💰 How Chevron REALLY made money in 2025
Not price
Execution
The stats:
• $189B revenue -7% YoY
• $12B net income -30% YoY
• $13B upstream profit did the heavy lifting
• $108B spent on crude
• $33B operating costs
What mattered?
• US + International upstream paid the bills
• Downstream added just $3B
• Everything else lost money
Big Oil isn’t a price trade anymore.
It’s a discipline trade.
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