Chevron (CVX) Q3 2026 earnings summary

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.