💰 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.

#oott #chevron

FOLLOW LIKE SHARE