Chevron Corporation
CVX · NYSE
Next quarter
Reports Oct 30, 2026.
Consensus is $4.89 EPS for Sep 2026 across 6 estimates, ranging $4.01 to $5.70.
CVX Jun 2026
- 4.48%
- -1.85%
- $5.80
- $6.06
- —
- $67.20B
Reported results
- $67.20B
- 45.52%
- $12.07B
- $6.11
Highlights
- Second-quarter revenue was $67.199 billion, an increase of $22.8 billion from $44.375 billion a year earlier; net income was $12.07 billion versus $2.49 billion.
- U.S. upstream earnings rose to $3.541 billion from $1.418 billion, while net oil-equivalent production increased 23% to 2.077 million barrels per day, supported by Hess and Permian Basin growth.
- International upstream earnings increased to $4.641 billion from $1.309 billion; production rose 17% to 1.993 million barrels per day, although Middle East conflict-related curtailments reduced output.
- U.S. downstream earnings reached $2.411 billion from $404 million as refined-product margins improved; refinery inputs were 1.070 million barrels per day, while product sales fell 4% to 1.320 million barrels per day.
- International downstream earnings rose to $2.457 billion from $333 million, helped by higher margins, a $230 million asset-sale gain and favorable foreign-currency effects, despite product sales declining 13% to 1.287 million barrels per day.
- No consensus figures or forward guidance were provided in the supplied material; second-quarter depreciation, depletion and amortization was $6.082 billion, and operating, selling, general and administrative expenses were $8.765 billion.
Analysis
No consensus figures are available, so the quarter cannot be assessed against expectations. On the reported results, Chevron delivered a substantially stronger quarter than the year-ago period: revenue reached $67.199 billion, up $22.8 billion, and net income increased to $12.07 billion from $2.49 billion. Upstream was the main earnings engine, with U.S. and international earnings rising to $3.541 billion and $4.641 billion, respectively. Higher liquids realizations, increased sales volumes and Hess-related production drove the gains, while U.S. production reached a quarterly record of 2.077 million barrels per day. Downstream also contributed strongly as refining margins improved, lifting U.S. and international earnings to $2.411 billion and $2.457 billion. However, downstream volumes weakened, especially internationally, because of Middle East supply disruptions and lower gasoline and diesel demand. Higher depreciation, interest expense and Hess-related costs restrained the earnings conversion.
Guidance
Management did not provide forward revenue, earnings, production, margin, or capital-expenditure guidance in the supplied filing material. The disclosure instead explains the quarter and first six months through realized prices, volumes, refining margins, costs and operational disruptions. The principal forward-looking caveats evident in the discussion are continued exposure to Middle East conflict-related curtailments and supply disruptions, lower gasoline demand, higher depreciation from increased production and legacy Hess assets, and higher interest expense from debt assumed in the Hess acquisition. Accordingly, there is no stated range to compare with an earlier guide and no disclosed capex outlook.
What drove it
- U.S. Upstream — Earnings were $3.541 billion, with production up 23% to 2.077 million barrels of oil equivalent per day and liquids realization of $70.80 per barrel.
- International Upstream — Earnings rose to $4.641 billion as production increased 17% to 1.993 million barrels per day and liquids realization reached $96.41 per barrel.
- U.S. Refining — Downstream earnings were $2.411 billion, supported by higher refined-product margins, while refinery crude inputs were 1.070 million barrels per day.
- International Refining — Earnings increased to $2.457 billion, including a $230 million asset-sale gain, despite refinery inputs falling 10% to 598,000 barrels per day.
- Corporate Costs — All Other recorded net charges of $978 million, while depreciation, depletion and amortization increased to $6.082 billion.
Watch items
- International upstream production was curtailed in the Partitioned Zone between Saudi Arabia and Kuwait because of the Middle East conflict.
- International downstream refinery inputs fell 10% and refined-product sales declined 13% because of Middle East supply disruptions and weaker gasoline and diesel demand.
- U.S. natural gas realization fell to $0.91 per thousand cubic feet from $1.75 a year earlier.
- Depreciation, depletion and amortization increased to $6.082 billion, while interest and debt expense rose to $352 million from $274 million because of higher debt balances, including Hess-related debt.
