01 May Chevron Reports First Quarter 2026 Results
(Oilandgaspress) -– Chevron Corporation reported earnings of $2.2 billion ($1.11 per share – diluted) for first quarter 2026, compared with $3.5 billion ($2.00 per share – diluted) in first quarter 2025. Included in the quarter was a net loss of $360 million related to a legal reserve. Foreign currency effects decreased earnings by $223 million. Adjusted earnings of $2.8 billion ($1.41 per share – diluted) in first quarter 2026 compared to adjusted earnings of $3.8 billion ($2.18 per share – diluted) in first quarter 2025.
| Earnings & Cash Flow Summary | ||||||||||
| Unit | 1Q 2026 | 4Q 2025 | 1Q 2025 | |||||||
| Total Earnings / (Loss) | $ MM | $ | 2,210 | $ | 2,770 | $ | 3,500 | |||
| Upstream | $ MM | $ | 3,909 | $ | 3,035 | $ | 3,758 | |||
| Downstream | $ MM | $ | (817 | ) | $ | 823 | $ | 325 | ||
| All Other | $ MM | $ | (882 | ) | $ | (1,088 | ) | $ | (583 | ) |
| Earnings Per Share – Diluted | $/Share | $ | 1.11 | $ | 1.39 | $ | 2.00 | |||
| Adjusted Earnings (1) | $ MM | $ | 2,793 | $ | 3,028 | $ | 3,813 | |||
| Adjusted Earnings Per Share – Diluted (1) | $/Share | $ | 1.41 | $ | 1.52 | $ | 2.18 | |||
| Cash Flow From Operations (CFFO) | $ B | $ | 2.5 | $ | 10.8 | $ | 5.2 | |||
| CFFO Excluding Working Capital (1) | $ B | $ | 7.1 | $ | 9.1 | $ | 7.6 | |||
| Avg. Brent Spot Price (Source: Platts) | $/BBL | $ | 81 | $ | 64 | $ | 76 | |||
| (1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments | ||||||||||
“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution,” said Mike Wirth, Chevron’s Chairman and Chief Executive Officer. “Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”
“Our U.S. refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track,” Wirth continued. “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”
“We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations,” Wirth concluded. “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”
Business Highlights and Milestones
- Announced an agreement in Venezuela to expand Chevron’s heavy oil interest in the Petroindependencia, S.A. joint venture and include rights to develop the adjacent Ayacucho 8 area at the Petropiar, S.A. joint venture in the Orinoco Oil Belt.
- Entered into an exclusivity agreement with Microsoft and Engine No. 1 related to a proposed power generation and electricity offtake agreement to support the power project under development in West Texas.
- Expansions at Tamar and Leviathan in Israel have achieved start-up, adding production capacity to support growing demand and regional energy security.
- Reached a final investment decision on the Aseng gas project in Equatorial Guinea, advancing the country’s efforts to expand its role in global gas markets.
- Discovered oil at the Bandit prospect in Green Canyon Block 680 in the Gulf of America, through a non-operated joint venture.
- Entered Libya as a winning bidder in the Sirte Basin, expanding the company’s exploration portfolio with high-quality acreage and high-impact prospects.
- Awarded four offshore exploration leases in Greece, further expanding the company’s position in the Eastern Mediterranean region.
- Farmed into the OFF-7 block in Uruguay, building depth in the exploration portfolio.
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