Chevron Reports $9.9 Billion Third-Quarter Profit Amid Strong Refining Margins
Chevron's adjusted earnings reached $10.4 billion, while its US refineries recorded high throughput and downstream earnings increased sharply from a year earlier.
Chevron reported third-quarter 2026 net earnings of $9.9 billion, equivalent to $5.06 per diluted share, on Friday, October 30. The US energy company's adjusted earnings were $10.4 billion, or $5.28 per share, as refining operations benefited from stronger fuel margins.
Reported profit increased from approximately $3.5 billion in the same quarter of 2025, although it was below the $12.1 billion recorded in the second quarter of 2026. The adjusted measure excludes specified charges and foreign-currency effects and therefore should not be presented as the same figure as statutory net income.
Chevron's US downstream business, which refines and markets petroleum products, earned about $3.6 billion, compared with $638 million a year earlier. The company reported record crude throughput at its US refineries, with crude-unit utilisation reaching approximately 98%.
Total cash flow from operating activities was approximately $16.0 billion for the quarter. Chevron also reported $12.0 billion in free cash flow, a measure of cash remaining after capital expenditure. Those cash-flow figures describe completed quarterly performance and do not guarantee similar returns in future periods.
The company said its US upstream production exceeded 2 million barrels of oil equivalent per day for a fifth consecutive quarter. Management also outlined investment plans in Venezuela over the next five years, but these are prospective commitments rather than production or revenue already realised.
The results come amid significant changes in global fuel markets, which have lifted refining profitability for several large producers. Chevron's latest report separates the impact of stronger downstream margins from changes in crude production and from exceptional accounting items.
Sources
Ad Hoc News financial analysis, October 30, 2026.
Grafa reporting on Chevron's third-quarter results, October 30, 2026.
Sources
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