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Company research17 Jan 2024
The Largest Announced M&A Deals of 2023
Explore the biggest M&A deals of 2023, including major moves in energy, tech, and biotech sectors, reflecting a trend in strategic growth.
Chevron
Chevron (CVX) investor relations material
Chevron Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 reported earnings were $9.924B, or $5.06 per diluted share; adjusted earnings were $10.361B, or $5.28 per diluted share.
Production was 3.980 MBOED, with U.S. production above 2 MMBOED for a fifth consecutive quarter, record U.S. refinery crude throughput, and natural gas production above 9 BCFD.
Financial highlights
Revenue and other income reached $67.798B, versus $49.726B in Q3 2025; reported earnings were $9.924B, versus $3.539B.
Cash flow from operations excluding working capital was $16.552B; adjusted free cash flow was $14.243B, and capital expenditures were $4.011B.
Q3 reported earnings included a $160M legal reserve, $110M impairment, $24M pension settlement costs, and a $143M negative foreign currency effect.
Adjusted upstream earnings declined on lower liquids realizations and liftings; adjusted downstream earnings benefited from higher refining margins and volumes.
$6.0B was returned to shareholders through $3.5B in dividends and $2.5B in share repurchases.
Outlook and guidance
4Q26 upstream turnaround and downtime impact is forecast at 175–225 MBOED; downstream impact is forecast at $400–$500M in after-tax earnings.
FY CapEx remains targeted at the low end of guidance; 4Q26 share repurchases are guided at $2.5–$3.0B, with affiliate distributions of $3.0–$3.5B and inorganic CapEx of $0.7–$1.0B.
Venezuela JVs target gross production of 600 MBOD by 2031, with $7B of investment over five years, total costs below $20/BBL, and self-funded growth.
Bakken plans shift from three rigs to two at year-end while sustaining 180,000 boe/d; long laterals are expected to rise from 60% in 2026 to over 85% in 2027.
Project Kilby targets first power in 2028 and full energization in 2031; timing and expansion depend on permits, financing, EPC finalization, and FID.
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Latest events from Chevron
- Doubling Venezuela output, cost savings, and global expansion drive strong future growth.CVX
Barclays 40th Annual Energy-Power Conference - Industry-leading cash flow growth, disciplined capital allocation, and strong project execution drive robust returns.CVXInvestor presentation
- Earnings soared to $12.1B on record output, higher prices, and strong cost discipline.CVXQ2 2026
- Major 2.7 GW power deal with Microsoft marks a scalable, high-return shift in energy strategy.CVXJ.P. Morgan Natural Resources Conference 2026
- Disciplined strategy, resilient operations, and strong returns drive robust growth targets.CVXBernstein 42nd Annual Strategic Decisions Conference
- Record production, strong cash flow, and disciplined capital returns drive growth and sustainability.CVXInvestor presentation
- Q1 2026 net income fell to $2.2B, but production and capital returns hit records.CVXQ1 2026
- Record production and Hess acquisition drive future growth despite lower earnings.CVXQ2 2025
- Q1 2025 earnings fell, but shareholder returns and project execution remained strong.CVXQ1 2025
Next Chevron earnings date
Q4 202629 Jan, 2027
Chevron
Next Chevron earnings date
Q4 202629 Jan, 2027
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Frequently asked questions
A Warren Buffet favorite
As one of the successors of Standard Oil, a company that at its height was the largest petroleum company in the world, Chevron has operations in over 180 countries. The company is engaged in most of the different oil sectors and was one of the Seven Sisters that dominated the global petroleum industry from the 1940s to the 1970s.
By the end of Q1 2022, Warren Buffett increased Berkshire Hathaway’s stake in Chevron, making the oil giant Berkshire’s fourth-largest holding by then.