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Updated Nov 5, 2026
Chevron Q3 2026: Net income nearly triples to $9.9B on surging crude prices and record downstream margins amid Middle East supply disruptions
Chevron delivered Q3 2026 net income of $9.9 billion, up from $3.5 billion in Q3 2025, driven by Brent crude averaging $94/bbl for the first nine months of 2026 versus $71/bbl in the prior-year period and downstream margins that added $2.9 billion to U.S. segment earnings alone — a direct consequence of Middle East-driven refined product supply disruptions. The Hess acquisition continues to reshape the production base, with nine-month worldwide net oil-equivalent production averaging 3.97 million barrels per day, up 10 percent year-over-year, while operating cash flow of $41.2 billion for the first nine months of 2026 versus $23.2 billion in the prior-year period enabled debt reduction from $40.8 billion to $33.5 billion. A newly disclosed risk factor around the Hess Midstream restructuring — expected to cut Bakken midstream unit costs by approximately 50 percent — signals Chevron is now executing portfolio simplification rather than still integrating.
Tone: bullishRevenue
$189B
CVX 10-K · FY 2025
Employees
43,039
Revenue FY2024
$202.8B
Founded
1926
Profile
CVX 10-K Item 1 · Feb 24, 2026Chevron Corporation is a vertically integrated global energy company engaged in upstream exploration, production, and LNG operations, as well as downstream refining, marketing, and chemicals. The company operates in North America, South America, Europe, Africa, Asia, and Australia, marketing petroleum products under the Chevron, Texaco, and Caltex brands. Chevron is also pursuing new energies businesses including renewable fuels, hydrogen, carbon capture, geothermal, and lithium extraction.
Read filing description ↓ Collapse description ↑
Chevron Corporation, a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives. Chevron's strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world. Our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. We are leveraging our capabilities, assets, partnerships and customer relationships as we aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses. The new energies organization is focused on developing new businesses with the aim to support the company's objectives to lower the carbon intensity of its operations and enable growth opportunities with the potential to generate competitive returns. These include additional fuel solutions utilizing hydrogen and its derivatives such as ammonia, carbon emissions management through carbon capture and storage and offsets, and power generation for data centers.
Primary products
- Crude oil
- Natural gas
- Natural gas liquids (NGLs)
- Liquefied natural gas (LNG)
- Gasoline
- Jet fuel
Business segments
End markets
Geographies
“As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of more than 1,750,000 net acres in the Delaware and Midland basins in West Texas and Southeast New Mexico.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales and other operating revenues declined from $193.4 billion in 2024 to $184.4 billion in 2025, reflecting lower commodity prices partially offset by higher production volumes including the first full-year contribution of Hess assets.
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