Oil giant Chevron Corp ( CVX ) shares are trading lower premarket on Friday after the company reported first-quarter results.

Revenues and other income of $47.61 billion missed the consensus of $48.09 billion. 

In the first quarter, net oil-equivalent production remained broadly flat Y/Y at 3,353 MBOED as growth at TCO (20%), in the Permian Basin (12%), and in the Gulf of America (7%) was offset by the impacts of asset sales.

Adjusted net earnings were $3.8 billion, with adjusted EPS at $2.18 (down from $2.93 a year ago) in the quarter in line with the consensus.

U.S. Upstream reported earnings of $1.86 billion versus $2.08 billion a year ago due to higher operating expenses, including a legal reserve, and lower liquids realizations.

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International upstream earnings fell to $1.90 billion from $3.16 billion a year ago, owing to lower liftings and weak affiliate earnings at TCO largely due to higher depreciation, depletion and amortization.

U.S. downstream earnings plunged to $103 million from $453 million a year ago, primarily due to narrower margins and legal reserves.

International downstream earnings declined to $222 million from $330 million in the prior year quarter due to decreased margins on refined product sales and a less favorable impact of foreign currency.

Operating cash flow decreased to $5.2 billion from $6.8 billion a year ago owing to lower earnings and tax payments related to the Canadian asset sale.

Capital expenditure stood at $3.9 billion in the first quarter of 2025, lower than $4.1 billion a year ago quarter, owing to inorganic investment in power solutions for U.S. data centers.

Chevron ( CVX ) returned $6.9 billion of cash to shareholders in the quarter, including $3.0 billion in dividends and $3.9 billion in share repurchases.

The company held cash and equivalents of $4.64 billion as of March 31.

Dividend: The company disclosed a quarterly dividend of $1.71 per share, payable on June 10, to shareholders of record as of May 19, 2025.

Mike Wirth, Chevron's ( CVX ) chairman and chief executive officer, said, "Despite changing market conditions, our resilient portfolio, strong balance sheet, and consistent focus on capital and cost discipline position us to deliver industry-leading free cash flow growth by 2026."

The company disclosed a simpler organizational structure to improve execution, aiming to cut structural costs by $2 billion-$3 billion by the end of 2026.

Investors can gain exposure to CVX via EA Series Trust Strive U.S. Energy ETF and SPDR Select Sector Fund – Energy Select Sector .

Price Action: CVX shares are down 2.03% at $133.4506 premarket at the last check Friday.

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