Chevron Corporation 8-K
PositiveEarningsNew guidance
Higher crude realizations and refining margins lifted earnings; $7B in Venezuela investment is planned over five years.
Filed 2026-10-30 06:16 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results: Chevron reported $9.9B in earnings and $10.4B in adjusted earnings. Higher crude realizations and refined-product margins lifted results, while production was lower year over year amid reduced entitlements and Middle East conflict impacts. The company highlighted record U.S. refinery throughput and plans to invest in Venezuelan production growth.
Key Figures
| Metric | Q3 2026 | YTD 2026 |
|---|---|---|
| Sales and other operating revenues | $65.2B, +35.4% Y/Y | $180B, +29.8% Y/Y |
| Net income attributable to Chevron Corporation | $9.92B, +180% Y/Y | $24.2B, +154% Y/Y |
| Adjusted earnings, non-GAAP | $10.4B, +186% Y/Y | $25.1B, +140% Y/Y |
| Diluted EPS | $5.06, vs $1.82 | $12.26, vs $5.27 |
| Adjusted diluted EPS, non-GAAP | $5.28, vs $1.85 | $12.73, vs $5.80 |
| Cash flow from operations | $16.0B, +70.6% Y/Y | $41.2B, +77.8% Y/Y |
| Free cash flow, non-GAAP | $12.0B, +143% Y/Y | $28.5B, +158% Y/Y |
| Net oil-equivalent production | 3.98M barrels/day, -2.6% Y/Y | 3.97M barrels/day, +9.8% Y/Y |
- Higher crude realizations and refined-product margins drove earnings growth; unfavorable timing effects from rising prices partly offset the gains. Upstream earnings were $5.70B and downstream earnings were $4.93B.
- Cash flow from operations rose on higher earnings and increased cash distributions from Tengizchevroil. Free cash flow also benefited from a $1.0B loan repayment from Tengizchevroil and asset-sale proceeds. U.S. refinery crude throughput reached a record 1.09M barrels/day, with utilization near 98%.
- Total debt fell $3.5B in the quarter to $33.5B; net debt fell $7.8B to $20.7B. Chevron repurchased $2.50B of shares, and shares outstanding were 1.951B at 9/30/2026 vs 1.980B at 12/31/2025. The board declared a $1.78-per-share dividend, payable 12/10/2026 to holders of record 11/18/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Venezuela joint-venture investment | Next five years | $7B | — | — |
| Venezuela production | Next five years | Potential to more than double | — | — |
| Bakken midstream costs | Not specified | Reduce by ≈50% | — | — |
Investor Takeaways
- Track production against Chevron’s stated potential to more than double Venezuelan output over five years; progress in investment and production would support the company’s stated growth plan.
- Watch U.S. refinery throughput and utilization alongside refined-product margins, which the company identified as major drivers of the quarter’s earnings growth.
The summary is written by an AI model reading the filing.
Model 005 · prompt v111 · 2026-10-30 14:37:12Z