Chevron — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported earnings of $9.9 billion ($5.06 per share diluted) for Q3 2026, compared to $3.5 billion ($1.82 per share) in Q3 2025 and $12.1 billion ($6.11 per share) in Q2 2026.
• Adjusted earnings were $10.4 billion ($5.28 per share diluted) for Q3 2026, compared to $3.6 billion ($1.85 per share) in Q3 2025 and $12.0 billion ($6.06 per share) in Q2 2026.
• Year-to-date 2026 earnings were $24.2 billion ($12.26 per share), compared to $9.5 billion ($5.27 per share) in YTD 2025.
• Total revenues were $65.2 billion for Q3 2026, compared to $48.2 billion in Q3 2025.
• Cash flow from operations (CFFO) was $16.0 billion for Q3 2026, compared to $9.4 billion in Q3 2025.
• Free cash flow was $12.0 billion for Q3 2026, compared to $4.9 billion in Q3 2025.
• Adjusted free cash flow was $14.2 billion for Q3 2026, compared to $7.0 billion in Q3 2025.
• Return on capital employed (ROCE) was 17.7% for Q3 2026, compared to 7.6% in Q3 2025.
• Total debt was reduced by $3.5 billion in the quarter, with net debt down $7.8 billion.
• Debt-to-CFFO ratio was 0.6x at September 30, 2026, compared to 1.3x in Q3 2025.
• Net debt-to-CFFO ratio was 0.4x at September 30, 2026, compared to 1.1x in Q3 2025.
• Upstream earnings were $5.7 billion for Q3 2026, compared to $3.3 billion in Q3 2025.
• Downstream earnings were $4.9 billion for Q3 2026, compared to $1.1 billion in Q3 2025.
• All Other net charges were $705 million for Q3 2026, compared to $900 million in Q3 2025.

Guidance and Future Outlook:

• Chevron's joint ventures in Venezuela plan to invest $7 billion over the next five years to unlock low-cost, high-return, long-duration production growth.
• The company aims to strengthen the competitiveness of its Bakken upstream operations by reducing midstream costs by approximately 50 percent.
• Management stated a focus on delivering reliable energy while positioning the company for the future.

Business Segments and Product Lines:

• U.S. upstream net oil-equivalent production was 2,043 MBOED in Q3 2026, up 3,000 barrels per day from the prior year period.
• U.S. upstream earnings were $3.3 billion for Q3 2026, compared to $1.3 billion in Q3 2025.
• International upstream net oil-equivalent production was 1,937 MBOED in Q3 2026, down 109,000 barrels per day from the prior year period.
• International upstream earnings were $2.4 billion for Q3 2026, compared to $2.0 billion in Q3 2025.
• U.S. downstream refinery crude unit inputs were 1.093 million barrels per day in Q3 2026, a record level, with utilization near 98 percent.
• U.S. downstream earnings were $3.6 billion for Q3 2026, compared to $638 million in Q3 2025.
• International downstream earnings were $1.3 billion for Q3 2026, compared to $499 million in Q3 2025.
• International downstream refined product sales decreased 9 percent from the prior year due to supply disruptions from the Middle East conflict.
• Chevron signed agreements to reduce Bakken midstream costs by approximately 50 percent.
• Chevron announced an offshore crude oil and natural gas condensate discovery in Angola's Lower Congo Basin.
• Chevron signed an exploration agreement with Libya's National Oil Corporation in the Sirte Basin.
• Chevron started production at the Bunge Chevron Ag Renewables LLC oilseed-processing facility in Destrehan, Louisiana.
• Chevron completed the sale of its Cambodia downstream fuels business.

Market and Competitive Landscape:

• U.S. production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter.
• Record crude throughput was achieved at U.S. refineries.
• New production records were achieved for assets in the Eastern Mediterranean and Australia.
• The company noted a supply-constrained market environment.
• Production in Q3 2026 was lower than a year ago primarily due to lower entitlements from higher prices and impacts from the Middle East conflict.

Risks and Challenges:

• Production was impacted by lower entitlements from higher prices and the conflict in the Middle East.
• International upstream earnings were offset by unfavorable timing effects, unfavorable taxes, unfavorable foreign currency effects, a legal reserve, and an impairment charge.
• International downstream sales were reduced by supply disruptions from the Middle East conflict.
• Q3 2026 earnings included a legal reserve of $160 million, an impairment of $110 million, and pension settlement costs of $24 million.
• Foreign currency effects decreased earnings by $143 million in Q3 2026.

Management Commentary and Tone:

• Mike Wirth, Chevron's chairman and CEO, stated the company delivered strong operational performance and disciplined execution while continuing to invest to grow energy supply.
• Management emphasized reinvesting to bring more energy to a supply-constrained market.
• Wirth concluded that the company is focused on delivering reliable energy the world needs today while positioning Chevron for the future.

Other Key Points:

• The Board of Directors declared a quarterly dividend of $1.78 per share, payable December 10, 2026, to holders of record as of November 18, 2026.
• Capital expenditures were $4.0 billion for Q3 2026, compared to $4.4 billion in Q3 2025, largely due to lower spend in the Permian Basin.
• Affiliate capital expenditures were $0.4 billion for Q3 2026.
• Cash flow from operations benefited from a $1 billion loan repayment from Tengizchevroil LLP (TCO) and proceeds from asset sales.
• Total debt was $33.5 billion at September 30, 2026, down from $40.8 billion at December 31, 2025.
• Net debt was $20.7 billion at September 30, 2026, down from $34.5 billion at December 31, 2025.
• Total Chevron Corporation stockholders' equity was $194.3 billion at September 30, 2026.