Chevron Reports Q3 2026 Adjusted Earnings of $10.4 Billion Driven by Refining Margins
Chevron Corporation (CVX) reported strong third-quarter 2026 financial results, posting adjusted earnings of $10.4 billion, or $5.28 per share. Total revenue rose significantly to $67.8 billion compared to $49.7 billion in the prior year's third quarter. Despite lower oil realizations and a decline in total net oil-equivalent production due to Middle East conflicts, the company saw substantial growth in downstream earnings, which reached $3.6 billion thanks to higher refining margins. Operational highlights include U.S. upstream production exceeding 2 million barrels of oil equivalent per day for the fifth consecutive quarter and record natural gas output from Australia and the Eastern Mediterranean. The company also demonstrated strong capital management, reducing total debt by $3.5 billion and maintaining a low net debt-to-CFFO ratio of 0.4. Strategic moves such as Bakken midstream restructuring and AI integration for drilling optimization continue to drive efficiency.
Topics: capital expenditures earnings report oil production refining margins shareholder returns