Chevron Stock Dips Pre-Market On Q1 Earnings Miss, Disappointing Buyback Guidance

Shares of oil major Chevron Corp (CVX) dipped over 2% in Friday’s pre-market session after the company registered a decline in its first-quarter revenues and profits while logging flat production and lower buyback guidance.

Revenue declined 2% year-over-year (YoY) to $47.61 billion during the quarter, falling short of a Wall Street estimate of $48.39 billion.

The company reported adjusted earnings per share (EPS) of $2.18 compared to an analyst estimate of $2.2. Net income declined 36% to $3.5 billion.

Chevron attributed the decline in earnings to lower income from upstream and downstream equity affiliates, lower margins on refined product sales, unfavorable swings in tax items and foreign exchange effects, and lower realizations.

According to a Reuters report, Chevron CFO Eimear Bonner said share repurchases in 2025 could be between $11.5 billion and $13 billion, which would be at the lower end of the company's guidance of $10 billion to $20 billion.

The company’s worldwide production remained flat at 3.35 million barrels per day as the impacts of asset sales were offset by growth at TCO (20%), in the Permian Basin (12%), and in the Gulf of America (7%).

U.S. net oil-equivalent production increased 63,000 barrels per day from a year earlier, primarily due to higher production in the Permian Basin and Gulf of America, but partly offset by lower production in the Rockies.

The first quarter (Q1) also saw lower capex as the inorganic investment in power solutions for U.S. data centers was more than offset by lower downstream spending.

U.S. upstream earnings fell to $1.85 billion during the quarter from $2.08 billion in the same quarter a year ago due to higher operating expenses and lower liquids realizations, partly offset by higher natural gas realizations.

U.S. downstream earnings declined to $103 million from $453 million last year due to lower margins on refined product sales and a legal reserve.

Notably, an 18% decline in crude prices this year, led by subdued demand expectations in the wake of the ongoing trade wars, coupled with higher supply seen from OPEC,+ hasn’t helped oil companies during the quarter.

Chevron shares have declined by over 7% in 2025 and more than 15% in the past 12 months.

Also See: Shell Gains After Q1 Profit Beat, $3.5B Stock Buyback Pledge: Retail’s Bullish

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