Chevron reported third-quarter net income of $9.9 billion versus $3.5 billion, as upstream earnings reached $5.7 billion and downstream earnings reached $4.9 billion.
CVX · Chevron Corp
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Chevron Corporation reported third quarter 2026 earnings of $9.9 billion and adjusted earnings of $10.4 billion, while U.S. refineries set a crude throughput record of 1.09 million barrels per day.
Chevron will divest Hess Midstream interests and DJ Basin crude oil midstream assets for $200 million in cash, reducing Bakken midstream costs approximately 50% and triggering a $3 to $4 billion after-tax loss; closing is expected by year-end 2026.
Chevron Corporation approved leadership changes effective January 1, 2027: Mark A. Nelson remains Vice Chairman with Strategy and Business Development, Eimear P. Bonner becomes President, Oil, Products & Gas, and Jeff B. Gustavson becomes Chief Financial Officer.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Adjusted Free Cash Flow non-GAAP | $33.8B | Nine Months Ended September 30, 2026 | — |
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| AFFILIATE CAPEX | $918M | Nine Months Ended September 30, 2026 | — |
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| Capital expenditures (Capex) | -$12.61B | Nine Months Ended September 30, 2026 | — |
| Cash Flow from Operations Excluding Working Capital non-GAAP | $43.38B | Nine Months Ended September 30, 2026 | — |
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| Free Cash Flow non-GAAP | $28.55B | Nine Months Ended September 30, 2026 | — |
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| Net Cash Provided by Operating Activities (CFFO) | $41.16B | Nine Months Ended September 30, 2026 | — |
| Net debt ratio (Net debt / Net debt plus total stockholders’ equity) non-GAAP | 9.6% | September 30, 2026 | — |
| ROCE | 14.5% | Nine Months Ended September 30, 2026 | — |
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| Total Adjusted Earnings/(Loss) non-GAAP | $25.13B | Nine Months Ended September 30, 2026 | — |
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| Total Adjusted Earnings/(Loss) per share non-GAAP | $12.73 | Nine Months Ended September 30, 2026 | — |
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| Liquids Production | 1,094 | Three Months Ended June 30, 2026 filing | — |
| Natural Gas Production | 5,390 | Three Months Ended June 30, 2026 filing | — |
| Net crude oil and natural gas liquids production | 1,491 | Three Months Ended June 30 filing | — |
| Net natural gas production | 3,520 | Three Months Ended June 30 filing | — |
| Sales of natural gas | 5,794 | Three Months Ended June 30 filing | — |
| Sales of natural gas liquids | 583 | Three Months Ended June 30 filing | — |
| Cash flow from operations (CFFO) | $45.32B | trailing 12 months ended June 30, 2026 | — |
| International Refined Product Sales | 1,287 | 2Q 2026 | — |
| International Refinery Crude Unit Inputs | 598 | 2Q 2026 | — |
| International Upstream Liquids Production | 1,094 | 2Q 2026 | — |
| International Upstream Natural Gas Production | 5,390 | 2Q 2026 | — |
| International Upstream Net Oil-Equivalent Production | 1,993 | 2Q 2026 | — |
| Net charges | -$978M | 2Q 2026 | — |
| Net Oil-Equivalent Production | 4,070 | 2Q 2026 | — |
| Refined Product Sales | 1,287 | 2Q 2026 | — |
| Refinery Crude Unit Inputs | 598 | 2Q 2026 | — |
| U.S. Refined Product Sales | 1,320 | 2Q 2026 | — |
| U.S. Refinery Crude Unit Inputs | 1,070 | 2Q 2026 | — |
| U.S. Upstream Liquids Production | 1,491 | 2Q 2026 | — |
| U.S. Upstream Liquids Realization | $70.8 | 2Q 2026 | — |
| U.S. Upstream Natural Gas Production | 3,520 | 2Q 2026 | — |
| U.S. Upstream Natural Gas Realization | $0.91 | 2Q 2026 | — |
| U.S. Upstream Net Oil-Equivalent Production | 2,077 | 2Q 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Oil & Gas Integrated — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CVX
this stock
Chevron Corp
|
$432.18B | +44.3% | -6.8% | 16.1 | 1.3% |
|
XOM
ExxonMobil Holdings Corp
|
$695.87B | +41.8% | -5.0% | 17.5 | 1.1% |
|
PCCYF
Petrochina Co Ltd
|
$319.66B | +21.3% | — | — | 0.0% |
|
SHEL
Shell plc
|
$280.06B | +34.8% | — | — | 0.6% |
|
TTE
TotalEnergies SE
|
$199.00B | +38.7% | — | — | 0.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CVX | +3.4% | -2.3% | +19.1% | -6.6% | +44.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +0.8% | -1.1% | +18.6% | -6.5% | +33.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.