Chevron Q1 Profit DN 37% on Mideast Impact, Trade Losses


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Chevron reported on Friday (5/1) that first quarter 
earnings fell 37% from a year ago to $2.21 billion, partly due to production 
impacted by the conflict in the Middle East.

   Chevron also reported that:

Earnings were at $2.77 billion in the fourth quarter of 2025 and $3.5 billion 
in the year-ago quarter.Upstream earnings were higher at $3.91 billion in the 
latest quarter, benefiting from the integration of Hess assets and higher 
production volumes in the Permian Basin despite lower natural gas realizations. 
Upstream earnings were $3.04 billion in the prior quarter and $3.76 billion a 
year ago.In the U.S., net oil-equivalent production averaged 2.02 million bpd 
during the quarter, rising above 2.0 million bpd for the third consecutive 
quarter, supported by record output in the Permian and steady performance in 
the Gulf of Mexico. That output compared with 2.06 million bpd in the prior 
quarter and 1.64 million bpd in the year-ago period.International net 
oil-equivalent production averaged 1.83 million bpd during the latest quarter, 
compared with 1.99 million bpd in the three months prior and 1.72 million bpd 
in the first quarter of 2025.Production in the latest quarter was higher than a 
year ago largely due to the acquisition of Hess Corporation and growth in the 
Gulf of Mexico and the Permian Basin. That was partly offset by downtime at the 
company's 50%-owned Kazakhstan affiliate Tengizchevroil and curtailments in the 
Middle East, particularly in Israel and the partitioned zone between Saudi 
Arabia and Kuwait.The U.S. realized price for petroleum liquids was $51.94 bbl 
in the latest quarter compared with $42.99 in the prior quarter and $55.26 a 
year ago. The international realized price was $77.59 bbl versus $57.53 in the 
prior three months and $67.69 in the year-ago period. The average price of 
Brent crude, meanwhile, rose to $81 bbl from $64 in the fourth quarter of 2025 
and $76 in the first quarter of 2025.


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