Chevron Announces Q3 2026 Financial Results

**Chevron Reports Q3 2026 Earnings of $9.9 Billion**

**HOUSTON (October 30, 2026)** — Chevron Corporation (NYSE: CVX) announced third-quarter 2026 net income of $9.9 billion ($5.06 per share – diluted), up significantly from $3.5 billion ($1.82 per share – diluted) recorded in the third quarter of 2025. Adjusted earnings for the quarter reached $10.4 billion ($5.28 per share – diluted).

The quarter’s results included a $160 million legal reserve, $110 million in impairments, $24 million in pension settlement costs, and a $143 million reduction from foreign currency effects.

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### **Executive Commentary & Operational Highlights**

> “We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,” said Mike Wirth, Chevron’s Chairman and CEO.

* **U.S. Upstream:** Production exceeded 2 million barrels of oil equivalent per day (BOED) for the fifth consecutive quarter.
* **Refining:** U.S. refineries set a record for crude throughput, operating at nearly 98% capacity utilization.
* **International Assets:** Achieved production records across operated assets in Australia and the Eastern Mediterranean.
* **Venezuela Expansion:** Chevron’s joint ventures in Venezuela plan to invest $7 billion over the next five years to expand production capacity.
* **Bakken Efficiency:** Agreements signed to cut Bakken midstream costs by roughly 50%, improving overall asset competitiveness.

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### **Financial Summary**

| Metric | 3Q 2026 | 2Q 2026 | 3Q 2025 | YTD 2026 | YTD 2025 |
| :— | :— | :— | :— | :— | :— |
| **Total Earnings ($ MM)** | $9,924 | $12,072 | $3,539 | $24,206 | $9,529 |
| **Upstream Earnings ($ MM)** | $5,698 | $8,182 | $3,302 | $17,789 | $9,787 |
| **Downstream Earnings ($ MM)** | $4,931 | $4,868 | $1,137 | $8,982 | $2,199 |
| **All Other ($ MM)** | $(705) | $(978) | $(900) | $(2,565) | $(2,457) |
| **Diluted EPS ($/Share)** | $5.06 | $6.11 | $1.82 | $12.26 | $5.27 |
| **Adjusted EPS ($/Share)** | $5.28 | $6.06 | $1.85 | $12.73 | $5.80 |
| **Cash Flow from Operations ($ B)** | $16.0 | $22.6 | $9.4 | $41.2 | $23.2 |
| **Free Cash Flow ($ B)** | $12.0 | $18.1 | $4.9 | $28.5 | $11.1 |
| **Return on Capital Employed (ROCE)** | 17.7% | 21.4% | 7.6% | 14.5% | 6.7% |
| **Capital Expenditures ($ B)** | $4.0 | $4.5 | $4.4 | $12.6 | $12.1 |
| **Net Production (MBOED)** | 3,980 | 4,070 | 4,086 | 3,970 | 3,614 |
| **Avg. Brent Spot Price ($/BBL)** | $97 | $104 | $69 | $94 | $71 |

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### **Segment Breakdown**

#### **1. Upstream**
* **United States:** Earnings reached $3.29 billion, driven by stronger liquids realizations ($62.72/BBL vs. $48.12/BBL in 3Q 2025) and lower operating costs following the integration of Hess operations. U.S. net production reached 2,043 MBOED, supported by deepwater Gulf of Mexico ramp-ups at Ballymore, Whale, and Anchor.
* **International:** Earnings totaled $2.41 billion. Total production declined to 1,937 MBOED (down from 2,046 MBOED in 3Q 2025) due to entitlement changes from higher oil prices and regional conflict disruptions, partially offset by record Australian production and one month of equity-accounted production in Venezuela.

#### **2. Downstream**
* **United States:** Earned $3.59 billion (up from $638 million in 3Q 2025) on expanded product margins. Refineries set a crude input record of 1,093 MBD (up 3% year-over-year).
* **International:** Earned $1.35 billion, driven by stronger margins. Sales volumes fell 9% to 1,388 MBD due to Middle East supply conflicts.

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### **Corporate Milestones & Shareholder Returns**

* **Balance Sheet Strength:** Total debt was reduced by $3.5 billion in Q3, with net debt down $7.8 billion.
* **Dividend Declared:** The Board declared a quarterly dividend of **$1.78 per share**, payable December 10, 2026, to stockholders of record as of November 18, 2026.
* **Exploration Progress:** Reported offshore discoveries in Angola’s Lower Congo Basin and signed a new exploration deal with Libya’s National Oil Corporation in the Sirte Basin.
* **Renewable Fuels:** Started operations at the Bunge Chevron Ag Renewable oilseed processing facility in Destrehan, Louisiana.
* **Portfolio Optimization:** Completed the divestment of fuels distribution operations in Cambodia.