31 Jul Chevron Reports Second Quarter 2026 earnings of $12.1 billion
(Oilandgaspress) 31/07/26, – Chevron Corporation reported earnings of $12.1 billion ($6.11 per share – diluted) for second quarter 2026. Included in the quarter were an asset sale gain of $230 million and pension settlement costs of $86 million. Foreign currency effects decreased earnings by $49 million. Adjusted earnings were $12.0 billion ($6.06 per share – diluted) for second quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.
| Earnings & Cash Flow Summary | ||||||||||||||||
| Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | |||||||||||
| Total Earnings / (Loss) | $ MM | $ | 12,072 | $ | 2,210 | $ | 2,490 | $ | 14,282 | $ | 5,990 | |||||
| Upstream | $ MM | $ | 8,182 | $ | 3,909 | $ | 2,727 | $ | 12,091 | $ | 6,485 | |||||
| Downstream | $ MM | $ | 4,868 | $ | (817 | ) | $ | 737 | $ | 4,051 | $ | 1,062 | ||||
| All Other | $ MM | $ | (978 | ) | $ | (882 | ) | $ | (974 | ) | $ | (1,860 | ) | $ | (1,557 | ) |
| Earnings Per Share – Diluted | $/Share | $ | 6.11 | $ | 1.11 | $ | 1.45 | $ | 7.21 | $ | 3.45 | |||||
| Adjusted Earnings (1) | $ MM | $ | 11,977 | $ | 2,793 | $ | 3,053 | $ | 14,770 | $ | 6,866 | |||||
| Adjusted Earnings Per Share – Diluted (1) | $/Share | $ | 6.06 | $ | 1.41 | $ | 1.77 | $ | 7.46 | $ | 3.95 | |||||
| Cash Flow From Operations (CFFO) | $ B | $ | 22.6 | $ | 2.5 | $ | 8.6 | $ | 25.1 | $ | 13.8 | |||||
| CFFO Excluding Working Capital (1) | $ B | $ | 19.7 | $ | 7.1 | $ | 8.3 | $ | 26.8 | $ | 15.9 | |||||
| Avg. Brent Spot Price (Source: Platts) | $/BBL | $ | 104 | $ | 81 | $ | 68 | $ | 92 | $ | 72 | |||||
| (1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments | ||||||||||||||||
“Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” said Mike Wirth, Chevron’s chairman and chief executive officer. “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. 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 $3 billion in annual run-rate savings. Furthermore, we delivered $1.5 billion of annual run-rate synergies related to the Hess Corporation acquisition within one year of closing,” Wirth continued.
“And we have positioned the company to help power American AI dominance and generate resilient cash flows through leveraging our unique capabilities,” Wirth concluded. During the quarter, Chevron signed a 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of behind-the-meter power for its data center in West Texas.
Financial Highlights
- Reported earnings increased compared to second quarter 2025 primarily due to reliable operations with higher commodity prices, higher margins on refined product sales, and impacts from higher sales volumes. This includes $1.4 billion in favorable timing effects1.
- Production in the second quarter of 2026 was 20 percent higher than second quarter last year largely due to the contribution from legacy Hess assets, and growth in the Permian Basin and Gulf of America.
- U.S. refinery crude unit throughput was a record 1.07 million barrels per day, reflecting reliable crude unit capacity utilization of more than 97 percent.
- Cash flow from operations in the second quarter of 2026 was higher than a year ago due to record U.S. production with higher commodity prices, increased cash distributions from Tengizchevroil LLP, and favorable working capital effects.
- Capex in the second quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin.
- Total debt was reduced by a record $8.4 billion in the quarter, further strengthening Chevron’s balance sheet and reinforcing the company’s ability to fund the long-term investment needed to deliver reliable energy for decades to come.
- Achieved $1.5 billion of Hess-related annual run-rate synergies ahead of schedule, exceeding the initial target by 50 percent.
- Achieved $3 billion of annual run-rate structural cost reductions since 2024, as part of a program that aims to reduce structural costs by $3-4 billion by the end of 2026.
- The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable September 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on August 19, 2026.
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