Chevron reported third-quarter 2026 earnings of $9.9 Bn, up from $3.5 Bn a year earlier, as higher refining margins and crude oil realizations boosted results, according to a press release published by the company on October 30.
However, earnings fell from $12.1 Bn in the second quarter amid unfavorable timing effects, the press release showed.
Adjusted earnings reached $10.4 Bn, compared with $3.6 Bn in the third quarter (Q3) of 2025. Adjusted earnings per share rose to $5.28 from $1.85.
Cash flow from operations increased to $16 Bn from $9.4 Bn a year earlier, while free cash flow reached $12 Bn, up from $4.9 Bn. Chevron reduced total debt by $3.5 Bn and net debt by $7.8 Bn during the quarter, bringing net debt to $20.7 Bn at the end of September.
The company’s board declared a quarterly dividend of $1.78 per share, payable on December 10.
“We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,” said Mike Wirth, Chevron’s chairman and CEO.
Upstream earnings rose to $5.7 Bn from $3.3 Bn a year earlier, while downstream earnings more than quadrupled to $4.9 Bn from $1.1 Bn, supported by higher margins on refined product sales.
Global oil-equivalent production averaged 3.98 mmboe/d, down from 4.09 mmboe/d a year earlier, mainly due to lower production entitlements as prices rose and the impact of the conflict in the Middle East. Record output at operated assets in Australia partly offset the decline.
US refinery crude throughput reached a record 1.09 mmb/d, with utilization near 98%, reflecting reliable operations and strong refining performance.
Chevron said its joint ventures in Venezuela planned to invest $7 Bn over the next five years, aiming to expand production. The company also agreed to reduce midstream costs for its Bakken operations by about 50%, strengthening the competitiveness of its US upstream business.
Other milestones included an offshore oil and gas condensate discovery in Angola’s Lower Congo Basin, an exploration agreement with Libya’s National Oil Corporation in the Sirte Basin, and the start of operations at a new oilseed-processing facility in Louisiana supplying feedstocks for transportation fuels.
