Chevron Corp. unveiled on Friday that its total earnings in the second quarter of fiscal 2025 came in at $2.5 billion, sinking by 43.8% on an annual level. The company's diluted earnings per share (EPS) slid 40.3% year-over-year to $1.45. Chevron attributed the earnings drop mainly to lower oil prices and an unfavorable fair value adjustment for Hess shares. Additionally, the company's revenue dropped 12.3% on a yearly basis to land at $44.8 billion.
"Second quarter results reflect continued strong execution, record production, and exceptional cash generation," CEO Mike Wirth commented. "The completion of the Hess acquisition further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade," he added.
Chevron's shares advanced by 0.50% in premarket trade following the earnings report.