Chevron reported third-quarter financial results that surpassed Wall Street expectations, with net income at $3.54 billion, or $1.82 per share, a 21% decrease from last year. Excluding costs from the Hess acquisition and currency impacts, earnings were $1.85 per share, beating estimates of $1.71 per share. Revenue was $49.73 billion, higher than the expected $49.01 billion.

Despite falling oil prices, Chevron achieved record production of 4.1 million barrels per day, a 21% increase from the previous year. This growth was driven by acquisitions like Hess, as well as operations in the Permian Basin, Gulf of Mexico, and Kazakhstan. U.S. production saw a profit of $1.28 billion, while international production earned $2 billion.

Chevron’s downstream U.S. refining business saw profits soar to $638 million, a 300% increase from the same period last year. International refining earnings were $499 million, up 11% from the year before. Capital expenditures rose to $4.4 billion, primarily due to investments in legacy Hess assets. Adjusted free cash flow grew by about 50% to $7 billion.

Read more at CNBC: Chevron (CVX) third quarter 2025 earnings