Chevron Corp. (NYSE:CVX)

The quarterly financial performance reveals significant fluctuations across various key metrics over the observed periods. The sales and other operating revenues demonstrate a generally upward trend from the first quarter of 2020 through 2022, peaking notably in the middle of 2022, followed by a decline throughout 2023 and early 2024, then showing some recovery by the last observed quarters in 2025.

Income from equity affiliates exhibits volatility, with negative figures early in 2020, improvement through 2021, a peak in 2022, and a subsequent moderate decline through 2023 and into 2025. Other income (loss) shows more irregular patterns with positive spikes in mid-2021 and late 2024, but also periods of substantial losses, especially in late 2023.

Overall revenues and other income parallel the trend of sales revenues, reflecting growth through 2022 and contraction afterward, with some fluctuations in late 2024 into 2025. The cost associated with purchased crude oil and products has steadily increased in absolute terms until it peaked around mid-2022, after which a gradual reduction is visible during 2023 and early 2024, but then it resumes a slight increasing trajectory toward 2025.

Operating expenses remain relatively stable throughout, with some upticks in specific quarters but no clear trend of sustained increase or decrease. Selling, general and administrative expenses and exploration expenses show considerable variability, with no consistent directional movement but occasional spikes, such as the first half of 2020 and late 2024 for exploration expenses.

Depreciation, depletion, and amortization costs have fluctuated, with elevated levels in certain quarters, notably in late 2020 and late 2023, indicating periodic capital asset adjustments or impairment considerations. Taxes other than income do not follow a clear trend and include an unusual positive figure in the fourth quarter of 2021, which could be a reporting anomaly or adjustment.

Operating income displays substantial volatility, with losses occurring in early 2020, a rebound through 2021, peaking in 2022, followed by a decline and stabilization at moderate positive levels. Interest and debt expenses remain relatively low and stable over the periods, suggesting consistent debt servicing costs without significant shifts in financing structure.

Income before income tax follows the pattern of operating income with positive progression after early losses and peaks in 2022; however, it declines thereafter with moderate recovery toward the latest periods. Income tax expenses have increased notably over time, reflecting higher taxable profits, although the fluctuations in effective tax cost indicate some variability in tax strategies or tax environments.

Net income trends underscore recovery from early losses in 2020 to strong profitability in 2021 and 2022 before stabilizing to lower, but still positive, results in 2023 through 2025. Net income attributable to the company aligns closely with overall net income trends, confirming the majority of earnings are attributable to the parent entity with minor effects from noncontrolling interests.

Summary of Key Trends

Revenues experienced growth through 2022, followed by decline and partial recovery.

Costs associated with crude oil purchases rose sharply before moderating recently.

Operating income and net income recovered from 2020 losses, peaking in 2022 and slightly declining after.

Expense categories remain variable without uniform directional trends, highlighting fluctuating operational conditions.

Tax expense increased over time, consistent with rising pre-tax income but with variability indicating changing tax circumstances.

Income volatility underscores exposure to market and operational factors throughout these periods.