Chevron Profits Nearly Triple to $9.9 Billion

By Julianne Geiger -Oct 30, 2026, 1:30 PM CDT

Chevron’s third-quarter earnings almost tripled to $9.9 billion, with its refineries doing much of the heavy lifting regardless of processing simply 3%more crude than a year previously.

The business reported revenues of$5.06 per share Friday, up from$1.82 a year earlier. Changed incomes reached$ 10.4 billion, or $5.28 per share, easily beating Wall Street’s quote of $4.89.

Chevron’s downstream operations made $4.93 billion, more than 4 times the$1.14 billion reported a year previously. U.S. refining earnings were especially remarkable, leaping to $3.59 billion from simply $638 million.

Chevron’s U.S. refineries performed at 98% capability, processing a record 1.09 million barrels each day. Fuel sales hardly budged from in 2015 at 1.3 million bpd, however U.S. downstream revenues leapt from $638 million to $3.59 billion. Chevron didn’t require to offer a lot more fuel to make almost $3 billion more.

With approximately 10% of international fuel-making capability sidelined by the Iran war and Ukrainian attacks on Russian refineries, Chevron is getting significantly more cash for basically the very same quantity of fuel.

Chevron likewise took advantage of greater crude costs. Brent balanced $97 per barrel throughout the quarter, compared to $69 a year previously, assisting upstream revenues reach $5.7 billion from $3.3 billion.

Worldwide production in fact was up to 3.98 million barrels of oil comparable daily from 4.09 million a year previously, showing Middle East interruptions and lower production privileges related to greater rates. U.S. production stayed above 2 million boe/d for the 5th successive quarter.

Chevron created $16 billion in running capital and $12 billion in totally free capital, compared to $4.9 billion in complimentary capital a year previously. It lowered overall financial obligation by $3.5 billion throughout the quarter and kept share repurchases at $2.5 billion.

The business is likewise preparing extra financial investment in Venezuela, where its joint endeavors anticipate to invest $7 billion over the next 5 years. Enhanced industrial terms and broadened acreage might enable Chevron to more than double production there.

Chevron’s U.S. downstream company made nearly $3 billion more than a year back on basically the same fuel sales. Its refineries kept running while plants in the Middle East and Russia were knocked offline. That’s worth a fortune in today’s market.

By Julianne Geiger for Oilprice.com

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Julianne Geiger

Julianne Geiger is a veteran energy reporter and market expert with more than a years of experience covering the worldwide oil and gas sector. Her …

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