In other recent news, Chevron Corporation reported its first-quarter 2025 earnings, surpassing analysts' expectations with an adjusted earnings per share (EPS) of $2.18, slightly above the forecasted $2.15. However, the company's revenue fell short of projections, posting $47.6 billion compared to the anticipated $48.39 billion. Chevron continues to focus on cost savings and project expansions, maintaining a strong balance sheet with a 14% net debt ratio. The company returned $6.9 billion to shareholders through dividends and buybacks in the first quarter. Chevron also announced the acquisition of nearly 5% of Hess (NYSE: HES )' common shares, with plans to complete the merger in the coming months. In terms of production, Chevron achieved first oil at Ballymore in the Gulf of Mexico, with expectations to increase production to 300,000 barrels of oil equivalent per day by 2026. The expansion of the Pasadena refinery has further strengthened Chevron's Gulf Coast value chain.