◆ Inside the Latest Quarter (Q2 2026)

Chevron (CVX) — the variant view

Chevron earned $12.1 billion in the second quarter of 2026 on $104 Brent and cut its debt by a record $8.4 billion.

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The second quarter of 2026 was the best Chevron has had in years, and most of it was the price of oil. Reported earnings were $12,072 million, or $6.11 a share, against $2,490 million and $1.45 a year earlier; adjusted earnings were $11,977 million1. Brent averaged $104, against $81 in the first quarter and $68 a year earlier2. The quarter included "$1.4 billion in favorable timing effects"3.

Segment earnings, Q2 2026 ($M)3,541Upstream US4,641UpstreamInternational2,411Downstream US2,457DownstreamInternational-978All OtherChevron Q2 2026 earnings release
Every operating segment earned more than $2.4 billion in one quarter.

Every segment made money. Upstream earned $8,182 million and downstream $4,868 million, with American downstream at $2,411 million4. Return on capital employed for the quarter was 21.4 percent5.

Volumes grew too. Production was 4,070 thousand barrels of oil equivalent a day, and American production a record 2,077 thousand6. American refinery crude throughput was a record 1.07 million barrels a day at more than 97 percent utilisation7. American gas still realised only $0.91 per thousand cubic feet8.

The cash went to the balance sheet. Operating cash flow was $22.6 billion and free cash flow $18.1 billion9; "Total debt was reduced by a record $8.4 billion in the quarter"10, taking the net debt ratio to 13.1 percent11. Buybacks were $3.0 billion, and $2.5 billion to $3.0 billion is expected in the third quarter12.

The Middle East conflict cut both ways: it raised the price and curtailed output in the Partitioned Zone and at CPChem's Gulf plants13, and international refinery inputs fell 10 percent14. Chevron also signed the Microsoft power agreement and agreed to sell its Singapore refining interest15.

The quarter also included an asset sale gain of $230 million and pension settlement costs of $86 million16. Hess synergies reached $1.5 billion of annual run rate and the $3 billion structural cost target was met six months early17.

The quarter proves the assets can earn a lot at $104. The test is the next quarter at a lower price: third-quarter results, due on 30 October, will show how much of the $12.1 billion was oil and how much was Chevron.

References
  1. ReportedReported earnings were $12,072 million, or $6.11 a share, against $2,490 million and $1.45 a year earlier; adjusted earnings were $11,977 million.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  2. ReportedBrent averaged $104, against $81 in the first quarter and $68 a year earlier.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  3. ReportedThe quarter included "$1.4 billion in favorable timing effects".
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  4. ReportedUpstream earned $8,182 million and downstream $4,868 million, with American downstream at $2,411 million.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  5. ReportedReturn on capital employed for the quarter was 21.4 percent.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  6. ReportedProduction was 4,070 thousand barrels of oil equivalent a day, and American production a record 2,077 thousand.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  7. ReportedAmerican refinery crude throughput was a record 1.07 million barrels a day at more than 97 percent utilisation.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  8. ReportedAmerican gas still realised only $0.91 per thousand cubic feet.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  9. ReportedOperating cash flow was $22.6 billion and free cash flow $18.1 billion; "Total debt was reduced by a record $8.4 billion in the quarter", taking the net debt ratio to 13.1 percent.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  10. ReportedOperating cash flow was $22.6 billion and free cash flow $18.1 billion; "Total debt was reduced by a record $8.4 billion in the quarter", taking the net debt ratio to 13.1 percent.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  11. ReportedOperating cash flow was $22.6 billion and free cash flow $18.1 billion; "Total debt was reduced by a record $8.4 billion in the quarter", taking the net debt ratio to 13.1 percent.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  12. ReportedBuybacks were $3.0 billion, and $2.5 billion to $3.0 billion is expected in the third quarter.
    Chevron Form 10-Q for the quarter ended 30 June 2026 - share repurchases, the Middle East conflict, Venezuela, OPEC+ exposure and litigation. — Q2 2026 · publ. 6 August 2026 · source ↗
  13. ReportedThe Middle East conflict cut both ways: it raised the price and curtailed output in the Partitioned Zone and at CPChem's Gulf plants, and international refinery inputs fell 10 percent.
    Chevron Form 10-Q for the quarter ended 30 June 2026 - share repurchases, the Middle East conflict, Venezuela, OPEC+ exposure and litigation. — Q2 2026 · publ. 6 August 2026 · source ↗
  14. ReportedThe Middle East conflict cut both ways: it raised the price and curtailed output in the Partitioned Zone and at CPChem's Gulf plants, and international refinery inputs fell 10 percent.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  15. ReportedChevron also signed the Microsoft power agreement and agreed to sell its Singapore refining interest.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
  16. ReportedThe quarter also included an asset sale gain of $230 million and pension settlement costs of $86 million.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - financial results: earnings by segment, Brent, return on capital employed, cash flow and debt. — Q2 2026 · publ. 31 July 2026 · source ↗
  17. ReportedHess synergies reached $1.5 billion of annual run rate and the $3 billion structural cost target was met six months early.
    Chevron second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - operations: production, refining, realisations, curtailments and business events. — Q2 2026 · publ. 31 July 2026 · source ↗
Sources
Generated September 25, 2026