Chevron has reported net income of $12.1bn for the second quarter of 2026 (Q2 2026), a 384% increase from $2.5bn in the same period of 2025.
Adjusted earnings for the quarter were $12bn, compared to $3.1bn in Q2 2025, a 287% increase.
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Total revenue for the quarter reached $70.1bn, up from $44.8bn in the previous year, indicating a 56% increase.
Chevron said the Q2 2026 results were driven by stronger operational performance alongside higher commodity prices, improved refined product margins and increased sales volumes, including $1.4bn of favourable timing impacts.
Operating expenses rose to $8.9bn from $7.6bn in Q2 2025, a 16% increase. Despite the rise in expenses, Chevron’s operational efficiency and strategic investments have contributed to its strong financial performance.
Chevron chairman and CEO Mike Wirth said: “Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs. Our strong second quarter performance is a result of disciplined investment and strong execution that drove record US upstream production, record crude throughput in our US refineries and exceptional reliability across key assets.”
“We remain focused on cost discipline and long-term value creation. During the second quarter, the company achieved its structural cost reduction target six months early by capturing $3bn in annual run-rate savings. Furthermore, we delivered $1.5bn of annual run-rate synergies related to the Hess Corporation acquisition within one year of closing,”
Chevron’s operational updates highlight a 20% increase in production, an additional 382,000 barrels per day, compared to the previous year. This was largely due to contributions from assets added through the acquisition of Hess and growth in the Permian Basin as well as the Gulf of Mexico (GoM).
The company also reduced its total debt by $8.4bn during the quarter, further strengthening its balance sheet.
Earlier this month, Chevron’s Australian subsidiary signed a new long-term sale and purchase agreement with Alinta Energy for the supply of natural gas from its Western Australian gas portfolio.
