Chevron Reports First Quarter 2026 Results

Chevron Reports First Quarter 2026 Results HOUSTON--( BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) reported earnings of $2.2 billion ($1.11 per share - diluted) for first quarter 2026, compared with $3.5 billion ($2.00 per share - diluted) in first quarter 2025. Included in the quarter was a net loss of $360 million related to a legal reserve. Foreign currency effects decreased earnings by $223 million. Adjusted earnings of $2.8 billion ($1.41 per share - diluted) in first quarter 2026 compared to adjusted earnings of $3.8 billion ($2.18 per share - diluted) in first quarter 2025. See Attachment 4 for a reconciliation of adjusted earnings.

Earnings & Cash Flow Summary

Unit

1Q 2026

4Q 2025

1Q 2025

Total Earnings / (Loss)

$ MM

2,210

2,770

3,500

Upstream

$ MM

3,909

3,035

3,758

Downstream

$ MM

(817

)

823

325

All Other

$ MM

(882

)

(1,088

)

(583

)

Earnings Per Share - Diluted

$/Share

1.11

1.39

2.00

Adjusted Earnings (1)

$ MM

2,793

3,028

3,813

Adjusted Earnings Per Share - Diluted (1)

$/Share

1.41

1.52

2.18

Cash Flow From Operations (CFFO)

$ B

2.5

10.8

5.2

CFFO Excluding Working Capital (1)

$ B

7.1

9.1

7.6

Avg. Brent Spot Price (Source: Platts)

$/BBL

(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments

“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution,” said Mike Wirth, Chevron’s Chairman and Chief Executive Officer. “Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”

“Our U.S. refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track,” Wirth continued. “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”

“We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations,” Wirth concluded. “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”

Financial and Business Highlights

Unit

1Q 2026

4Q 2025

1Q 2025

Return on Capital Employed (ROCE)

4.5

5.4

8.3

Capital Expenditures (Capex)

$ B

4.1

5.3

3.9

Affiliate Capex

$ B

0.3

0.4

0.5

Free Cash Flow (FCF) (1)

$ B

(1.5

)

5.5

1.3

Adjusted Free Cash Flow (1)

$ B

4.1

4.2

Debt-to-CFFO

Ratio

1.5x

1.2x

1.0x

Net debt-to-CFFO (1)

Ratio

1.3x

1.0x

0.8x

Net Oil-Equivalent Production

MBOED

3,858

4,045

3,353

(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments

Financial Highlights

Business Highlights and Milestones

Segment Highlights

Upstream

U.S. Upstream

Unit

1Q 2026

4Q 2025

1Q 2025

Earnings / (Loss)

$ MM

2,112

1,258

1,858

Net Oil-Equivalent Production

MBOED

2,024

2,055

1,636

Liquids Production

MBD

1,461

1,488

1,159

Natural Gas Production

MMCFD

3,380

3,402

2,859

Liquids Realization

$/BBL

51.94

42.99

55.26

Natural Gas Realization

$/MCF

2.48

2.21

2.50

International Upstream

Unit

1Q 2026

4Q 2025

1Q 2025

Earnings / (Loss) (1)

$ MM

1,797

1,777

1,900

Net Oil-Equivalent Production

MBOED

1,834

1,990

1,717

Liquids Production

MBD

974

1,071

822

Natural Gas Production

MMCFD

5,161

5,514

5,371

Liquids Realization

$/BBL

77.50

57.53

67.69

Natural Gas Realization

$/MCF

6.99

6.97

7.12

(1) Includes foreign currency effects

$ MM

(233

)

(125

)

(136

)

Downstream

U.S. Downstream

Unit

1Q 2026

4Q 2025

1Q 2025

Earnings / (Loss)

$ MM

196

230

103

Refinery Crude Unit Inputs

MBD

1,054

1,020

1,018

Refined Product Sales

MBD

1,265

1,293

International Downstream

Unit

1Q 2026

4Q 2025

1Q 2025

Earnings / (Loss) (1)

$ MM

(1,013

)

593

222

Refinery Crude Unit Inputs

MBD

616

665

618

Refined Product Sales

MBD

1,493

1,546

1,398

(1) Includes foreign currency effects

$ MM

All Other

Unit

1Q 2026

4Q 2025

1Q 2025

Net charges (1)

$ MM

(882

)

(1,088

)

(583

)

(1) Includes foreign currency effects

$ MM

(14

)

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com.

NOTICE

Chevron’s discussion of first quarter 2026 earnings with security analysts will take place on Friday, May 1, 2026, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.

This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow are shown in Attachment 3.

This news release also includes net debt ratio and net debt-to-CFFO ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities (net debt) as a percentage of net debt plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net debt divided by CFFO for the prior four quarters, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes these measures are useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO ratio is shown in Attachment 2.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Attachment 1

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars, Except Per-Share Amounts)

(unaudited)

CONSOLIDATED STATEMENT OF INCOME

Three Months Ended

March 31,

REVENUES AND OTHER INCOME

2026

2025

Sales and other operating revenues

47,556

46,101

Income (loss) from equity affiliates

745

820

Other income (loss)

306

689

Total Revenues and Other Income

48,607

47,610

COSTS AND OTHER DEDUCTIONS

Purchased crude oil and products

28,265

28,610

Operating expenses (1)

8,724

7,640

Exploration expenses

205

187

Depreciation, depletion and amortization

5,808

4,123

Taxes other than on income

1,314

1,255

Interest and debt expense

345

212

Total Costs and Other Deductions

44,661

42,027

Income (Loss) Before Income Tax Expense

3,946

5,583

Income tax expense (benefit)

1,653

2,071

Net Income (Loss)

2,293

3,512

Less: Net income (loss) attributable to noncontrolling interests

NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION

2,210

3,500

(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.

PER SHARE OF COMMON STOCK

Net Income (Loss) Attributable to Chevron Corporation

- Basic

1.12

2.01

- Diluted

1.11

2.00

Weighted Average Number of Shares Outstanding (000's)

- Basic

1,980,146

1,744,628

- Diluted

1,985,900

1,751,441

Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,977 million and 1,980 million at March 31, 2026, and December 31, 2025, respectively.

EARNINGS BY MAJOR OPERATING AREA

Three Months Ended

March 31,

2026

2025

Upstream

United States

2,112

1,858

International

1,797

1,900

Total Upstream

3,909

3,758

Downstream

United States

196

103

International

(1,013

)

222

Total Downstream

(817

)

325

All Other

(882

)

(583

)

NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION

2,210

3,500

Attachment 2

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)

March 31,

2026

December 31,

2025

Cash and cash equivalents

5,323

6,293

Time deposits

Total assets

329,551

324,012

Total debt

45,428

40,758

Total Chevron Corporation stockholders’ equity

183,715

186,450

Noncontrolling interests

5,656

5,726

SELECTED FINANCIAL RATIOS

Total debt plus total stockholders’ equity

229,143

227,208

Debt ratio (Total debt / Total debt plus stockholders’ equity)

19.8

17.9

Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities)

40,101

34,461

Net debt plus total stockholders’ equity

223,816

220,911

Net debt ratio (Net debt / Net debt plus total stockholders’ equity)

17.9

15.6

Cash flow from operations (CFFO) (1)

31,264

33,939

Debt-to-CFFO ratio (1)

1.5x

1.2x

Net debt-to-CFFO ratio (1)

1.3x

1.0x

(1) CFFO is presented on a trailing 12 months basis.

RETURN ON CAPITAL EMPLOYED (ROCE)

Three Months Ended

March 31,

2026

2025

Total reported earnings

2,210

3,500

Noncontrolling interest

Interest expense (A/T)

310

192

ROCE earnings

2,603

3,704

Annualized ROCE earnings

10,412

14,816

Average capital employed (1)

233,867

178,730

ROCE

4.5

8.3

(1) Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period.

Three Months Ended

March 31,

CAPEX BY SEGMENT

2026

2025

United States

Upstream

2,190

2,545

Downstream

155

Other

Total United States

2,334

2,763

International

Upstream

1,675

1,123

Downstream

Other

Total International

1,729

1,164

CAPEX

4,063

3,927

AFFILIATE CAPEX (not included above)

Upstream

110

206

Downstream

176

282

AFFILIATE CAPEX

286

488

Attachment 3

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)

Three Months Ended

March 31,

OPERATING ACTIVITIES

2026

2025

Net Income (Loss)

2,293

3,512

Adjustments

Depreciation, depletion and amortization

5,808

4,123

Distributions more (less) than income from equity affiliates

(400

)

268

Loss (gain) on asset retirements and sales

)

(19

)

Net foreign currency effects

157

130

Deferred income tax provision

(264

)

480

Net decrease (increase) in operating working capital

(4,625

)

(2,408

)

Other operating activity

(448

)

(897

)

Net Cash Provided by Operating Activities (CFFO)

2,514

5,189

INVESTING ACTIVITIES

Acquisition of businesses, net of cash acquired

—

Acquisition of Hess Corporation common stock

—

(2,225

)

Capital expenditures (Capex)

(4,063

)

(3,927

)

Proceeds and deposits related to asset sales and returns of investment

600

Net repayment (borrowing) of loans by equity affiliates

979

(66

)

Net Cash Provided by (Used for) Investing Activities

(3,012

)

(5,618

)

FINANCING ACTIVITIES

Net change in debt

4,642

5,030

Cash dividends — common stock

(3,526

)

(2,984

)

Shares issued for share-based compensation

1,160

218

Shares repurchased

(2,572

)

(3,917

)

Distributions to noncontrolling interests

(152

)

(11

)

Net Cash Provided by (Used for) Financing Activities

(448

)

(1,664

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(23

)

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(969

)

(2,096

)

RECONCILIATION OF NON-GAAP MEASURES

Net Cash Provided by Operating Activities

2,514

5,189

Less: Net decrease (increase) in operating working capital

(4,625

)

(2,408

)

Cash Flow from Operations Excluding Working Capital

7,139

7,597

Net Cash Provided by Operating Activities

2,514

5,189

Less: Capital expenditures

4,063

3,927

Free Cash Flow

(1,549

)

1,262

Less: Net decrease (increase) in operating working capital

(4,625

)

(2,408

)

Plus: Proceeds and deposits related to asset sales and returns of capital

600

Plus: Net repayment (borrowing) of loans by equity affiliates

979

(66

)

Adjusted Free Cash Flow

4,127

4,204

Attachment 4

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

RECONCILIATION OF NON-GAAP MEASURES

Three Months Ended

March 31, 2026

Three Months Ended

March 31, 2025

REPORTED EARNINGS

Pre-Tax

Income Tax

After-Tax

Pre-Tax

Income Tax

After-Tax

U.S. Upstream

2,112

1,858

Int'l Upstream

1,797

1,900

U.S. Downstream

196

103

Int'l Downstream

(1,013

)

222

All Other

(882

)

(583

)

Net Income (Loss) Attributable to Chevron Corporation

2,210

3,500

SPECIAL ITEMS

U.S. Upstream

Legal reserves

—

(130

)

—

(130

)

Int'l Upstream

Tax items

—

(55

)

(55

)

U.S. Downstream

Legal reserves

(470

)

110

(360

)

(226

)

(170

)

Int'l Downstream

All Other

Fair value adjustment of Hess common stock

—

232

(52

)

180

Total Special Items

(470

)

110

(360

)

(124

)

(51

)

(175

)

FOREIGN CURRENCY EFFECTS

Int'l Upstream

(233

)

(136

)

Int'l Downstream

All Other

)

Total Foreign Currency Effects

(223

)

(138

)

ADJUSTED EARNINGS/(LOSS) (1)

U.S. Upstream

2,112

1,988

Int'l Upstream

2,030

2,091

U.S. Downstream

556

273

Int'l Downstream

(1,021

)

219

All Other

(884

)

(758

)

Total Adjusted Earnings/(Loss)

2,793

3,813

Total Adjusted Earnings/(Loss) per share

1.41

2.18

(1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.