado
Arvinas CEO John Houston will step down following the search and appointment of a new CEO, the company said Wednesday. Houston joined in 2017 as head of R&D and chief scientific officer, but was promoted months later to CEO. Two years ago, he became chairman of the board, a position he'll continue in after departing the CEO post. According to Arvinas, Houston played a pivotal role in advancing its 'PROTAC' drugmaking technology, including the drug vepdegestrant, for which it recently unveiled mixed Phase 3 data. — Delilah Alvarado
Chugai Pharmaceutical said Monday it will pay up to $250 million to Singapore-based Gero as part of a collaboration to develop antibody drugs to treat aging-related diseases. Under the deal, Gero will identify biological targets active in aging-related diseases using its discovery technology, while Chugai will have exclusive rights to create, research, develop, manufacture and commercialize drugs emerging from Gero's work. Payments to Gero will be based on development and sales milestones, and Chugai would additionally owe royalties to Gero on sales of any launched drugs. Chugai is majority owned by Roche. — Jonathan Gardner
Recursion Pharmaceuticals is paying $7.5 million upfront for shares in partner RallyBio and up to $25 million in total to purchase rights to jointly developed treatments for the genetic disorder hypophosphatasia. RallyBio began working with Exscientia in 2019 to research drugs targeting ENPP enzymes, a collaboration which Recursion inherited when it acquired Exscientia in 2024. Recursion has been retrenching, halting development of two drugs and pausing a third in May, followed by job cuts in June. With the agreement, Recursion gains control of a drug called REV102, and a backup molecule. RallyBio said the upfront payment will help fund operations through mid-2027, extending its runway by around a year. — Jonathan Gardner
The Food and Drug Administration granted accelerated approval to an oral lung cancer drug developed by China-based Dizal Pharma that could compete with Johnson & Johnson's antibody drug Rybrevant. The drug, called Zegfrovy, is approved to treat people with non-small cell lung cancer that has an epidermal growth factor receptor exon 20 insertion mutation and whose disease has progressed following chemotherapy. It will be the only oral drug on the market to treat those patients following withdrawal of Takeda's Exkivity, which failed confirmatory trials. People with the EGFR exon 20 insertion mutation, which represent a small percentage of NSCLC patients, often are resistant to other EGFR targeting drugs like Tarceva or Iressa. — Jonathan Gardner
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LyondellBasell reports second quarter 2025 earnings
HOUSTON and LONDON, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Net income: $115 million, $202 million excluding identified items1 Diluted earnings per share: $0.34 per share; $0.62 per share excluding identified items EBITDA: $606 million, $715 million excluding identified items Cash from operating activities: $351 million Returned $536 million to shareholders through dividends and share repurchases Continued to execute on strategy while navigating the cycle with operational and financial discipline: Announced the planned sale of select European assets to further optimize the business portfolio Deferring construction of Flex-2 project to preserve capital during the cycle downturn Cash Improvement Plan on track to achieve an increased run-rate of $600 million dollars for 2025 while expanding into 2026 with an incremental target of $500 million LyondellBasell Industries (NYSE: LYB) (the "company") today announced results for the second quarter 2025. Comparisons with the prior quarter and second quarter 2024 are available in the following table: Table 1 - Earnings Summary Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Sales and other operating revenues $ 7,658 $ 7,677 $ 8,678 $ 15,335 $ 16,982 Net income 115 177 924 292 1,397 Diluted earnings per share 0.34 0.54 2.82 0.88 4.25 Weighted average diluted share count 322 324 326 323 326 EBITDA1 606 655 1,643 1,261 2,689 Net income excluding identified items $ 202 $ 110 $ 724 $ 312 $ 1,157 Diluted earnings per share excluding identified items 0.62 0.33 2.20 0.95 3.52 Gain on sale of business, pre-tax — — (293 ) — (293 ) Asset write-downs, pre-tax 32 — — 32 — Cash Improvement Plan costs, pre-tax 20 — — 20 — Dutch PO joint venture exit costs, pre-tax — 117 — 117 — European transaction costs, pre-tax 10 — — 10 — Loss (income) from discontinued operations, pre-tax 47 (196 ) 26 (149 ) (26 ) EBITDA excluding identified items 715 576 1,330 1,291 2,293 (1) See 'Information Related to Financial Measures' for a discussion of the company's use of non-GAAP financial measures and Tables 2-5 for reconciliations or calculations of these financial measures. 'Identified items' include adjustments for lower of cost or market ("LCM"), gain on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, Dutch PO joint venture exit costs, European transaction costs and discontinued operations. 'As we advance our three-pillar strategy, LYB continues to grow and upgrade our core businesses through disciplined capital allocation that extends our competitive advantage. We are expanding our Cash Improvement Plan to help navigate a prolonged cyclical downturn. Our Value Enhancement Program and portfolio optimization actions remain on track to reap the benefits from a cycle recovery," said Peter Vanacker, LyondellBasell chief executive officer. "We are encouraged by recent improvements in pricing and demand for polyolefins, and we remain cautiously optimistic regarding policy developments to address excess capacity in China and revitalize the European chemical industry. LYB is well-positioned to capture these market tailwinds and create durable, long-term value for our shareholders through consistent execution of our strategy.' SECOND QUARTER 2025 RESULTSThe company reported net income for the second quarter 2025 of $115 million, or $0.34 per diluted share. During the quarter, the company recognized identified items of $87 million, net of tax. These items, which impacted second quarter earnings by $0.28 per share, related to asset write-downs, transaction costs, the Cash Improvement Plan, and discontinued operations. Second quarter 2025 EBITDA was $606 million, or $715 million excluding identified items. In North America, the successful completion of turnarounds at the company's Channelview complex enabled higher operating rates that supported a sequential improvement in integrated polyethylene volumes and margins. Domestic demand for polyethylene and polypropylene was seasonally stronger, led by solid demand from consumer packaging, healthcare, and building and construction as well as increased demand from infrastructure markets. A June increase in polyethylene contract prices is providing momentum for third quarter profitability. In Europe, lower feedstock costs helped improve integrated polyethylene margins while polyolefins volumes benefited from increased seasonal demand. Intermediate Chemicals profitability improved with stronger styrene margins due to lower benzene costs and price support from second quarter industry outages. Oxyfuels margins fell as lower crude oil prices limited the typical seasonal uplift from the summer driving season. During the second quarter, global markets began to adapt to trade volatility, contributing to a more stable operating environment across several product chains. LyondellBasell generated $351 million in cash from operating activities during the second quarter. The company maintained its balanced approach to capital allocation by investing $539 million in capital expenditures and returning $536 million to shareholders through dividends and share repurchases. At the end of the quarter, LYB held $1.7 billion in cash and cash equivalents and maintained $6.4 billion in available liquidity. STRATEGY HIGHLIGHTSLYB continued to execute on its three-pillar strategy by taking decisive actions to reshape its asset base and enhance long-term value creation. The planned sale of four European assets repositions LYB to better serve global markets from a more cost-advantaged asset base. To better align investment levels with cash generation, LYB will delay construction of the Flex-2 project. The Cash Improvement Plan has been expanded and is targeting at least $1.1 billion in cash improvements over 2025 and 2026 to protect the balance sheet and support shareholder returns. The company remains firmly committed to a balanced approach to capital allocation to ensure safe and reliable operations, disciplined growth and shareholder returns while maintaining an investment-grade balance sheet. OUTLOOKIn the third quarter, the company expects North American integrated polyethylene margins to improve due to the completion of planned maintenance in April and increased prices supported by solid domestic demand and stronger export volumes. In Europe, steady seasonal demand and favorable feedstock costs are expected to continue. Ongoing capacity rationalizations across the region should help to balance regional supply and demand. Oxyfuels margins are expected to remain low for the remainder of the summer season. LYB continues to carefully evaluate potential risks and opportunities associated with evolving tariffs and global trade flows. To align with global demand and the company's planned maintenance, LYB expects third quarter operating rates of 85% for North American olefins and polyolefins (O&P) assets, 75% for European O&P assets and 80% for Intermediates & Derivatives (I&D) assets. CONFERENCE CALLLYB will host a conference call August 1 at 11 a.m. ET. Participants on the call will include Chief Executive Officer Peter Vanacker, Executive Vice President and Chief Financial Officer Agustin Izquierdo, Executive Vice President of Global Olefins and Polyolefins Kim Foley, Executive Vice President of Intermediates and Derivatives Aaron Ledet, Executive Vice President of Advanced Polymer Solutions Torkel Rhenman and Head of Investor Relations David Kinney. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the CallMe link. The slides and webcast that accompany the call will be available at A replay of the call will be available from 1 p.m. ET August 1 until September 1, 2025. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13746206. ABOUT LYONDELLBASELLWe are LyondellBasell (NYSE: LYB) – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit or follow @LyondellBasell on LinkedIn. FORWARD-LOOKING STATEMENTSThe statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words 'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'should,' 'will,' 'expect,' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical and polymers industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to successfully implement initiatives identified pursuant to our Value Enhancement Program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; our ability to align our assets and grow and upgrade our core, including completing the proposed sale of certain European assets; our ability to reduce our fixed costs and increase cash flow; legal and environmental proceedings; tax rulings, consequences or proceedings; the impacts of tariffs and trade disruptions; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and to repay our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the 'Risk Factors' section of our Form 10-K for the year ended December 31, 2024, which can be found at on the Investors page and on the Securities and Exchange Commission's website at There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law. This release contains time sensitive information that is accurate only as of the date hereof. Information contained in this release is unaudited and is subject to change. We undertake no obligation to update the information presented herein except as required by law. INFORMATION RELATED TO FINANCIAL MEASURESThis release makes reference to certain non-GAAP financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures, such as EBITDA, and EBITDA, net income and diluted EPS exclusive of identified items provide useful supplemental information to investors regarding the underlying business trends and performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. We calculate EBITDA as net income (loss) plus interest expense (net), provision for (benefit from) income taxes, and depreciation and amortization. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as an alternative to operating cash flows as a measure of our liquidity. We also present EBITDA, net income and diluted EPS exclusive of identified items. Identified items include adjustments for 'lower of cost or market" ('LCM'), gain on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, Dutch PO joint venture exit costs, European transaction costs and discontinued operations. Asset write-downs include impairments of goodwill, impairments of long-lived assets, a write-down of a related party loan receivable and a fourth quarter 2024 deferred tax valuation allowance for one of our Chinese joint ventures recognized in Income (loss) from equity investments. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ('LIFO') inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the same fiscal year as the charge, as market prices recover. A gain or loss on sale of a business is calculated as the consideration received from the sale less its carrying value. Property, plant and equipment are recorded at historical costs. If it is determined that an asset or asset group's undiscounted future cash flows will not be sufficient to recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other than temporary the investment is written down to its estimated fair value. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In June 2025, we announced plans to sell select olefins & polyolefins assets and the associated business in Europe, resulting in selling expenses, separation costs and employee-related charges (collectively referred to as "transaction costs"). In April 2025, the Company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments. In March 2025, we announced plans to permanently close our Dutch PO joint venture asset, resulting in the recognition of shutdown-related costs. In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation. These non-GAAP financial measures as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way the measures are calculated. In addition, we include calculations for certain other financial measures to facilitate understanding. This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change. LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law. Additional operating and financial information may be found on our website at Source: LyondellBasell Industries Investor Contact: David Kinney +1 713-309-7141Media Contact: Nick Facchin +1 713-309-4791 Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items Three Months Ended Six Months Ended Millions of U.S. dollars June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Net income $ 115 $ 177 $ 924 $ 292 $ 1,397 Identified items less: Gain on sale of business, pre-tax(a) — — (293 ) — (293 ) add: Asset write-downs, pre-tax(b) 32 — — 32 — add: Cash Improvement Plan costs, pre-tax(c) 20 — — 20 — add: Dutch PO joint venture exit costs, pre-tax(d) — 117 — 117 — add: European transaction costs, pre-tax(e) 10 — — 10 — less: Loss (income) from discontinued operations, pre-tax(f) 47 (196 ) 26 (149 ) (26 ) add: (Benefit from) provision for income taxes related to identified items (22 ) 12 67 (10 ) 79 Net income excluding identified items $ 202 $ 110 $ 724 $ 312 $ 1,157 Net income $ 115 $ 177 $ 924 $ 292 $ 1,397 Provision for income taxes 62 78 249 140 371 Depreciation and amortization 332 323 387 655 752 Interest expense, net 97 77 83 174 169 EBITDA 606 655 1,643 1,261 2,689 Identified items less: Gain on sale of business(a) — — (293 ) — (293 ) add: Asset write-down(b) 32 — — 32 — add: Cash Improvement Plan costs(c) 20 — — 20 — add: Dutch PO joint venture exit costs(d) — 117 . — 117 — add: European transaction costs(e) 10 — — 10 — less: EBITDA from discontinued operations(f) 47 (196 ) (20 ) (149 ) (103 ) EBITDA excluding identified items $ 715 $ 576 $ 1,330 $ 1,291 $ 2,293 (a) In 2024, we sold our U.S. Gulf Coast-based Ethylene Oxide and Derivatives ("EO&D") business, resulting in the recognition of a gain in our Intermediates & Derivatives ("I&D") segment.(b) Includes asset write-downs in excess of $10 million in aggregate for the period. The second quarter of 2025 includes a non-cash impairment of property, plant and equipment of $32 million related to the European assets classified as held for sale within our Olefins & Polyolefins – Europe, Asia & International ("O&P-EAI") segment.(c) In April 2025, the Company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments.(d) In March 2025, we announced plans to permanently close our Dutch PO joint venture asset within the I&D segment, resulting in the recognition of shutdown-related costs.(e) In June 2025, we announced plans to sell select olefins & polyolefins assets and the associated business in Europe, resulting in selling expenses, separation costs and employee-related charges in our O&P-EAI segment.(f) In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation. The related operating results of our refining business are reported as discontinued operations for all periods presented. Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Diluted earnings per share $ 0.34 $ 0.54 $ 2.82 $ 0.88 $ 4.25 Identified items less: Gain on sale of business — — (0.68 ) — (0.68 ) add: Asset write-downs(a) 0.07 — — 0.07 — add: Cash Improvement Plan costs 0.05 — — 0.05 — add: Dutch PO joint venture exit costs — 0.27 — 0.27 — add: European transaction costs 0.03 — — 0.03 — less: Loss (income) from discontinued operations 0.13 (0.48 ) 0.06 (0.35 ) (0.05 ) Diluted earnings per share excluding identified items $ 0.62 $ 0.33 $ 2.20 $ 0.95 $ 3.52 (a) Includes asset write-downs in excess of $10 million in aggregate for the period. Table 4 - Calculation of Cash and Liquid Investments and Total Liquidity Millions of U.S. dollars June 30, 2025 Cash and cash equivalents and restricted cash $ 1,704 Short-term investments — Cash and liquid investments 1,704 add: Availability under Senior Revolving Credit Facility 3,750 Availability under U.S. Receivables Facility 900 Total liquidity $ 6,354 Table 5 - Calculation of Dividends and Share Repurchases Three Months Ended Millions of U.S. dollars June 30, 2025 Dividends paid - common stock $ 445 Repurchase of Company ordinary shares 91 Dividends and share repurchases $ 536 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Chevron Reports Second Quarter 2025 Results
Reported earnings of $2.5 billion; adjusted earnings of $3.1 billion Record production; 1 million BOE per day in the Permian Basin Returned $5.5 billion cash to shareholders; 13 straight quarters of over $5 billion Completed acquisition of Hess Corporation in July HOUSTON, August 01, 2025--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) reported earnings of $2.5 billion ($1.45 per share - diluted) for second quarter 2025, compared with $4.4 billion ($2.43 per share - diluted) in second quarter 2024. Included in the quarter was a net loss of $215 million related to the fair value measurement of Hess Corporation shares, and company pension curtailment costs, partly offset by a gain on the sale of certain non-operated U.S. pipeline assets. Foreign currency effects decreased earnings by $348 million. Adjusted earnings of $3.1 billion ($1.77 per share - diluted) in second quarter 2025 compared to adjusted earnings of $4.7 billion ($2.55 per share - diluted) in second quarter 2024. See Attachment 4 for a reconciliation of adjusted earnings. Earnings & Cash Flow Summary YTD Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Total Earnings / (Loss) $ MM $ 2,490 $ 3,500 $ 4,434 $ 5,990 $ 9,935 Upstream $ MM $ 2,727 $ 3,758 $ 4,470 $ 6,485 $ 9,709 Downstream $ MM $ 737 $ 325 $ 597 $ 1,062 $ 1,380 All Other $ MM $ (974 ) $ (583 ) $ (633 ) $ (1,557 ) $ (1,154 ) Earnings Per Share - Diluted $/Share $ 1.45 $ 2.00 $ 2.43 $ 3.45 $ 5.40 Adjusted Earnings (1) $ MM $ 3,053 $ 3,813 $ 4,677 $ 6,866 $ 10,093 Adjusted Earnings Per Share - Diluted (1) $/Share $ 1.77 $ 2.18 $ 2.55 $ 3.95 $ 5.48 Cash Flow From Operations (CFFO) $ B $ 8.6 $ 5.2 $ 6.3 $ 13.8 $ 13.1 CFFO Excluding Working Capital (1) $ B $ 8.3 $ 7.6 $ 8.7 $ 15.9 $ 16.7 (1) See non-GAAP reconciliation in attachments "Second quarter results reflect continued strong execution, record production, and exceptional cash generation," said Mike Wirth, Chevron's chairman and chief executive officer. Permian Basin production increased to 1 million barrels of oil equivalent per day, and U.S. and worldwide production hit new company records. Cash flow from operations, at similar commodity prices, was one of the highest in company history. "The completion of the Hess acquisition further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade." The addition of Hess's high-quality assets, including those in Guyana, the U.S. Bakken, and the Gulf of America, creates one of the most advantaged and differentiated portfolios in the industry. Financial and Business Highlights YTD Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Return on Capital Employed (ROCE) % 6.2 % 8.3 % 9.9 % 7.3 % 11.1 % Capital Expenditures (Capex) $ B $ 3.7 $ 3.9 $ 4.0 $ 7.6 $ 8.1 Affiliate Capex $ B $ 0.4 $ 0.5 $ 0.6 $ 0.9 $ 1.2 Free Cash Flow (1) $ B $ 4.9 $ 1.3 $ 2.3 $ 6.1 $ 5.1 Adjusted Free Cash Flow (1) $ B $ 4.9 $ 4.2 $ 4.8 $ 9.1 $ 8.7 Debt Ratio (end of period) % 16.8 % 16.6 % 12.7 % 16.8 % 12.7 % Net Debt Ratio (1) (end of period) % 14.8 % 14.4 % 10.7 % 14.8 % 10.7 % Net Oil-Equivalent Production MBOED 3,396 3,353 3,292 3,374 3,319 (1) See non-GAAP reconciliation in attachments Financial Highlights Reported earnings decreased compared to last year primarily due to lower crude oil prices, lower income from upstream and downstream equity affiliates and an unfavorable fair value adjustment for Hess shares. Worldwide and U.S. net oil-equivalent production set quarterly records. Worldwide production was up from a year ago as growth at the company's Tengizchevroil (TCO) affiliate (34 percent), in the Gulf of America (22 percent), and in the Permian Basin (14 percent) more than offset the impacts of asset sales. Permian Basin production increased to 1 million BOE per day in the second quarter. Capex in the second quarter of 2025 was lower than last year as the inorganic acquisition of lithium acreage was more than offset by lower spend in downstream. Affiliate capex was down primarily due to lower spend at TCO. Cash flow from operations was higher than a year ago mainly due to absence of prior year working capital outflows and higher cash distributions from TCO. The company returned $5.5 billion of cash to shareholders during the quarter, including share repurchases of $2.6 billion and dividends of $2.9 billion. The company's Board of Directors declared a quarterly dividend of one dollar and seventy-one cents ($1.71) per share, payable September 10, 2025, to all holders of common stock as shown on the transfer records of the corporation at the close of business on August 19, 2025. Business Highlights and Milestones Completed the acquisition of Hess Corporation in July after a favorable arbitration outcome related to Hess's offshore Guyana asset. Entered U.S. lithium sector by acquiring ~125,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for direct lithium extraction. Winning bidder on 9 blocks in Brazil and 2 blocks in Egypt in the auctions for offshore exploration licenses. Started production from the Geismar renewable diesel plant in Louisiana, after increasing plant capacity from 7,000 to 22,000 barrels per day. Entered long-term contracts to purchase liquefied natural gas (LNG), bringing Chevron's total U.S. Gulf Coast LNG offtake capacity to 7 million tonnes per year, further strengthening the company's global gas and LNG value chain. Effective July 1, began implementing a simplified organizational structure designed to realize greater efficiencies through standardization and centralization. Segment Highlights Upstream YTD U.S. Upstream Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Earnings / (Loss) $ MM $ 1,418 $ 1,858 $ 2,161 $ 3,276 $ 4,236 Net Oil-Equivalent Production MBOED 1,695 1,636 1,572 1,666 1,573 Liquids Production MBD 1,218 1,159 1,132 1,189 1,131 Natural Gas Production MMCFD 2,864 2,859 2,643 2,861 2,650 Liquids Realization $/BBL $ 47.77 $ 55.26 $ 59.85 $ 51.40 $ 58.61 Natural Gas Realization $/MCF $ 1.75 $ 2.50 $ 0.76 $ 2.12 $ 1.00 U.S. upstream earnings were lower than the year-ago period primarily due to lower liquids realizations, higher depreciation, depletion and amortization and higher operating expenses, partly offset by higher sales volumes, higher natural gas realizations, and a gain on the sale of certain non-operated U.S. pipeline assets. U.S. net oil-equivalent production was up 123,000 barrels per day from a year earlier primarily due to higher production in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies. YTD International Upstream Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Earnings / (Loss) (1) $ MM $ 1,309 $ 1,900 $ 2,309 $ 3,209 $ 5,473 Net Oil-Equivalent Production MBOED 1,701 1,717 1,720 1,708 1,746 Liquids Production MBD 850 822 823 836 831 Natural Gas Production MMCFD 5,099 5,371 5,378 5,235 5,494 Liquids Realization $/BBL $ 58.88 $ 67.69 $ 74.92 $ 63.12 $ 73.73 Natural Gas Realization $/MCF $ 7.20 $ 7.12 $ 6.86 $ 7.16 $ 7.06 (1) Includes foreign currency effects $ MM $ (236 ) $ (136 ) $ (237 ) $ (372 ) $ (215 ) International upstream earnings were lower than a year ago primarily due to lower affiliate earnings at TCO, largely due to higher depreciation, depletion and amortization and lower realizations, partly offset by higher sales volumes following Future Growth Project (FGP) start-up. Lower liftings following asset sales and lower liquids realizations also reduced earnings, which were partly offset by lower operating expenses, mainly from asset sales. Net oil-equivalent production during the quarter was down 19,000 barrels per day from a year earlier primarily due to asset sales in Canada and Republic of Congo, partly offset by higher production in Kazakhstan as FGP at TCO reached nameplate capacity. Downstream YTD U.S. Downstream Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Earnings / (Loss) $ MM $ 404 $ 103 $ 280 $ 507 $ 733 Refinery Crude Unit Inputs MBD 1,051 1,018 900 1,034 889 Refined Product Sales MBD 1,381 1,293 1,327 1,337 1,288 U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales and lower operating expenses, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company. Refinery crude unit inputs increased 17 percent from the year-ago period primarily due to improved operational availability at the El Segundo, California refinery, the absence of the prior year turnaround at the Pascagoula, Mississippi refinery, and increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project. Refined product sales increased 4 percent compared to the year-ago period primarily due to higher demand for jet fuel and gasoline. YTD International Downstream Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Earnings / (Loss) (1) $ MM $ 333 $ 222 $ 317 $ 555 $ 647 Refinery Crude Unit Inputs MBD 661 618 650 640 651 Refined Product Sales MBD 1,473 1,398 1,485 1,436 1,457 (1) Includes foreign currency effects $ MM $ (102 ) $ 3 $ (1 ) $ (99 ) $ 55 International downstream earnings were higher than a year ago primarily due to higher margins on refined product sales, partly offset by unfavorable foreign currency effects and unfavorable tax impacts. Refinery crude unit inputs increased 2 percent from the year-ago period. Refined product sales decreased 1 percent from the year-ago period. All Other YTD All Other Unit 2Q 2025 1Q 2025 2Q 2024 2025 2024 Net charges (1) $ MM $ (974 ) $ (583 ) $ (633 ) $ (1,557 ) $ (1,154 ) (1) Includes foreign currency effects $ MM $ (10 ) $ (5 ) $ (5 ) $ (15 ) $ 2 All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. Net charges increased compared to a year ago primarily due to an unfavorable fair market valuation adjustment for Hess shares, higher interest expense and pension curtailment costs, partly offset by the absence of prior year unfavorable tax effects. Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies. More information about Chevron is available at NOTICE Chevron's discussion of second quarter 2025 earnings with security analysts will take place on Friday, August 1, 2025, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron's website at under the "Investors" section. Prepared remarks for today's call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under "Events and Presentations" in the "Investors" section on the Chevron website. Chevron also publishes a "Sensitivities and Forward Guidance" document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls. As used in this news release, the term "Chevron" and such terms as "the company," "the corporation," "our," "we," "us" and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels. Please visit Chevron's website and Investor Relations page at and LinkedIn: X: @Chevron, Facebook: and Instagram: where Chevron often discloses important information about the company, its business, and its results of operations. Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4. This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow are shown in Attachment 3. This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities as a percentage of total debt less cash and cash equivalents, time deposits and marketable securities, plus Chevron Corporation stockholders' equity, which indicates the company's leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company's balance sheet. A reconciliation of net debt ratio is shown in Attachment 2. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron's operations, assets and strategy that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "design," "enable," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "trajectory," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "future," "aspires" and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company's ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company's capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 20 through 27 of the company's 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. Attachment 1 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars, Except Per-Share Amounts) (unaudited) CONSOLIDATED STATEMENT OF INCOME Three Months Ended June 30, Six Months Ended June 30, REVENUES AND OTHER INCOME 2025 2024 2025 2024 Sales and other operating revenues $ 44,375 $ 49,574 $ 90,476 $ 96,154 Income (loss) from equity affiliates 536 1,206 1,356 2,647 Other income (loss) (89 ) 401 600 1,096 Total Revenues and Other Income 44,822 51,181 92,432 99,897 COSTS AND OTHER DEDUCTIONS Purchased crude oil and products 26,858 30,867 55,468 58,608 Operating expenses (1) 7,646 7,710 15,286 15,301 Exploration expenses 252 263 439 392 Depreciation, depletion and amortization 4,344 4,004 8,467 8,095 Taxes other than on income 1,301 1,188 2,556 2,312 Interest and debt expense 274 113 486 231 Total Costs and Other Deductions 40,675 44,145 82,702 84,939 Income (Loss) Before Income Tax Expense 4,147 7,036 9,730 14,958 Income tax expense (benefit) 1,632 2,593 3,703 4,964 Net Income (Loss) 2,515 4,443 6,027 9,994 Less: Net income (loss) attributable to noncontrolling interests 25 9 37 59 NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION $ 2,490 $ 4,434 $ 5,990 $ 9,935 (1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs. PER SHARE OF COMMON STOCK Net Income (Loss) Attributable to Chevron Corporation - Basic $ 1.45 $ 2.43 $ 3.46 $ 5.42 - Diluted $ 1.45 $ 2.43 $ 3.45 $ 5.40 Weighted Average Number of Shares Outstanding (000's) - Basic 1,719,184 1,825,842 1,731,836 1,834,110 - Diluted 1,724,397 1,833,431 1,737,844 1,841,274 Note: Shares outstanding (excluding 14 million associated with Chevron's Benefit Plan Trust) were 1,714 million and 1,755 million at June 30, 2025, and December 31, 2024, respectively. EARNINGS BY MAJOR OPERATING AREA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Upstream United States $ 1,418 $ 2,161 $ 3,276 $ 4,236 International 1,309 2,309 3,209 5,473 Total Upstream 2,727 4,470 6,485 9,709 Downstream United States 404 280 507 733 International 333 317 555 647 Total Downstream 737 597 1,062 1,380 All Other (974 ) (633 ) (1,557 ) (1,154 ) NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION $ 2,490 $ 4,434 $ 5,990 $ 9,935 Attachment 2 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars) (unaudited) SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) June 30, 2025 December 31, 2024 Cash and cash equivalents $ 4,061 $ 6,781 Time deposits $ 5 $ 4 Total assets $ 250,820 $ 256,938 Total debt $ 29,467 $ 24,541 Total Chevron Corporation stockholders' equity $ 146,417 $ 152,318 Noncontrolling interests $ 841 $ 839 SELECTED FINANCIAL RATIOS Total debt plus total stockholders' equity $ 175,884 $ 176,859 Debt ratio (Total debt / Total debt plus stockholders' equity) 16.8 % 13.9 % Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities) $ 25,401 $ 17,756 Net debt plus total stockholders' equity $ 171,818 $ 170,074 Net debt ratio (Net debt / Net debt plus total stockholders' equity) 14.8 % 10.4 % RETURN ON CAPITAL EMPLOYED (ROCE) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Total reported earnings $ 2,490 $ 4,434 $ 5,990 $ 9,935 Noncontrolling interest 25 9 37 59 Interest expense (A/T) 250 103 442 212 ROCE earnings 2,765 4,546 6,469 10,206 Annualized ROCE earnings 11,060 18,184 12,938 20,412 Average capital employed (1) 178,243 183,469 177,212 183,106 ROCE 6.2 % 9.9 % 7.3 % 11.1 % (1) Capital employed is the sum of Chevron Corporation stockholders' equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period. Three Months Ended June 30, Six Months Ended June 30, CAPEX BY SEGMENT 2025 2024 2025 2024 United States Upstream $ 2,281 $ 2,347 $ 4,826 $ 4,777 Downstream 154 338 309 767 Other 111 109 174 181 Total United States 2,546 2,794 5,309 5,725 International Upstream 1,112 1,121 2,235 2,250 Downstream 40 49 67 77 Other 14 2 28 3 Total International 1,166 1,172 2,330 2,330 CAPEX $ 3,712 $ 3,966 $ 7,639 $ 8,055 AFFILIATE CAPEX (not included above) Upstream $ 173 $ 382 $ 379 $ 781 Downstream 269 244 551 468 AFFILIATE CAPEX $ 442 $ 626 $ 930 $ 1,249 Attachment 3 CHEVRON CORPORATION - FINANCIAL REVIEW (Billions of Dollars) (unaudited) SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary) (1) Three Months Ended June 30, Six Months Ended June 30, OPERATING ACTIVITIES 2025 2024 2025 2024 Net Income (Loss) $ 2.5 $ 4.4 $ 6.0 $ 10.0 Adjustments Depreciation, depletion and amortization 4.3 4.0 8.5 8.1 Distributions more (less) than income from equity affiliates 0.9 0.1 1.2 (0.6 ) Loss (gain) on asset retirements and sales (0.3 ) — (0.3 ) — Net foreign currency effects 0.3 0.1 0.5 (0.1 ) Deferred income tax provision — 0.5 0.5 1.1 Net decrease (increase) in operating working capital 0.3 (2.4 ) (2.1 ) (3.6 ) Other operating activity 0.4 (0.3 ) (0.5 ) (1.8 ) Net Cash Provided by Operating Activities $ 8.6 $ 6.3 $ 13.8 $ 13.1 INVESTING ACTIVITIES Acquisition of Hess Corporation common stock — — (2.2 ) — Capital expenditures (Capex) (3.7 ) (4.0 ) (7.6 ) (8.1 ) Proceeds and deposits related to asset sales and returns of investment 0.4 0.1 1.0 0.2 Net repayment (borrowing) of loans by equity affiliates (0.1 ) (0.1 ) (0.2 ) (0.1 ) Other investing activity — — — — Net Cash Provided by (Used for) Investing Activities $ (3.4 ) $ (4.0 ) $ (9.1 ) $ (7.9 ) FINANCING ACTIVITIES Net change in debt (0.3 ) 1.3 4.7 2.4 Cash dividends — common stock (2.9 ) (3.0 ) (5.9 ) (6.0 ) Shares issued for share-based compensation — 0.1 0.2 0.2 Shares repurchased (2) (2.7 ) (3.0 ) (6.7 ) (6.0 ) Distributions to noncontrolling interests — — — — Net Cash Provided by (Used for) Financing Activities $ (6.0 ) $ (4.6 ) $ (7.6 ) $ (9.4 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 0.1 — — (0.1 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ (0.8 ) $ (2.2 ) $ (2.9 ) $ (4.3 ) RECONCILIATION OF NON-GAAP MEASURES (1) Net Cash Provided by Operating Activities $ 8.6 $ 6.3 $ 13.8 $ 13.1 Less: Net decrease (increase) in operating working capital 0.3 (2.4 ) (2.1 ) (3.6 ) Cash Flow from Operations Excluding Working Capital $ 8.3 $ 8.7 $ 15.9 $ 16.7 Net Cash Provided by Operating Activities $ 8.6 $ 6.3 $ 13.8 $ 13.1 Less: Capital expenditures 3.7 4.0 7.6 8.1 Free Cash Flow $ 4.9 $ 2.3 $ 6.1 $ 5.1 Less: Net decrease (increase) in operating working capital 0.3 (2.4 ) (2.1 ) (3.6 ) Plus: Proceeds and deposits related to asset sales and returns of capital 0.4 0.1 1.0 0.2 Plus: Net repayment (borrowing) of loans by equity affiliates (0.1 ) (0.1 ) (0.2 ) (0.1 ) Adjusted Free Cash Flow $ 4.9 $ 4.8 $ 9.1 $ 8.7 (1) Totals may not match sum of parts due to presentation in billions. (2) Three months and six months ended June 30, 2025 includes $146 million of excise tax payments for 2024 shares repurchases. Attachment 4 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars) (unaudited) RECONCILIATION OF NON-GAAP MEASURES Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 REPORTED EARNINGS Pre-Tax IncomeTax After-Tax Pre-Tax IncomeTax After-Tax Pre-Tax IncomeTax After-Tax Pre-Tax IncomeTax After-Tax U.S. Upstream $ 1,418 $ 2,161 $ 3,276 $ 4,236 Int'l Upstream 1,309 2,309 3,209 5,473 U.S. Downstream 404 280 507 733 Int'l Downstream 333 317 555 647 All Other (974 ) (633 ) (1,557 ) (1,154 ) Net Income (Loss) Attributable to Chevron Corporation $ 2,490 $ 4,434 $ 5,990 $ 9,935 SPECIAL ITEMS U.S. Upstream Asset sale gains $ 172 $ (57 ) $ 115 $ — $ — $ — $ 172 $ (57 ) $ 115 $ — $ — $ — Legal reserves $ — $ — $ — $ — $ — $ — (130 ) — (130 ) — — — Int'l Upstream Tax items — — — — — — — (55 ) (55 ) — — — U.S. Downstream Legal reserves — — — — — — (226 ) 56 (170 ) — — — All Other Pension settlement costs (71 ) 16 (55 ) — — — (71 ) 16 (55 ) — — — Fair value adjustment of Hess common stock (327 ) 52 (275 ) — — — (95 ) — (95 ) — — — Total Special Items $ (226 ) $ 11 $ (215 ) $ — $ — $ — $ (350 ) $ (40 ) $ (390 ) $ — $ — $ — FOREIGN CURRENCY EFFECTS Int'l Upstream $ (236 ) $ (237 ) $ (372 ) $ (215 ) Int'l Downstream (102 ) (1 ) (99 ) 55 All Other (10 ) (5 ) (15 ) 2 Total Foreign Currency Effects $ (348 ) $ (243 ) $ (486 ) $ (158 ) ADJUSTED EARNINGS/(LOSS) (1) U.S. Upstream $ 1,303 $ 2,161 $ 3,291 $ 4,236 Int'l Upstream 1,545 2,546 3,636 5,688 U.S. Downstream 404 280 677 733 Int'l Downstream 435 318 654 592 All Other (634 ) (628 ) (1,392 ) (1,156 ) Total Adjusted Earnings/(Loss) $ 3,053 $ 4,677 $ 6,866 $ 10,093 Total Adjusted Earnings/(Loss) per share $ 1.77 $ 2.55 $ 3.95 $ 5.48 (1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects. 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Exxon beats profit estimates with higher production despite weak oil prices
By Sheila Dang HOUSTON (Reuters) -Exxon Mobil beat Wall Street estimate for second-quarter profit on Friday as higher oil and gas production helped the top U.S. oil producer overcome lower crude prices. Adjusted earnings during the second quarter were $7.1 billion, or $1.64 per share, surpassing consensus analyst estimates of $1.56 per share, according to data compiled by LSEG. Oil and gas production was the highest for any second quarter since the company was formed by the merger of Exxon and Mobil more than 25 years ago, the oil producer said. The energy sector has struggled with price volatility as the OPEC+ group of producers ramped up volumes, pushing global benchmark Brent crude prices down 11% in the quarter. Global tariffs levied by U.S. President Donald Trump caused further concerns about a weakening global economy and oil demand. "The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments," Exxon CEO Darren Woods said in a statement. Exxon paid $4.3 billion in dividends and repurchased $5 billion worth of shares during the quarter. The buyback figure puts the company on track to meet its annual share repurchase goal of $20 billion. The company's key production areas include the Permian basin, the largest U.S. oilfield, as well as the prolific Stabroek Block off the coast of Guyana. Cost of production is low in those fields, allowing them to stay profitable even during times of lower oil prices, Exxon has said previously. Last month, Exxon lost a legal challenge against Hess, one of its partners in Guyana, which cleared the way for rival Chevron to complete its acquisition of Hess. Exxon had argued it had a contractual pre-emptive right to purchase Hess' 30% stake in the Stabroek Block. In a press briefing, Woods said Exxon sought out legal opinions from neutral third parties about the joint operating agreement that governed the partnership between Exxon, Hess and China's CNOOC in Guyana. "In every case, and I mean in literally every case, we were told that our rights were clear," Woods said. The arbitrators acknowledged in their opinion that Exxon had a commercially reasonable argument but said it relied on a narrow textual argument, Woods said, adding that the company would take steps to strengthen future contracts as needed.
