US EditionChevron stock falls as lower profits and oil prices set to slow the pace of stock buybacks
- Chevron reported first-quarter 2025 results showing lower profits and oil production mostly flat year-over-year, with shares falling over 2% premarket Friday.
- The decline followed weaker crude prices, asset sales offsetting production growth, and rising operating expenses including legal reserves affecting earnings.
- The company reported adjusted net income of $3.8 billion for the quarter, with earnings per share of $2.18, a decrease from $2.93 reported in the previous year, while operating cash flow declined to $5.2 billion.
- CFO Eimear Bonner indicated that share buybacks for the year may total between $11.5 billion and $13 billion, aligning with the lower portion of the company's forecast, while CEO Mike Wirth highlighted that Chevron's strong portfolio and disciplined financial management position the firm to achieve leading growth in free cash flow through 2026.
- Chevron aims to reduce its overhead expenses by $2 billion to $3 billion by the close of 2026 and will scale back its share repurchase program due to volatile market conditions and weaker oil prices.
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