$CVX · Chevron Corporation

Chevron Corporation reported third quarter 2026 earnings of $9.9 billion, or $5.06 per diluted share. Adjusted earnings were $10.4 billion, or $5.28 per share, after excluding a legal reserve, an impairment, pension settlement costs, and foreign currency effects. Earnings rose significantly from $3.5 billion in the same period last year, reflecting higher refined product margins and higher crude oil realizations, partly offset by unfavorable timing effects. Cash flow from operations was $16.0 billion for the quarter.

Operationally, U.S. upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, and U.S. refineries set a record crude throughput of 1.09 million barrels per day with nearly 98 percent utilization. Total net oil-equivalent production was 3.98 million barrels per day, slightly lower than a year earlier due to lower entitlements from higher prices and impacts from the Middle East conflict, partly offset by record production at operated Australian assets and one month of Venezuela production following an accounting change.

The company also highlighted strategic moves, including plans for its Venezuela joint ventures to invest $7 billion over five years, expanded acreage there, and agreements to reduce Bakken midstream costs by about 50 percent. The board declared a quarterly dividend of $1.78 per share payable December 10, 2026.