BAKU, Azerbaijan, May 3. Chevron Corporation (NYSE: CVX) announced its U.S. upstream results for the first quarter of 2025, posting earnings of $1.86 billion, down from $2.08 billion in the same period last year, Trend reports.
The decline was primarily attributed to higher operating expenses, including a legal reserve, and lower liquids realizations, partially offset by stronger natural gas prices, the producer explained.
Despite the earnings dip, Chevron delivered a modest increase in production. Net oil-equivalent production for the quarter averaged 1.636 million barrels of oil equivalent per day (MBOED), up 63,000 barrels per day compared to the first quarter of 2024. The increase was driven by higher volumes from the Permian Basin and the Gulf of Mexico, partially offset by lower production in the Rockies.
Chevron’s liquids production stood at 1.159 million barrels per day (MBD) in the first quarter, slightly up from 1.130 million barrels per day a year ago but down compared to 1.189 MBD in the fourth quarter of 2024. Liquids realization averaged $55.26 per barrel in 1Q25, down from $57.37 a year ago but improved sequentially from $53.12 in the fourth quarter.
Natural gas production rose to 2.859 billion cubic feet per day (MMCFD), an increase from both the fourth quarter of 2024 (2.743 MMCFD) and the first quarter of 2024 (2.657 MMCFD). Higher natural gas realizations provided some support, with prices reaching $2.50 per thousand cubic feet (MCF) in the first quarter of 2025, significantly up from $1.24 a year ago and $1.62 in the previous quarter.
While year-over-year earnings were lower, Chevron's operational resilience and strong natural gas performance provided important offsets to cost pressures. The company’s U.S. upstream segment remains focused on production growth, particularly in high-return assets like the Permian Basin, as part of its broader strategy to strengthen its portfolio and deliver long-term value.
