BAKU, Azerbaijan, May 4. Chevron Corporation (NYSE: CVX) reported first-quarter 2025 earnings of $1.9 billion from its international upstream operations, a sharp decline from $3.2 billion in the same period last year, Trend reports.
The drop was primarily driven by lower liftings, reduced affiliate earnings at Tengizchevroil (TCO) due to higher depreciation, depletion and amortization (DD&A) costs, lower commodity realizations, and unfavorable tax and foreign exchange effects. These pressures were partly offset by lower operating expenses following asset sales.
Net oil-equivalent production averaged 1.717 million barrels of oil equivalent per day (MBOED) in the quarter, a slight decrease from 1.773 MBOED in the first quarter of 2024. The dip was largely attributed to asset sales in Canada and the Republic of Congo, as well as Chevron's exit from Myanmar. However, the start-up of the Future Growth Project (FGP) at TCO in Kazakhstan helped mitigate the decline with increased volumes.
Liquids production totaled 822,000 barrels per day (MBD), down from 838,000 MBD a year earlier but up from 797,000 MBD in the fourth quarter of 2024, reflecting sequential improvement. Liquids realization averaged $67.69 per barrel in the first quarter, a decrease from $72.52 in the prior year but slightly higher than the $67.33 recorded in the previous quarter.
Natural gas production came in at 5.371 billion cubic feet per day (MMCFD), below the 5.610 MMCFD produced in Q1 2024 and slightly down from the fourth quarter of 2024. Natural gas realizations averaged $7.12 per thousand cubic feet (MCF), lower than both the $7.25 posted a year ago and the $7.67 reported in the fourth quarter.
Foreign currency effects had a notable negative impact in the first quarter, contributing a $136 million loss, compared with a $22 million gain in Q1 2024 and a $597 million gain in Q4 2024.
While Chevron’s international upstream segment faced significant headwinds, the company continues to focus on optimizing its portfolio through strategic asset sales and ramping up production from key projects like TCO. Despite the earnings decline, the growth in Kazakhstan offers a positive signal for future quarters as FGP volumes continue to build.
