Chevron Corp.

Strong Financial Performance: Chevron reported Q1 earnings of $3.5 billion ($2/share), with adjusted earnings at $3.8 billion ($2.18/share). Cash flow from operations reached $7.6 billion, reflecting strong operational efficiency despite a challenging macro environment. The company’s ability to maintain significant cash flow indicates resilience amid fluctuating oil prices.

Consistent Dividend and Share Buybacks: Chevron returned $6.9 billion to shareholders in Q1, marking 12 consecutive quarters of over $5 billion returned. With a dividend increase for the 38th consecutive year, the company targets annual buybacks between $10 billion and $20 billion, maintaining a strong commitment to shareholder returns despite lowering buybacks in response to market conditions.

Capital Expenditure Reduction: Chevron has reduced its 2025 CapEx budget by $2 billion compared to last year, emphasizing cost discipline while signaling intentions to generate structural savings of $2 billion to $3 billion by the end of next year. The organic CapEx of $3.5 billion for Q1 is the lowest total in two years, showcasing a strategic tightening of spending.