FOR RELEASE AT 5:15 AM CT
– Chevron Corporation (NYSE: CVX) reported earnings of $9.9 billion ($5.06 per share - diluted) for third quarter 2026. Included in the quarter were a legal reserve of $160 million, an impairment of $110 million, and pension settlement costs of $24 million. Foreign currency effects decreased earnings by $143 million. Adjusted earnings were $10.4 billion ($5.28 per share - diluted) for third quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.
“We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,” said Mike Wirth, Chevron’s chairman and chief executive officer. In the United States, for third quarter 2026, upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, the company’s refineries achieved record crude throughput, and new production records were achieved for assets in the Eastern Mediterranean, and Australia.
“We’re reinvesting to bring more energy to a supply-constrained market,” Wirth continued. In Venezuela, Chevron’s joint ventures plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long- duration production growth. Also, in the United -MORE-
-2- States, the company signed agreements to reduce Bakken midstream costs by approximately 50 percent, strengthening the asset’s competitiveness. “Building on our performance this quarter, we're focused on delivering the reliable energy the world needs today, while positioning Chevron for the future,” Wirth concluded.
• Reported earnings increased compared to third quarter 2025 primarily due to reliable operations with higher margins on refined product sales and higher crude oil realizations, partially offset by unfavorable timing effects resulting from the rising price environment.
• Production in the third quarter of 2026 was lower than a year ago primarily due to lower entitlements from higher prices and impacts from the Middle East conflict, partly offset by record production at operated assets in Australia, higher production in the Gulf of America and the inclusion of one month of Venezuela production following a change to equity accounting in the quarter.
• U.S. refinery crude unit throughput set a new record of 1.09 million barrels per day, reflecting reliable crude unit capacity utilization of nearly 98 percent.
• Cash flow from operations in the third quarter of 2026 was higher than a year ago, driven by higher earnings and increased cash distributions from Tengizchevroil LLP (TCO). Adjusted free cash flow benefited from a $1 billion loan repayment from TCO and proceeds from asset sales.
• Capex in the third quarter of 2026 was lower than last year largely due to lower spend in the Permian Basin.
• Total debt was reduced by an additional $3.5 billion and net debt was down $7.8 billion in the quarter, further strengthening Chevron’s balance sheet.
• The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable December 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2026.
• Improved commercial terms and expanded acreage in Venezuela, supporting future investments and the potential to more than double production over the next five years.
• Announced plans to continue to strengthen the competitiveness of the company’s Bakken upstream operations by reducing midstream costs by approximately 50 percent and increasing operational flexibility.
• Announced an offshore crude oil and natural gas condensate discovery in Angola’s prolific Lower Congo Basin, demonstrating the potential of the company’s exploration program in sub-Saharan Africa. -MORE-
-3- • Signed an exploration agreement with Libya’s National Oil Corporation in the Sirte Basin, advancing Chevron’s North Africa upstream growth strategy and exploration portfolio.
• Started production at the new Bunge Chevron Ag Renewables LLC oilseed- processing facility in Destrehan, Louisiana, supplying additional feedstocks for transportation fuels.
• U.S. upstream earnings were higher than a year ago primarily due to higher liquids realizations and lower operating expenses, including the absence of prior year severance and transaction costs related to the Hess Corporation (Hess) acquisition.
• Net oil-equivalent production during the quarter was up 3,000 barrels per day from the year-ago period. The increase was primarily due to higher production in the Gulf of America following project ramp-ups at Ballymore, Whale and Anchor, partly offset by lower production in the Bakken.
• International upstream earnings were higher than a year ago primarily due to higher realizations and higher liftings in Venezuela, partly offset by unfavorable timing effects, unfavorable taxes, unfavorable foreign currency effects, a legal reserve and an impairment charge.
• Net oil-equivalent production during the quarter was down 109,000 barrels per day from the year-ago period primarily due to lower entitlements from higher prices and impacts from the conflict in the Middle East, partly offset by record production at operated assets in Australia and the inclusion of one month of Venezuela production following the switch to equity accounting. -MORE-
• U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales.
• Refinery crude unit inputs increased 3 percent from the year-ago period as refineries operated reliably at record levels near capacity.
• International downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales, despite unfavorable timing effects.
• Refined product sales decreased 9 percent from the year-ago period due to supply disruptions from the Middle East conflict.
• All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
• Net charges decreased compared to a year ago primarily due to favorable tax items and lower interest expense, partly offset by the absence of a prior-year favorable fair value adjustment for Hess shares.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com . # # #
Chevron’s discussion of third quarter 2026 earnings with security analysts will take place on Friday, October 30, 2026, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at
under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
- Timing effects include timing mismatches in earnings recognition related to the mark‑to‑market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting.
- This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. The company believes it is useful for investors to consider this measure in comparing the underlying performance of its business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.
This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Attachment 3 shows reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow.
This news release also includes net debt ratio and net debt-to-CFFO ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities (net debt) as a percentage of net debt plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net debt divided by CFFO for the trailing 12 months, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes these measures are useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO ratio is shown in Attachment 2. -MORE-
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; potential litigation relating to the transaction with Hess Midstream LP that could be instituted against the company or its respective directors; the possibility that any of the anticipated benefits of the transaction with Hess Midstream LP will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. -MORE-
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 1 (Millions of Dollars, Except Per-Share Amounts) -unaudited
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 2 (Millions of Dollars) -unaudited
SELECTED BALANCE SHEET ACCOUNT DATA September 30, December 31, (Preliminary) 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 12,804 $ 6,293 equivalents Time $ — $ 4 deposits Total assets $ 333,786 $ 324,012 Total debt $ 33,534 $ 40,758 Total Chevron Corporation $ 194,327 $ 186,450 stockholder… equity Noncontroll… $ 5,650 $ 5,726 interests SELECTED FINANCIAL RATIOS Total debt plus total $ 227,861 $ 227,208 stockholder… equity Debt ratio(Total debt / Total 14.7 % 17.9 % debt plus stockholder… equity) Net debt (Total debt less cash and cash equivalents, $ 20,730 $ 34,461 time deposits and marketable securities) Net debt plus total $ 215,057 $ 220,911 stockholder… equity Net debt ratio(Net debt / Net debt plus 9.6 % 15.6 % total stockholder… equity) Cash flow from $ 51,950 $ 33,939 operations (CFFO)(1) Debt-to-CFFO 0.6x 1.2x ratio(1) Net debt-to-CFFO 0.4x 1.0x ratio(1) (1)CFFO is presented on a trailing 12-month basis.
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 3 (Millions of Dollars) -unaudited
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 4 (Millions of Dollars) -unaudited
Full text with the tables
news release
FOR RELEASE AT 5:15 AM CT
OCTOBER 30, 2026 EXHIBIT 99.1
───────────────────────────────────────────
Chevron Reports Third Quarter 2026 Results
• Reported earnings of $9.9 billion; return on capital employed of 18 percent
• U.S. production up 27 percent from two years ago
• Record crude throughput at U.S. refineries; crude utilization at 98 percent
• Expanded acreage in Venezuela and enhancing Bakken competitiveness
HOUSTON, October 30, 2026
– Chevron Corporation (NYSE: CVX) reported earnings of $9.9 billion ($5.06 per
share - diluted) for third quarter 2026. Included in the quarter were a legal
reserve of $160 million, an impairment of $110 million, and pension settlement
costs of $24 million. Foreign currency effects decreased earnings by $143
million. Adjusted earnings were $10.4 billion ($5.28 per share - diluted) for
third quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.
Earnings & Cash Flow Summary
3Q 2Q 3Q YTD YTD
Un… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
T…
E… $ $ 9,… $ 12… $ 3,… $ 24… $ 9,…
/ MM
(…
U… $ $ 5,… $ 8,… $ 3,… $ 17… $ 9,…
MM
D… $ $ 4,… $ 4,… $ 1,… $ 8,… $ 2,…
MM
A… $ $ -7… $ -9… $ -9… $ -2… $ -2…
O… MM
E…
P…
S… $/… $ 5.… $ 6.… $ 1.… $ 12… $ 5.…
-
D…
A… $ $ 10… $ 11… $ 3,… $ 25… $ 10…
E… MM
A…
E…
P… $/… $ 5.… $ 6.… $ 1.… $ 12… $ 5.…
S…
-
D…
T… $ $ -1… $ 1,… $ 110 $ -2… $ 200
E… MM
C…
F…
F… $ B $ 16… $ 22… $ 9.4 $ 41… $ 23…
O…
(…
C…
E… $ B $ 16… $ 19… $ 9.9 $ 43… $ 25…
W…
C…
A…
B…
S… $/… $ 97 $ 104 $ 69 $ 94 $ 71
P…
(…
P…
(…
d…
in
“…
b…
a…
n…
r…
in
t…
a…
“We delivered strong operational performance and disciplined execution, while
continuing to invest to grow energy supply,” said Mike Wirth, Chevron’s chairman
and chief executive officer. In the United States, for third quarter 2026,
upstream production exceeded 2 million barrels of oil equivalent per day for the
fifth consecutive quarter, the company’s refineries achieved record crude
throughput, and new production records were achieved for assets in the Eastern
Mediterranean, and Australia.
“We’re reinvesting to bring more energy to a supply-constrained market,” Wirth
continued. In Venezuela, Chevron’s joint ventures plan to invest $7 billion over
the next five years, with the goal of unlocking low-cost, high-return, long-
duration production growth. Also, in the United
-MORE-
-2-
States, the company signed agreements to reduce Bakken midstream costs by
approximately 50 percent, strengthening the asset’s competitiveness. “Building
on our performance this quarter, we're focused on delivering the reliable energy
the world needs today, while positioning Chevron for the future,” Wirth
concluded.
Financial and Business Highlights
…
…
… 3Q 2Q 3Q Y… YTD
… U… 20… 2… 20… 2… 20…
… % 1… % 21… % 7… % 14… % 6… %
──────────────────────────────────────────────────────────────────────────────
… $
… B $ 4… $ 4.5 $ 4… $ 12… $ 1…
…
… $ $ 0… $ 0.3 $ 0… $ 0.9 $ 1…
… B
…
… $ $ 1… $ 18… $ 4… $ 28… $ 1…
… B
…
…
… $ $ 1… $ 15… $ 7… $ 33… $ 1…
… B
…
… R… 0… 0… 1.… 0… 1.…
… R… 0… 0… 1.… 0… 1.…
…
…
… M… 3… 4,… 4… 3,… 3…
…
…
…
…
…
…
…
5
…
…
…
…
…
Financial Highlights
• Reported earnings increased compared to third quarter 2025 primarily due to
reliable operations with higher margins on refined product sales and higher
crude oil realizations, partially offset by unfavorable timing effects resulting
from the rising price environment.
• Production in the third quarter of 2026 was lower than a year ago primarily
due to lower entitlements from higher prices and impacts from the Middle East
conflict, partly offset by record production at operated assets in Australia,
higher production in the Gulf of America and the inclusion of one month of
Venezuela production following a change to equity accounting in the quarter.
• U.S. refinery crude unit throughput set a new record of 1.09 million barrels
per day, reflecting reliable crude unit capacity utilization of nearly 98
percent.
• Cash flow from operations in the third quarter of 2026 was higher than a year
ago, driven by higher earnings and increased cash distributions from
Tengizchevroil LLP (TCO). Adjusted free cash flow benefited from a $1 billion
loan repayment from TCO and proceeds from asset sales.
• Capex in the third quarter of 2026 was lower than last year largely due to
lower spend in the Permian Basin.
• Total debt was reduced by an additional $3.5 billion and net debt was down
$7.8 billion in the quarter, further strengthening Chevron’s balance sheet.
• The company’s Board of Directors declared a quarterly dividend of one dollar
and seventy-eight cents ($1.78) per share, payable December 10, 2026, to all
holders of common stock as shown on the transfer records of the corporation at
the close of business on November 18, 2026.
Business Highlights and Milestones
• Improved commercial terms and expanded acreage in Venezuela, supporting future
investments and the potential to more than double production over the next five
years.
• Announced plans to continue to strengthen the competitiveness of the company’s
Bakken upstream operations by reducing midstream costs by approximately 50
percent and increasing operational flexibility.
• Announced an offshore crude oil and natural gas condensate discovery in
Angola’s prolific Lower Congo Basin, demonstrating the potential of the
company’s exploration program in sub-Saharan Africa.
-MORE-
-3-
• Signed an exploration agreement with Libya’s National Oil Corporation in the
Sirte Basin, advancing Chevron’s North Africa upstream growth strategy and
exploration portfolio.
• Started production at the new Bunge Chevron Ag Renewables LLC oilseed-
processing facility in Destrehan, Louisiana, supplying additional feedstocks for
transportation fuels.
• Completed the sale of the Cambodia downstream fuels business.
Segment Highlights
Upstream
U… 3Q 2Q 3Q YTD YTD
U… Un… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
E… $
/ MM $ 3,… $ 3,… $ 1,… $ 8,… $ 4,…
(…
N…
O… MB… 2,… 2,… 2,… 2,… 1,…
P…
L… MBD 1,… 1,… 1,… 1,… 1,…
P…
N…
G… MM… 3,… 3,… 3,… 3,… 2,…
P…
L… $/… $ 62… $ 70… $ 48… $ 61… $ 50…
R…
N…
G… $/… $ 1.… $ 0.… $ 1.… $ 1.… $ 1.…
R…
• U.S. upstream earnings were higher than a year ago primarily due to higher
liquids realizations and lower operating expenses, including the absence of
prior year severance and transaction costs related to the Hess Corporation
(Hess) acquisition.
• Net oil-equivalent production during the quarter was up 3,000 barrels per day
from the year-ago period. The increase was primarily due to higher production in
the Gulf of America following project ramp-ups at Ballymore, Whale and Anchor,
partly offset by lower production in the Bakken.
I… 3Q 2Q 3Q YTD YTD
U… Un… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
E… $
/ MM $ 2,… $ 4,… $ 2,… $ 8,… $ 5,…
(…
N…
O… MB… 1,… 1,… 2,… 1,… 1,…
P…
L… MBD 1,… 1,… 1,… 1,… 925
P…
N…
G… MM… 5,… 5,… 5,… 5,… 5,…
P…
L… $/… $ 86… $ 96… $ 63… $ 86… $ 63…
R…
N…
G… $/… $ 9.… $ 7.… $ 6.… $ 8.… $ 7.…
R…
(…
f… $ $ -1… $ -77 $ 89 $ -4… $ -2…
c… MM
e…
• International upstream earnings were higher than a year ago primarily due to
higher realizations and higher liftings in Venezuela, partly offset by
unfavorable timing effects, unfavorable taxes, unfavorable foreign currency
effects, a legal reserve and an impairment charge.
• Net oil-equivalent production during the quarter was down 109,000 barrels per
day from the year-ago period primarily due to lower entitlements from higher
prices and impacts from the conflict in the Middle East, partly offset by record
production at operated assets in Australia and the inclusion of one month of
Venezuela production following the switch to equity accounting.
-MORE-
-4-
Downstream
U… 3Q 2Q 3Q YTD YTD
D… Un… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
E… $
/ MM $ 3,… $ 2,… $ 638 $ 6,… $ 1,…
(…
R…
C… MBD 1,… 1,… 1,… 1,… 1,…
U…
I…
R…
P… MBD 1,… 1,… 1,… 1,… 1,…
S…
• U.S. downstream earnings were higher than the year-ago period primarily due to
higher margins on refined product sales.
• Refinery crude unit inputs increased 3 percent from the year-ago period as
refineries operated reliably at record levels near capacity.
• Refined product sales were relatively flat compared to the year-ago period.
I… 3Q 2Q 3Q YTD YTD
D… Un… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
E… $
/ MM $ 1,… $ 2,… $ 499 $ 2,… $ 1,…
(…
R…
C… MBD 665 598 663 626 648
U…
I…
R…
P… MBD 1,… 1,… 1,… 1,… 1,…
S…
(…
f… $ $ -9 $ 31 $ 42 $ 30 $ -57
c… MM
e…
• International downstream earnings were higher than the year-ago period
primarily due to higher margins on refined product sales, despite unfavorable
timing effects.
• Refinery crude unit inputs were relatively flat from the year-ago period.
• Refined product sales decreased 9 percent from the year-ago period due to
supply disruptions from the Middle East conflict.
All Other
A… 3Q 2Q 3Q YTD YTD
O… Un… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
N… $ $ -7… $ -9… $ -9… $ -2… $ -2…
c… MM
(…
f… $ $ -1 $ -3 $ 16 $ -2 $ 1
c… MM
e…
• All Other consists of worldwide cash management and debt financing activities,
corporate administrative functions, insurance operations, real estate
activities, and technology companies.
• Net charges decreased compared to a year ago primarily due to favorable tax
items and lower interest expense, partly offset by the absence of a prior-year
favorable fair value adjustment for Hess shares.
Chevron is one of the world’s leading integrated energy companies. We believe
affordable, reliable and ever-cleaner energy is essential to enabling human
progress. Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and develops
technologies that enhance our business and the industry. We aim to grow our oil
and gas business, lower the carbon intensity of operations, and grow new
energies businesses. More information about Chevron is available at
www.chevron.com .
# # #
Contact: James Craig -- +1 925-842-1319
-MORE-
-5-
NOTICE
Chevron’s discussion of third quarter 2026 earnings with security analysts will
take place on Friday, October 30, 2026, at 10:00 a.m. CT. A webcast of the
meeting will be available in a listen-only mode to individual investors, media,
and other interested parties on Chevron’s website at
www.chevron.com
under the “Investors” section. Prepared remarks for today’s call, additional
financial and operating information and other complementary materials will be
available prior to the call at approximately 5:30 a.m. CT and located under
“Events and Presentations” in the “Investors” section on the Chevron website.
Chevron also publishes a “Sensitivities and Forward Guidance” document with
consolidated guidance and sensitivities that is updated quarterly and posted to
the Chevron website the month prior to earnings calls.
As used in this news release, the term “Chevron” and such terms as “the
company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron
Corporation, one or more of its consolidated subsidiaries, or to all of them
taken as a whole. All of these terms are used for convenience only and are not
intended as a precise description of any of the separate companies, each of
which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com
and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X:
@Chevron, Facebook: www.facebook.com/chevron, and Instagram:
www.instagram.com/chevron, where Chevron often discloses important information
about the company, its business, and its results of operations.
Timing effects
- Timing effects include timing mismatches in earnings recognition related to
the mark‑to‑market of financial derivatives prior to the physical delivery of
the associated hydrocarbons, as well as the impact of LIFO inventory accounting.
Non-GAAP Financial Measures
- This news release includes adjusted earnings/(loss), which reflect earnings or
losses excluding significant non-operational items including impairment charges,
write-offs, decommissioning obligations from previously sold assets, severance
costs, gains on asset sales, legal reserves for ceased operations, fair value
adjustments for investments in equity securities, unusual tax items, effects of
pension settlements and curtailments, foreign currency effects and other special
items. The company believes it is useful for investors to consider this measure
in comparing the underlying performance of its business across periods. The
presentation of this additional information is not meant to be considered in
isolation or as a substitute for net income (loss) as prepared in accordance
with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron
Corporation is shown in Attachment 4.
This news release also includes cash flow from operations excluding working
capital, free cash flow and adjusted free cash flow. Cash flow from operations
excluding working capital is defined as net cash provided by operating
activities less net changes in operating working capital, and represents cash
generated by operating activities excluding the timing impacts of working
capital. Free cash flow is defined as net cash provided by operating activities
less capital expenditures and generally represents the cash available to
creditors and investors after investing in the business. Adjusted free cash flow
is defined as free cash flow excluding working capital plus proceeds and
deposits related to asset sales and returns of investments plus net repayment
(borrowing) of loans by equity affiliates and generally represents the cash
available to creditors and investors after investing in the business excluding
the timing impacts of working capital. The company believes these measures are
useful to monitor the financial health of the company and its performance over
time. Attachment 3 shows reconciliations of cash flow from operations excluding
working capital, free cash flow and adjusted free cash flow.
This news release also includes net debt ratio and net debt-to-CFFO ratio. Net
debt ratio is defined as total debt less cash and cash equivalents, time
deposits and marketable securities (net debt) as a percentage of net debt plus
Chevron Corporation stockholders’ equity, which indicates the company’s
leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net
debt divided by CFFO for the trailing 12 months, which measures the company’s
ability to cover its net debt using the cash it generates from operations. The
company believes these measures are useful to monitor the strength of the
company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO
ratio is shown in Attachment 2.
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-6-
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF
“SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s
operations, assets, and strategy that are based on management’s current
expectations, estimates and projections about the petroleum, chemicals and other
energy-related industries. Words or phrases such as “anticipates,” “expects,”
“intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,”
“can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,”
“focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,”
“opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and
similar expressions, and variations or negatives of these words, are intended to
identify such forward-looking statements, but not all forward-looking statements
include such words. These statements are not guarantees of future performance
and are subject to numerous risks, uncertainties and other factors, many of
which are beyond the company’s control and are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as of the date of
this news release. Unless legally required, Chevron undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to differ materially
from those in the forward-looking statements are: changing crude oil and natural
gas prices and demand for the company’s products, and production curtailments
due to market conditions; crude oil production quotas or other actions that
might be imposed by the Organization of Petroleum Exporting Countries and other
producing countries; technological advancements; changes to government policies
in the countries in which the company operates; public health crises, such as
pandemics and epidemics, and any related government policies and actions;
disruptions in the company’s global supply chain, including supply chain
constraints and escalation of the cost of goods and services; changing economic,
regulatory and political environments in the various countries in which the
company operates, including Venezuela; general domestic and international
economic, market and political conditions, including the conflict between Russia
and Ukraine, the ongoing conflict in the Middle East and the global response to
these hostilities; changing refining, marketing and chemicals margins; the
amount and timing of settlements on the company’s commodity derivative
contracts; actions of competitors or regulators; timing of exploration expenses;
changes in projected future cash flows; timing of crude oil liftings;
uncertainties about the estimated quantities of crude oil, natural gas liquids
and natural gas reserves; the competitiveness of alternate-energy sources or
product substitutes; pace and scale of the development of large carbon capture
and storage and offset markets; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity affiliates;
the inability or failure of the company’s joint-venture partners to fund their
share of operations and development activities; the potential failure to achieve
expected net production from existing and future crude oil and natural gas
development projects; potential delays in the development, construction or
start-up of planned projects; the potential disruption or interruption of the
company’s operations due to war, accidents, political events, civil unrest,
severe weather, cyber threats, terrorist acts, or other natural or human causes
beyond the company’s control; the potential liability for remedial actions or
assessments under existing or future environmental regulations and litigation;
significant operational, investment or product changes undertaken or required by
existing or future environmental statutes and regulations, including
international agreements and national or regional legislation and regulatory
measures related to greenhouse gas emissions and climate change; the potential
liability resulting from pending or future litigation; the company’s ability to
achieve the anticipated benefits from the acquisition of Hess Corporation;
potential litigation relating to the transaction with Hess Midstream LP that
could be instituted against the company or its respective directors; the
possibility that any of the anticipated benefits of the transaction with Hess
Midstream LP will not be realized or will not be realized within the expected
time period; the company’s future acquisitions or dispositions of assets or
shares or the delay or failure of such transactions to close based on required
closing conditions; the potential for gains and losses from asset dispositions
or impairments; government mandated sales, divestitures, recapitalizations,
taxes and tax audits, tariffs, sanctions, changes in fiscal terms or
restrictions on scope of company operations; foreign currency movements compared
with the U.S. dollar; higher inflation and related impacts; material reductions
in corporate liquidity and access to debt markets; changes to the company’s
capital allocation strategies; the effects of changed accounting rules under
generally accepted accounting principles promulgated by rule-setting bodies; the
company’s ability to identify and mitigate the risks and hazards inherent in
operating in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual
Report on Form 10-K, and as updated in the future. Other unpredictable or
unknown factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
-MORE-
-7-
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 1
(Millions of Dollars, Except Per-Share
Amounts)
-unaudited
CO…
ST…
OF
IN… Thr… Nine
RE… Mon… Mon…
AND End… End…
OT… Sep… Sep…
IN… 30, 2026 2025 30, 2026 20…
──────────────────────────────────────────────────────────────────────────────
Sa…
and
ot… $ 65,… $ 48,… $ 179… $ 138…
op…
re…
In…
(l…
fr… 2,0… 981 4,9… 2,3…
eq…
af…
Ot…
in… 464 576 1,5… 1,1…
(l…
To…
Re…
and 67,… 49,… 186… 142…
Ot…
In…
CO…
AND
OT…
DE…
Pu…
cr…
oil 36,… 27,… 101… 82,…
and
pr…
Op… 9,4… 9,1… 27,… 24,…
ex…
Ex… 259 288 720 727
ex…
De…
de… 6,2… 5,7… 18,… 14,…
and
am…
Ta…
ot…
th… 1,3… 1,3… 3,8… 3,9…
on
in…
In…
and 304 370 1,0… 856
de…
ex…
To…
Co…
and 54,… 44,… 152… 127…
Ot…
De…
In…
(L…
Be… 13,… 5,4… 34,… 15,…
In…
Tax
Ex…
In…
tax 3,5… 1,8… 9,7… 5,5…
ex…
(b…
Net
In… 10,… 3,6… 24,… 9,6…
(L…
Le…
Net
in…
(l… 124 74 349 111
at…
to
no…
in…
NET
IN…
(L…
AT… $ 9,9… $ 3,5… $ 24,… $ 9,5…
TO
CH…
CO…
(1…
op…
ex…
se…
ge…
and
ad…
ex…
and
ot…
co…
of
net
pe…
be…
co…
PER
SH…
OF
CO…
ST…
Net
In…
(L…
At…
to
Ch…
Co…
- $ 5.07 $ 1.83 $ 12.… $ 5.29
Ba…
- $ 5.06 $ 1.82 $ 12.… $ 5.27
Di…
We…
Av…
Nu…
of
Sh…
Ou…
(0…
- 1,9… 1,9… 1,9… 1,8…
Ba…
- 1,9… 1,9… 1,9… 1,8…
Di…
No…
Sh…
ou…
(e…
14
mi…
as…
wi…
Ch…
Be…
Pl…
Tr…
we…
1,…
mi…
and
1,…
mi…
at
Se…
30,
20…
and
De…
31,
20…
re…
EA…
BY Thr… Nine
MA… Mon… Mon…
OP… End… End…
AR… Sep… Sep…
Up… 30, 2026 2025 30, 2026 20…
──────────────────────────────────────────────────────────────────────────────
Un… $ 3,2… $ 1,2… $ 8,9… $ 4,5…
St…
In… 2,4… 2,0… 8,8… 5,2…
To… 5,6… 3,3… 17,… 9,7…
Up…
Do…
Un… 3,5… 638 6,1… 1,1…
St…
In… 1,3… 499 2,7… 1,0…
To… 4,9… 1,1… 8,9… 2,1…
Do…
All -705 -900 -2,… -2,…
Ot…
NET
IN…
(L…
AT… $ 9,9… $ 3,5… $ 24,… $ 9,5…
TO
CH…
CO…
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-8-
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 2
(Millions of Dollars)
-unaudited
SELECTED
BALANCE SHEET
ACCOUNT DATA September 30, December 31,
(Preliminary) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and
cash $ 12,804 $ 6,293
equivalents
Time $ — $ 4
deposits
Total assets $ 333,786 $ 324,012
Total debt $ 33,534 $ 40,758
Total
Chevron
Corporation $ 194,327 $ 186,450
stockholder…
equity
Noncontroll… $ 5,650 $ 5,726
interests
SELECTED
FINANCIAL
RATIOS
Total debt
plus total $ 227,861 $ 227,208
stockholder…
equity
Debt
ratio(Total
debt / Total 14.7 % 17.9 %
debt plus
stockholder…
equity)
Net debt
(Total debt
less cash
and cash
equivalents, $ 20,730 $ 34,461
time
deposits and
marketable
securities)
Net debt
plus total $ 215,057 $ 220,911
stockholder…
equity
Net debt
ratio(Net
debt / Net
debt plus 9.6 % 15.6 %
total
stockholder…
equity)
Cash flow
from $ 51,950 $ 33,939
operations
(CFFO)(1)
Debt-to-CFFO 0.6x 1.2x
ratio(1)
Net
debt-to-CFFO 0.4x 1.0x
ratio(1)
(1)CFFO is
presented on
a trailing
12-month
basis.
RE… Thr… Nine
ON Mon… Mon…
CA… End… End…
EM… Sep… Sep…
(R… 30, 2026 2025 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
To…
re… $ 9,9… $ 3,5… $ 24,2… $ 9,5…
ea…
No… 124 74 349 111
in…
In…
ex… 244 329 872 771
(A…
RO… 10,… 3,9… 25,4… 10,…
ea…
An…
RO… 41,… 15,… 33,9… 13,…
ea…
Av…
ca… 233… 206… 233,… 207…
em…
RO… 17.7 % 7.6 % 14.5 % 6.7 %
(1…
em…
is
the
sum
of
Ch…
Co…
st…
eq…
to…
de…
and
no…
in…
Av…
ca…
em…
is
co…
by
av…
the
sum
of
ca…
em…
at
the
be…
and
the
end
of
the
pe…
CA… Thr… Nine
BY Mon… Mon…
SE… End… End…
Un… Sep… Sep…
St… 30, 2026 2025 30, 2026 20…
──────────────────────────────────────────────────────────────────────────────
Up… $ 1,6… $ 2,3… $ 6,0… $ 7,2…
Do… 250 133 490 442
Ot… 95 112 244 286
To…
Un… 2,0… 2,6… 6,7… 7,9…
St…
In…
Up… 1,9… 1,7… 5,6… 3,9…
Do… 64 72 163 139
Ot… 15 12 37 40
To… 1,9… 1,8… 5,8… 4,1…
In…
CA… $ 4,0… $ 4,4… $ 12,… $ 12,…
AF…
CA…
(n…
in…
ab…
Up… $ 155 $ 214 $ 381 $ 593
Do… 205 215 537 766
AF… $ 360 $ 429 $ 918 $ 1,3…
CA…
-MORE-
-9-
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 3
(Millions of Dollars)
-unaudited
SU…
ST…
OF
CA… Thr… Nine
FL… Mon… Mon…
(P… End… End…
OP… Sep… Sep…
AC… 30, 2026 2025 30, 2026 20…
──────────────────────────────────────────────────────────────────────────────
Net
In… $ 10,… $ 3,6… $ 24,… $ 9,6…
(L…
Ad…
De…
de… 6,2… 5,7… 18,… 14,…
and
am…
Di…
mo…
(l…
th… 323 626 797 1,8…
in…
fr…
eq…
af…
Lo…
(g…
on
as… -129 -3 -361 -302
re…
and
sa…
Net
fo… 99 -26 267 444
cu…
ef…
De…
in… 136 200 170 709
tax
pr…
Net
de…
(i…
in -538 -555 -2,… -2,…
op…
wo…
ca…
Ot…
op… -197 -251 -211 -706
ac…
Net
Ca…
Pr…
by $ 16,… $ 9,3… $ 41,… $ 23,…
Op…
Ac…
(C…
IN…
AC…
Ac…
of
bu…
net — 1,0… — 1,0…
of
ca…
ac…
Ac…
of
He… — — — -2,…
Co…
co…
st…
Ca…
ex… -4,… -4,… -12… -12…
(C…
Pr…
and
de…
re…
to
as… 710 483 1,0… 1,4…
sa…
and
re…
of
in…
Net
re…
(b…
of 992 974 1,9… 798
lo…
by
eq…
af…
Ot…
in… 2 2 3 2
ac…
Net
Ca…
Pr…
by $ -2,… $ -1,… $ -9,… $ -10…
(U…
fo…
In…
Ac…
FI…
AC…
Net
ch… -3,… 2,0… -7,… 6,7…
in
de…
Ca…
di…
— -3,… -3,… -10… -9,…
co…
st…
Sh…
is…
for 274 84 1,4… 313
sh…
co…
Sh… -2,… -2,… -8,… -9,…
re…
Di…
to -148 -190 -417 -220
no…
in…
Net
Ca…
Pr…
by $ -9,… $ -4,… $ -24… $ -11…
(U…
fo…
Fi…
Ac…
EF…
OF
EX…
RA…
CH…
ON 18 -6 -23 41
CA…
CA…
EQ…
AND
RE…
CA…
NET
CH…
IN
CA…
CA… $ 4,3… $ 3,4… $ 6,6… $ 521
EQ…
AND
RE…
CA…
RE…
OF
NO…
ME…
Net
Ca…
Pr… $ 16,… $ 9,3… $ 41,… $ 23,…
by
Op…
Ac…
Le…
Net
de…
(i… -538 -555 -2,… -2,…
in
op…
wo…
ca…
Ca…
Fl…
fr…
Op… $ 16,… $ 9,9… $ 43,… $ 25,…
Ex…
Wo…
Ca…
Net
Ca…
Pr… $ 16,… $ 9,3… $ 41,… $ 23,…
by
Op…
Ac…
Le…
Ca… 4,0… 4,4… 12,… 12,…
ex…
Fr…
Ca… $ 12,… $ 4,9… $ 28,… $ 11,…
Fl…
Le…
Net
de…
(i… -538 -555 -2,… -2,…
in
op…
wo…
ca…
Pl…
Pr…
and
de…
re…
to 710 483 1,0… 1,4…
as…
sa…
and
re…
of
ca…
Pl…
Net
re…
(b…
of 992 974 1,9… 798
lo…
by
eq…
af…
Ad…
Fr… $ 14,… $ 6,9… $ 33,… $ 16,…
Ca…
Fl…
(1…
$1…
mi…
and
$1…
mi…
for
the
ni…
mo…
en…
Se…
30,
20…
and
20…
re…
re…
to
ex…
tax
pa…
for
pr…
ye…
re…
-MORE-
-10-
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 4
(Millions of Dollars)
-unaudited
──────────────────────────────────────────────────────────────────────────────
…
$
$
$
$
$
$
$
$
$