Chevron has reported net income of $9.92bn for the third quarter of 2026 (Q3 2026), a 180.4% increase from $3.54bn in the same period of 2025.
Total revenues and other income rose 36.4% year-on-year to $67.8bn, compared to $49.7bn a year earlier.
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Reported earnings per diluted share rose by approximately 178% year-over-year, increasing from $1.82 to $5.06.
Adjusted earnings for the quarter surged by about 189%, reaching $10.4bn compared to $3.6bn in the same period last year.
Cash flow from operations (CFFO) grew by roughly 70%, climbing from $9.4bn a year ago to $16bn in the current quarter.
Chevron said the Q3 2026 results were driven by stronger margins on refined products and increased crude oil prices, although rising prices led to some negative timing impacts.
Production declined compared to the same quarter last year, mostly due to reduced entitlements because of higher prices and disruptions from conflict in the Middle East. However, this was partially offset by record output in Australia, increased US Gulf of Mexico production, and a month of renewed operations in Venezuela.
Capital expenditures in the third quarter of 2026 were lower year-on-year, largely due to decreased spending in the Permian Basin.
Segment-wise, upstream earnings increased to $5.7bn from $3.3bn a year earlier, while downstream earnings rose to $4.9bn from $1.1bn in the previous year.
US upstream earnings reached $3.3bn from $1.3bn, and international upstream earnings totalled $2.4bn compared to $2bn a year ago.
US net oil-equivalent production for the quarter was 2,043,000 barrels of oil equivalent per day (boepd), increasing by 3,000 barrels per day (bpd) year-on-year.
Meanwhile, US downstream earnings were $3.6bn, up from $638m in the same period last year.
Record US refinery crude unit inputs reached 1,093,000bpd, a 2.7% rise from 1,064,000bpd a year earlier, while refined product sales remained stable at 1,304,000bpd.
Chevron further fortified its balance sheet by cutting total debt by $3.5bn and net debt by $7.8bn during the quarter.
The company expanded its presence in Venezuela with better commercial terms and larger acreage, positioning itself to potentially double production there within five years.
The company recently discovered new crude oil and condensate resources offshore Angola and strengthened its upstream strategy by signing an exploration agreement in Libya’s Sirte Basin.
Additionally, it launched a new oilseed-processing facility in Louisiana to boost renewable fuel feedstock supply and sold off its fuels business in Cambodia.
Chevron chairman and CEO Mike Wirth said: “We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply.
“In the US, for third quarter 2026, upstream production exceeded two million barrels of oil equivalent per day for the fifth consecutive quarter, the company’s refineries achieved record crude throughput, and new production records were achieved for assets in the Eastern Mediterranean, and Australia.”
