Chevron reported third-quarter 2026 earnings of $9.9 billion, or $5.06 per diluted share, down from $12.1 billion in the second quarter but well above $3.5 billion a year earlier. Adjusted earnings were $10.4 billion, or $5.28 per share. The quarter also featured strong U.S. production and refinery operations, alongside plans to invest in Venezuelan production and cut costs in the Bakken.
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Earnings and cash flow: Adjusted earnings were $10.36 billion, compared with $11.98 billion in the prior quarter and $3.63 billion in the third quarter of 2025. Cash from operations was $16.0 billion, down from $22.6 billion in the second quarter and up from $9.4 billion a year earlier. Cash from operations excluding working-capital changes was $16.6 billion.
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Items affecting reported results: Reported earnings included a $160 million legal reserve, a $110 million impairment and $24 million in pension settlement costs. Foreign-currency effects reduced earnings by $143 million. Together, those items account for the difference between reported and adjusted earnings.
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Upstream and downstream: Upstream earnings were $5.70 billion, down from $8.18 billion in the second quarter and up from $3.30 billion a year earlier. Downstream earnings were $4.93 billion, slightly higher than the prior quarter’s $4.87 billion and well above $1.14 billion a year earlier.
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Prices and timing effects: The average Brent spot price was $97 a barrel, compared with $104 in the second quarter and $69 a year earlier. Chevron reported negative timing effects of $1.58 billion for the quarter, versus positive timing effects of $1.54 billion in the prior quarter.
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Production and refining: U.S. production was up 27% from two years ago. Domestic upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter. Chevron also reported record crude throughput at its U.S. refineries, with crude utilization at 98%. It said production records were set in the Eastern Mediterranean and Australia.
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Investment and cost reductions: Chevron said its Venezuelan joint ventures plan to invest $7 billion over the next five years to pursue production growth. The company also announced expanded acreage in Venezuela. In the Bakken, it signed agreements intended to reduce midstream costs by about 50%, improving the economics of the asset.
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Returns and year-to-date figures: Chevron reported an 18% return on capital employed. For the first nine months of 2026, earnings were $24.2 billion, compared with $9.5 billion in the same period of 2025; adjusted earnings were $25.1 billion, versus $10.5 billion.
The quarter’s results were lower than the strong second quarter but substantially higher than a year earlier. The reported-versus-adjusted gap was largely explained by the specified charges and currency effects, while the operating update highlighted production growth and refinery performance alongside planned investment in Venezuela and lower Bakken costs.