ExxonMobil, Chevron beat analyst expectations with fourth-quarter results

US-based supermajors ExxonMobil and Chevron both beat analyst expectations with their results for the fourth quarter of 2025, which they reported separately on January 30.

ExxonMobil posted fourth-quarter earnings of $6.5bn, or $1.53 per share, down from $1.76 per share in the third quarter of 2025. On an adjusted basis, the company’s earnings for the quarter came in at $1.71 per share, beating a consensus estimate of $1.68 per share from analyst data compiled by LSEG and cited by Reuters, but down from $1.88 per share in the prior quarter.

The company said its net production in the fourth quarter reached 5.0mn barrels of oil equivalent per day (boepd). ExxonMobil highlighted new quarterly production records from its “advantaged assets”, including 1.8mn boepd from the Permian Basim and output in Guyana approaching 875,000 barrels per day (bpd) on a gross basis.

Over the whole of 2025, ExxonMobil’s output averaged 4.7mn boepd, which it said was its highest level in more than 40 years. It also achieved annual records in the Permian Basin and Guyana, at 1.6mn boepd and 700,000 bpd on a gross basis respectively. The company added that its advantaged assets – the Permian, Guyana and its LNG operations – represented 59% of production in 2025, which was an increase of roughly 7 percentage points compared with 2024.

Chevron, for its part, posted fourth-quarter earnings of $2.8bn, or $1.39 per diluted share, down from $3.2bn, or $1.84 per diluted share, in fourth quarter of 2024. On an adjusted basis, Chevron’s earnings came in at $3.0bn, or $1.52 per diluted share, in the fourth quarter of 2025, beating LSEG consensus estimates of $1.45 per share but coming in below the $2.06 per share result the company reported a year ago.

The company’s fourth-quarter production came in at 2.06mn boepd, up from 2.04mn boepd in the prior quarter and 1.65mn boepd a year ago. Over the whole of 2025, Chevron’s output averaged 1.86mn boepd. It is notable that Chevron closed its acquisition of Hess in July 2025, which helped to raise its output and also gave it a presence in Guyana, in partnership with ExxonMobil.

In addition, Chevron remains the only US producer operating in Venezuela – at least for now. Its Venezuelan output currently totals around 250,000 bpd. On the company’s fourth-quarter earnings call, Chevron’s chairman and CEO, Mike Wirth, said the supermajor saw potential to grow its Venezuelan production volumes by up to 50% over the next 18-24 months. This would require additional US government authorisations, Chevron’s chief financial officer, Eimear Bonner, told Reuters separately.