Chevron’s Q3 Outlook and 2025 Drilling Program: Balancing Near-Term Losses with Long-Term Growth

Chevron (NYSE: CVX) entered Q3 2025 with a mix of short-term headwinds and long-term ambitions. The company’s recently completed $55 billion acquisition of Hess Corporation adds immediate costs and complexity, but the strategic upside—particularly Hess’ Guyana assets—remains compelling. Here’s a breakdown of what Chevron announced and how drilling trends across North America provide context for its operations going forward.

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Chevron CEO Michael Wirth on Balancing Energy, Growth, and Transition

At the center of this transition is Michael Wirth, Chairman and CEO of Chevron, who has spent more than four decades in the industry. Under his leadership, Chevron is pursuing a dual strategy—strengthening its oil and gas portfolio through major acquisitions like Hess, while simultaneously investing in lower-carbon technologies such as renewable diesel, hydrogen, and geothermal energy.

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Chevron Expands U.S. LNG Commitments with New 20-Year Deal at Lake Charles

Chevron Corporation (NYSE:CVX) has deepened its long-term commitment to U.S. liquefied natural gas (LNG) exports by signing a new 20-year Sale and Purchase Agreement (SPA) with Energy Transfer (NYSE:ET). The agreement, announced on June 25, adds 1.0 million tonnes per annum (mtpa) to Chevron’s offtake from Energy Transfer’s proposed Lake Charles LNG facility, bringing its total contracted volume to 3.0 mtpa.

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Chevron Bets Big on Lithium in the Smackover Formation

Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), has made a major move into the critical minerals space with the acquisition of 125,000 net acres in the Smackover Formation of Northeast Texas and Southwest Arkansas. The deal, involving TerraVolta Resources and East Texas Natural Resources (ETNR), positions Chevron as a key player in the growing U.S. domestic lithium supply chain.

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