Chevron (CHV) Q3 2026 Earnings Report
DE:CHV Q3 2026 EPS Results
- Actual EPS
- EUR 4.73
- Consensus EPS
- EUR 4.36
- Beat/Miss
- Beat by +EUR 0.37
- One Year Ago EPS
- EUR 1.66
DE:CHV Q3 2026 Revenue Results
- Actual Revenue
- EUR 58.41B
- Expected Revenue
- EUR 55.35B
- Beat/Miss
- Beat by +EUR 3.06B
- YoY Revenue Growth
- +35.23%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
DE:CHV Upcoming Earnings
Chevron's next earnings date is estimated for January 22, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:CHV Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by robust cash generation, a strengthened balance sheet, sustained production, record refining and gas output, expanding exploration opportunities, AI-related value capture, and multiple growth initiatives. The company also reported lower sequential adjusted earnings, lower upstream realizations and liftings, market volatility, a future non-cash Bakken accounting loss, and unresolved permitting and concession matters. Overall, the breadth of operational achievements and growth opportunities significantly outweighed the stated challenges.
Company Guidance
Chevron expects fourth-quarter CapEx to increase while still finishing the year at the low end of its annual CapEx guidance; Venezuela production is planned to double to roughly 600,000 bpd by 2031, with total costs under $20 per barrel, around 300,000 of gross production by year-end, and the development program potentially extending further into the 2030s. Bakken activity will move from three rigs to two rigs at year-end while sustaining 180,000 bpd of oil equivalent production, with long laterals increasing from 60% this year to over 85% in 2027; the transaction is expected to close at the end of the fourth quarter and result in a one-time non-cash after-tax loss of $3 billion-$4 billion. Chevron intends to maintain $2.5 billion-$3 billion of buybacks, increase Pascagoula refining capacity by another 7% by 2030, bring Kilby to first power in 2028 and full energization in 2031 subject to permitting, increase exploration capital spend next year 50% from its previous baseline last year, and potentially drill around 20 wells a year, half infrastructure and half frontier.
- Strong Quarterly Earnings and Cash GenerationChevron reported third-quarter earnings of $9.9 billion, or $5.06 per share, and adjusted earnings of $10.4 billion, or $5.28 per share. Cash flow from operations excluding working capital was $16.6 billion, adjusted free cash flow was $14.2 billion, and net debt coverage improved.
- Balance Sheet StrengtheningChevron reduced debt by more than $3 billion, grew cash by more than $4 billion, and ended the quarter with net debt to cash flow from operations of 0.4 times.
- Sustained Production PerformanceThird-quarter production was nearly 4 MMbpd despite anticipated entitlement impacts and planned turnarounds. U.S. upstream production exceeded 2 MMbpd for the fifth consecutive quarter.
- Record Natural Gas and Deepwater ProductionChevron delivered a new quarterly natural gas production record of more than 9 billion cubic feet per day, led by Australia and the Eastern Mediterranean. The U.S. Gulf of America also set a new quarterly deepwater production record.
- Permian Production and EfficiencyThe Permian recorded its sixth consecutive quarter above 1 MMbpd. Production is expected to remain within approximately 3% above or below the current level, while CapEx per barrel improved by more than 25%, drilling and completion spending declined 40%, and facility spending declined 50%.
- Venezuela Growth PlanChevron expanded its acreage and established new fiscal terms in Venezuela, which management said made the business more competitive within the portfolio and immediately accretive and free cash flow positive. The company plans to double production from its three joint ventures to roughly 600,000 bpd by 2031, with total costs expected to be under $20 per barrel and the development program expected to be self-funding.
- Venezuela Production Growth Already UnderwayChevron is on track to reach around 300,000 bpd of gross Venezuela production by year-end, up 20% over the last 12 months. The company markets 100% of the crude from the three ventures, with the majority going to U.S. refineries.
- Bakken Economics and Flexibility ImprovedAn expected 50% reduction in Bakken midstream tariffs is expected to improve upstream returns, expand economic inventory, and increase operational flexibility. Chevron plans to move from three rigs to two rigs at year-end while sustaining 180,000 barrels of oil equivalent per day, and increase long-lateral drilling from 60% this year to over 85% in 2027.
- Bakken Transaction Financial BenefitsThe Hess Midstream restructuring is expected to increase corporate ROCE by 0.5%, deconsolidate $3.7 billion of debt, and deliver incremental recurring earnings. Chevron expects an immediate improvement in Bakken upstream earnings and cash flow in 2027.
- Refining Throughput and ReliabilityChevron achieved record crude throughput in its refining system and record quarterly U.S. crude throughput. More than 80% of U.S. refinery turnarounds over the last two years were completed with first-quartile duration.
- Higher Distillate YieldsA proprietary catalyst deployed at Chevron's largest U.S. refineries increased distillate production by 10% after adjustments to cut points. Third-quarter U.S. distillate yield at the large refineries was 46%, and Pascagoula achieved a diesel production record for at least the last three or four years.
- Refining Capacity ExpansionChevron accelerated debottlenecking at Pasadena to increase refinery capacity by approximately 15% at nominal cost. The company expects to increase refining capacity at Pascagoula by another 7% by 2030.
- Upstream Debottlenecking and Capacity AdditionsUpstream debottlenecking projects added more than 85,000 bpd of capacity. TCO's third-generation plant received a 20% capacity increase, Ballymore capacity increased 7%, and Anchor facility capacity increased 33%, or 25,000 bpd.
- Exploration Portfolio ExpansionChevron added 22 million acres over the last two years, doubling its exploration footprint, including 12 new basins. In the third quarter alone, it added six blocks in the Gulf of America and blocks in Angola, Nigeria, Guinea-Bissau, and Egypt.
- Exploration Discoveries and Prospect PipelineChevron made 15 infrastructure-led discoveries over two years at a 40% success rate, above the industry average. AI pattern recognition identified more than 150 leads in the Gulf of America portfolio, with 16 prospects moving into evaluation, and the company identified 30 net new prospects.
- AI-Driven Operational ValueChevron said AI generated more than $100 million in value capture year to date in 2026. In the DJ Basin, AI helped reduce loss production events by 50%, while AI-enabled production optimization has been deployed in the Permian, Bakken, and PZ assets.
- AI-Enabled Exploration and Decision-MakingChevron's ApEx system uses four petabytes of data and 100 years of company knowledge to assemble basin information in hours instead of months. ScoutAI builds basin assessments in hours instead of weeks and is deployed in 10 new basins.
- Higher Recovery from Advanced ChemicalsAdvanced Chemicals increased cumulative oil-equivalent production in the Permian by up to 23% in the first 12 months. Chevron is also advancing next-generation chemistry through field pilots.
- Australia LNG Reliability and CapacityReliability in Australia remained strong through predictive maintenance, centralized data-driven decision-making, and AI. Gorgon and Wheatstone are operating above nameplate capacity, and the combined assets delivered record production in the third quarter.
- Capital Allocation DisciplineChevron reaffirmed its existing capital allocation framework: consistent dividend growth, efficient capital investment, a strong balance sheet, and share repurchases through the cycle. The company has increased its dividend for 39 consecutive years and intends to maintain annual buybacks in the $2.5 billion-$3 billion range.
- Capital Spending Within GuidanceOrganic capital expenditures were $3.9 billion in the quarter. Fourth-quarter CapEx is expected to increase in line with historical trends, while full-year spending is expected to finish at the low end of annual guidance.
- Project Kilby ProgressProject Kilby is a 2.67 GW behind-the-meter power project in West Texas with a 20-year power purchase agreement with Microsoft. Chevron is working toward a final investment decision, first power in 2028, and full energization in 2031, with potential expansion from single cycle to combined cycle subject to additional permits.
- Growth Opportunities in Iraq and Other MarketsChevron said terms in Iraq currently appear more attractive than historically, and it is working with the ministry on a development plan. The company also said it is discussing similar opportunities with several governments in the Middle East and is stacking growth options beyond 2030.
- Controlled Freight Exposure and Integrated OptimizationChevron has a significant portion of its fleet under ownership or long-term charter arrangements entered into before the conflict, with pre-conflict charter rates. The company said its controlled transportation and increased use of equity crude, which has reached about 50% at times at certain refineries, are significant contributors to current results.
DE:CHV Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 22, 2027 | 2026 (Q4) | 4.92- | 1.36 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 4.364.73 | 1.66 | 185.41% (+3.07) | |
| Jul 31, 2026 | 2026 (Q2) | 4.975.43 | 1.58 | 242.37% (+3.84) | |
| May 01, 2026 | 2026 (Q1) | 0.871.26 | 1.95 | -35.32% (-0.69) | |
| Jan 30, 2026 | 2025 (Q4) | 1.271.36 | 1.84 | -26.21% (-0.48) | |
| Oct 31, 2025 | 2025 (Q3) | 1.511.66 | 2.25 | -26.29% (-0.59) | |
| Aug 01, 2025 | 2025 (Q2) | 1.551.58 | 2.28 | -30.59% (-0.70) | |
| May 02, 2025 | 2025 (Q1) | 1.931.95 | 2.62 | -25.60% (-0.67) | |
| Jan 31, 2025 | 2024 (Q4) | 1.891.84 | 3.09 | -40.29% (-1.24) | |
| Nov 01, 2024 | 2024 (Q3) | 2.172.25 | 2.73 | -17.70% (-0.48) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
