Chevron stock: Q3 earnings reach USD 9.9 billion

Published on 11/02/2026 at 11:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Chevron reported record U.S. refinery throughput and strong cash generation. Management expects fourth-quarter capital spending to rise while full-year spending stays at the low end of guidance.

Chevron reports stronger quarterly performance

U.S. refinery utilization reached a record level during the third quarter.
Chevron expanded its Venezuela acreage and is working to improve the competitiveness of its Bakken operations.
Management expects fourth-quarter capital spending to rise while full-year spending remains at the low end of guidance.

Chevron, US1667641005, Illustration mit AI erstellt.

Chevron reported third-quarter earnings of USD 9.9 billion on October 30, 2026, as refinery performance and cash generation strengthened the integrated energy group. The company's results release said adjusted earnings reached USD 10.4 billion, or USD 5.28 per diluted share.

Refining and production shape results

Chevron said U.S. production was 27 percent higher than two years earlier. Its U.S. refineries achieved record crude throughput, with crude utilization at 98 percent. The performance underlines the importance of downstream operations to the quarter, particularly as the upstream business continued to face changes in commodity realizations and operating timing.

The company also highlighted expanded acreage in Venezuela and measures to improve the competitiveness of its Bakken assets. Those steps broaden Chevron's operating footprint while management continues to focus on production growth, cost control and returns from its existing portfolio.

Cash flow supports balance sheet

Operating cash flow reached USD 16.0 billion in the quarter and free cash flow was USD 12.0 billion. Chevron said the cash generation supported debt reduction and shareholder distributions. Adjusted results and cash flow benefited from operating performance and higher cash distributions from Tengizchevroil, while the quarter also included a USD 160 million legal reserve, a USD 110 million impairment and USD 24 million of pension settlement costs.

Management said fourth-quarter capital spending is expected to increase in line with seasonal patterns, while full-year spending is still expected to finish at the low end of the company's guidance. That outlook leaves execution, commodity prices and refining margins as important factors for the next quarterly update.