Chevron meets profit estimates in Q1, but reduces share buybacks due to economic turmoil.

From Yahoo Finance: 2025-05-02 06:18:00

Chevron’s first-quarter earnings meet expectations, but share repurchases may decrease due to economic uncertainty in Big Oil. Shares rise 1.4% as falling crude prices and OPEC+ output increase pressure. Chevron paid $3 billion in dividends and repurchased $3.9 billion in shares, with plans to repurchase $2 billion to $3.5 billion in the second quarter.

Adjusted earnings for Chevron in Q1 were $3.8 billion, or $2.18 per share, matching analyst estimates. Global oil production remains steady at 3.35 million boepd, with earnings from production at $3.76 billion. Refining profit improved from the previous quarter.

Chevron faces questions about production in Kazakhstan and Venezuela, with ongoing geopolitical challenges affecting operations. CEO met with Kazakhstan’s president to discuss extending the project contract. License to operate in Venezuela set to expire May 27, with ongoing dialogue with the U.S. government.

Chevron to defend $53 billion acquisition of Hess, crucial for oilfield access off Guyana’s coast. Exxon and CNOOC arbitration challenges delay the deal’s closure. An arbitration hearing is scheduled for May 26 in London. Company remains in dialogue with the U.S. government regarding operating licenses.

Read more: Chevron meets Wall Street profit estimates but cuts buybacks in Q2