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# Chevron Earns $9.9 Billion In Third Quarter, Up From $3.5 Billion — But Down From Second Quarter's $12.1 Billion
- URL: https://www.bullished.co/chevron-earns-9-9-billion-in-third-quarter-up-from-3-5-billion-but-down-from-second-de7786a8/
- Published: 2026-10-30T10:36:58.000Z
- Updated: 2026-10-30T10:36:58.000Z
- Description: Record U.S. refinery runs and a $7 billion Venezuela plan lifted results, while production slipped and timing effects cut earnings.
- Author: Matteo Parrino
- Tags: Earnings, CVX, Industry: Energy

[Chevron](https://www.bullished.co/tag/cvx/), the integrated energy company that produces oil and gas and refines it into fuels, [earned $9.9 billion](https://www.businesswire.com/news/home/20261030587778/en/Chevron-Reports-Third-Quarter-2026-Results?ref=bullished.co), or $5.06 per diluted share, in the third quarter, up from $3.5 billion a year earlier but below the $12.1 billion it made in the second quarter, the company said Friday.

## Refining and crude both pulled their weight

Adjusted earnings, which strip out special items and currency effects, were [$10.4 billion](https://www.businesswire.com/news/home/20261030587778/en/Chevron-Reports-Third-Quarter-2026-Results?ref=bullished.co), or $5.28 per share. Chevron attributed the jump from last year to reliable operations, higher margins on refined products and higher crude realizations, partly offset by unfavorable timing effects as prices rose. Those timing effects were a $1,580 million drag, against a $1,540 million boost in the second quarter.

Downstream earnings were $4,931 million, versus $1,137 million a year ago. Upstream earnings were $5,698 million, versus $3,302 million. Average Brent spot price was $97 a barrel, per Platts, against $69 a year earlier and $104 in the second quarter.

U.S. refineries set a crude throughput record of 1.09 million barrels a day, running at nearly 98 percent of capacity. Results also absorbed a $160 million legal reserve, a $110 million impairment, $24 million of pension settlement costs and a $143 million hit from currency effects.

## Production slipped, Venezuela grew

Net oil-equivalent production was 3,980 thousand barrels a day, down from 4,086 a year ago and 4,070 in the second quarter. Chevron blamed lower entitlements from higher prices and the Middle East conflict, partly offset by records in Australia, more output in the Gulf of America and one month of Venezuela volumes after a switch to equity accounting.

Chevron's Venezuelan joint ventures plan to invest $7 billion over the next five years. CEO Mike Wirth said the company is "reinvesting to bring more energy to a supply-constrained market." Chevron also said it signed agreements to cut Bakken midstream costs by about 50 percent.

## Cash, debt and the dividend

Revenue was $65,237 million and cash flow from operations was $16.0 billion, versus $9.4 billion a year ago. Total debt fell by an additional $3.5 billion in the quarter, and net debt dropped $7.8 billion.

The board declared a quarterly dividend of $1.78 per share, payable December 10 to holders of record on November 18\. Chevron discusses the results with analysts at 10:00 a.m. CT Friday.

Chevron's return on capital employed was 17.7 percent in the quarter, against 7.6 percent a year earlier and 21.4 percent in the second quarter.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CHEVRON CORP (CVX)](https://www.sec.gov/Archives/edgar/data/0000093410/000009341026000196/cvx-20261030.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a09302026ex9918-k.htm — CHEVRON CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000093410/000009341026000196/a09302026ex9918-k.htm?ref=bullished.co) — SEC EDGAR
- [Chevron Reports Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261030587778/en/Chevron-Reports-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com

### More on Chevron

- [Chevron Expects $3 Billion To $4 Billion After-Tax Loss To Halve Its Bakken Midstream Costs](https://www.bullished.co/chevron-expects-3-billion-to-4-billion-after-tax-loss-to-halve-its-bakken-midstream-costs-e3ae7346/)
- [Chevron Picks New Energies Head Jeff Gustavson As Next CFO, Shifting Eimear Bonner To Oil](https://www.bullished.co/chevron-picks-new-energies-head-jeff-gustavson-as-next-cfo-shifting-eimear-bonner-to-oil-1d799f3b/)

[All Chevron (CVX) coverage →](https://www.bullished.co/tag/cvx/)