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Chevron Production Dips Amidst War
9 Apr
Summary
- Chevron's first-quarter production fell up to 6%.
- Output declined due to Persian Gulf and Israel conflicts.
- Company anticipates a $3.7 billion negative earnings impact.
Chevron's production experienced a decline of up to 6% during the first quarter. This decrease is attributed to reduced output in the Persian Gulf region and Israel, compounded by operational downtime in Kazakhstan. The company's output ranged between 3.8 million and 3.9 million net oil-equivalent barrels per day, down from 4.05 million barrels in the fourth quarter of 2025.
Furthermore, Chevron anticipates a negative impact on its earnings, potentially reaching $3.7 billion. This financial effect is partly due to the way derivatives are marked to market. However, the company indicated that the adverse effects from these "timing effects" are expected to resolve in subsequent quarters. Concurrently, elevated commodity prices are projected to increase earnings from Chevron's upstream segment by as much as $2.2 billion compared to the previous quarter.
