Chevron (CVX) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 earnings of $12.1 billion ($6.11/share), with adjusted earnings of $12.0 billion ($6.06/share), reflecting strong operational execution, disciplined investment, and record U.S. upstream and refinery throughput.

• Achieved $3 billion in annual structural cost reductions six months ahead of schedule, with over 70% from efficiency gains, and delivered $1.5 billion in Hess synergies, both ahead of target.

• Worldwide net oil-equivalent production averaged 3.97M barrels/day in H1 2026, up 18–20% year-over-year, mainly due to the Hess acquisition and growth in the Permian Basin and Gulf of America.

• Advanced power business with a 20-year, 2.67 GW PPA with Microsoft for Project Kilby, the only multi-gigawatt behind-the-meter data center power project with long-term customer commitment.

• Enhanced portfolio efficiency and growth prospects, particularly in U.S. shale, and extended growth outlook into the 2030s.

Financial highlights

• Q2 2026 earnings were $12.1B ($6.11/share); adjusted earnings were $12.0B ($6.06/share); sales and other operating revenues were $67.2B, up from $44.4B in Q2 2025.

• Cash flow from operations reached $22.6B in Q2 2026, up from $8.6B a year ago; adjusted free cash flow was $15.4B.

• Total debt reduced by $8.4B in the quarter; net debt to CFFO at 0.6x at quarter end.

• Organic CapEx for the quarter was $4.4B; total CapEx was $4.5B; expected full-year CapEx at the lower end of $18–19B guidance.

• Paid $3.5B in dividends and repurchased $3.0B in shares in Q2 2026.

Outlook and guidance

• Confident in 2030 objectives: 2–3% annual production growth, >10% annual adjusted free cash flow growth, and >3% improvement in ROCE at flat commodity prices.

• 3Q26 upstream turnarounds and downtime expected to reduce production by 150–200 MBOED; downstream downtime projected to impact earnings by $175–$225M.

• Share repurchases in Q3 2026 expected at $2.5–$3.0B; affiliate distributions at $1.5–$1.7B.

• Ongoing focus on cost discipline, long-term value creation, and reliable energy delivery amid geopolitical uncertainty.

• Targeting $1–2B in annual asset sale proceeds through 2030 and continued cost reductions.