Form 8-K

8-K — CHEVRON CORP

Accession: 0000093410-26-000162

Filed: 2026-07-31

Period: 2026-07-31

CIK: 0000093410

SIC: 2911 (PETROLEUM REFINING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cvx-20260731.htm (Primary)

EX-99.1 (a06302026ex9918-k.htm)

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8-K

8-K (Primary)

Filename: cvx-20260731.htm · Sequence: 1

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0000093410false0000093410FALSE00000934102026-07-312026-07-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2026

Chevron Corporation

(Exact name of registrant as specified in its charter)

Delaware 001-00368 94-0890210

(State or other jurisdiction

of incorporation ) (Commission File Number) (I.R.S. Employer

Identification No.)

1400 Smith Street Houston, TX 77002

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (832) 854-1000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common stock, par value $.75 per share CVX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 31, 2026, Chevron Corporation (the “Company”) issued a news release announcing unaudited second quarter 2026 earnings of $12.1 billion. The news release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1

News release issued by Chevron Corporation, dated July 31, 2026.

104 Cover Page Interactive Data File (contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 31, 2026

CHEVRON CORPORATION

By /s/ Amit R. Ghai

Amit R. Ghai

Controller

(Principal Accounting Officer and

Duly Authorized Officer)

EX-99.1

Filename: a06302026ex9918-k.htm · Sequence: 2

Document

news release

FOR RELEASE AT 5:15 AM CT EXHIBIT 99.1

JULY 31, 2026

Chevron Reports Second Quarter 2026 Results

•Reported earnings of $12.1 billion; return on capital employed of 21 percent

•Record U.S. production; worldwide production increased 20 percent from last year

•Record crude unit throughput at U.S. refineries; crude unit utilization at 97 percent

•Signed 20-year power agreement with Microsoft for West Texas data center

HOUSTON, July 31, 2026 – Chevron Corporation (NYSE: CVX) reported earnings of $12.1 billion ($6.11 per share - diluted) for second quarter 2026. Included in the quarter were an asset sale gain of $230 million and pension settlement costs of $86 million. Foreign currency effects decreased earnings by $49 million. Adjusted earnings were $12.0 billion ($6.06 per share - diluted) for second quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.

Earnings & Cash Flow Summary

Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Total Earnings / (Loss) $ MM $ 12,072 $ 2,210 $ 2,490 $ 14,282 $ 5,990

Upstream $ MM $ 8,182 $ 3,909 $ 2,727 $ 12,091 $ 6,485

Downstream $ MM $ 4,868 $ (817) $ 737 $ 4,051 $ 1,062

All Other $ MM $ (978) $ (882) $ (974) $ (1,860) $ (1,557)

Earnings Per Share - Diluted $/Share $ 6.11 $ 1.11 $ 1.45 $ 7.21 $ 3.45

Adjusted Earnings (1)

$ MM $ 11,977 $ 2,793 $ 3,053 $ 14,770 $ 6,866

Adjusted Earnings Per Share - Diluted (1)

$/Share $ 6.06 $ 1.41 $ 1.77 $ 7.46 $ 3.95

Cash Flow From Operations (CFFO) $ B $ 22.6 $ 2.5 $ 8.6 $ 25.1 $ 13.8

CFFO Excluding Working Capital (1)

$ B $ 19.7 $ 7.1 $ 8.3 $ 26.8 $ 15.9

Avg. Brent Spot Price (Source: Platts) $/BBL $ 104 $ 81 $ 68 $ 92 $ 72

(1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments

“Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” said Mike Wirth, Chevron's chairman and chief executive officer. “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.”

“We remain focused on cost discipline and long-term value creation. During the second quarter, the company achieved its structural cost reduction target six months early by capturing $3 billion in annual run-rate savings. Furthermore, we delivered $1.5 billion of annual run-rate synergies related to the Hess Corporation acquisition within one year of closing,” Wirth continued.

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“And we have positioned the company to help power American AI dominance and generate resilient cash flows through leveraging our unique capabilities,” Wirth concluded. During the quarter, Chevron signed a 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of behind-the-meter power for its data center in West Texas.

Financial and Business Highlights

Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Return on Capital Employed (ROCE) % 21.4 % 4.5 % 6.2 % 13.0 % 7.3 %

Capital Expenditures (Capex)

$ B $ 4.5 $ 4.1 $ 3.7 $ 8.6 $ 7.6

Affiliate Capex $ B $ 0.3 $ 0.3 $ 0.4 $ 0.6 $ 0.9

Free Cash Flow (FCF) (1)

$ B $ 18.1 $ (1.5) $ 4.9 $ 16.5 $ 6.1

Adjusted Free Cash Flow (1)

$ B $ 15.4 $ 4.1 $ 4.9 $ 19.6 $ 9.1

Debt-to-CFFO Ratio 0.8x 1.5x 0.9x 0.8x 0.9x

Net debt-to-CFFO (1)

Ratio 0.6x 1.3x 0.8x 0.6x 0.8x

Net Oil-Equivalent Production MBOED 4,070 3,858 3,396 3,965 3,374

(1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments

Financial Highlights

•Reported earnings increased compared to second quarter 2025 primarily due to reliable operations with higher commodity prices, higher margins on refined product sales, and impacts from higher sales volumes. This includes $1.4 billion in favorable timing effects1.

•Production in the second quarter of 2026 was 20 percent higher than second quarter last year largely due to the contribution from legacy Hess assets, and growth in the Permian Basin and Gulf of America.

•U.S. refinery crude unit throughput was a record 1.07 million barrels per day, reflecting reliable crude unit capacity utilization of more than 97 percent.

•Cash flow from operations in the second quarter of 2026 was higher than a year ago due to record U.S. production with higher commodity prices, increased cash distributions from Tengizchevroil LLP, and favorable working capital effects.

•Capex in the second quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin.

•Total debt was reduced by a record $8.4 billion in the quarter, further strengthening Chevron’s balance sheet and reinforcing the company’s ability to fund the long-term investment needed to deliver reliable energy for decades to come.

•Achieved $1.5 billion of Hess-related annual run-rate synergies ahead of schedule, exceeding the initial target by 50 percent.

•Achieved $3 billion of annual run-rate structural cost reductions since 2024, as part of a program that aims to reduce structural costs by $3-4 billion by the end of 2026.

•The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable September 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on August 19, 2026.

Business Highlights and Milestones

•Signed an agreement to develop a power facility in West Texas designed to provide approximately 2.67 gigawatts of behind-the-meter dedicated electricity capacity to a Microsoft data center under a 20-year power purchase agreement.

1 As such term is defined in "Notice" below.

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•Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline in one of the world's largest hydrocarbon resource basins.

•Completed the sale of the Hong Kong downstream fuels and lubricants businesses.

•Signed an agreement to sell the company’s 50 percent interest in the Singapore Refining Company and other downstream assets in Singapore, Vietnam, Australia, Indonesia, the Philippines and Malaysia. This transaction is expected to close in 2027.

•Announced a technology licensing agreement to commercialize and expand deployment of Chevron-developed chemical surfactant technology, reflecting Chevron’s technology leadership in advanced chemicals to improve recovery from unconventional reservoirs.

Segment Highlights

Upstream

U.S. Upstream Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Earnings / (Loss) $ MM $ 3,541 $ 2,112 $ 1,418 $ 5,653 $ 3,276

Net Oil-Equivalent Production MBOED 2,077 2,024 1,695 2,051 1,666

Liquids Production MBD 1,491 1,461 1,218 1,476 1,189

Natural Gas Production MMCFD 3,520 3,380 2,864 3,450 2,861

Liquids Realization $/BBL $ 70.80 $ 51.94 $ 47.77 $ 61.52 $ 51.40

Natural Gas Realization $/MCF $ 0.91 $ 2.48 $ 1.75 $ 1.67 $ 2.12

•U.S. upstream earnings were higher primarily due to higher liquids realizations and sales volumes, partly offset by higher depreciation, depletion and amortization, lower natural gas realizations, and the absence of a prior year asset sale gain.

•Net oil-equivalent production during the quarter was up 382,000 barrels per day from the year-ago period, achieving a new quarterly production record. The increase was primarily due to the acquisition of Hess and growth in the Permian Basin and Gulf of America.

International Upstream Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Earnings / (Loss) (1)

$ MM $ 4,641 $ 1,797 $ 1,309 $ 6,438 $ 3,209

Net Oil-Equivalent Production MBOED 1,993 1,834 1,701 1,914 1,708

Liquids Production MBD 1,094 974 850 1,034 836

Natural Gas Production MMCFD 5,390 5,161 5,099 5,277 5,235

Liquids Realization $/BBL $ 96.41 $ 77.50 $ 58.88 $ 87.38 $ 63.12

Natural Gas Realization $/MCF $ 7.84 $ 6.99 $ 7.20 $ 7.43 $ 7.16

(1) Includes foreign currency effects

$ MM $ (77) $ (233) $ (236) $ (310) $ (372)

•International upstream earnings were higher than a year ago primarily due to higher sales volumes and liquids realizations and favorable timing effects, partly offset by higher depreciation, depletion and amortization.

•Net oil-equivalent production during the quarter was up 292,000 barrels per day from the year-ago period primarily due to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict.

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Downstream

U.S. Downstream Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Earnings / (Loss) $ MM $ 2,411 $ 196 $ 404 $ 2,607 $ 507

Refinery Crude Unit Inputs MBD 1,070 1,054 1,051 1,063 1,034

Refined Product Sales MBD 1,320 1,265 1,381 1,293 1,337

•U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales and higher earnings from the 50 percent-owned affiliate, Chevron Phillips Chemical Company LLC.

•Refinery crude unit inputs increased 2 percent from the year-ago period as refineries operated reliably at record levels near capacity.

•Refined product sales decreased 4 percent compared to the year-ago period due to lower demand for gasoline.

International Downstream Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Earnings / (Loss) (1)

$ MM $ 2,457 $ (1,013) $ 333 $ 1,444 $ 555

Refinery Crude Unit Inputs MBD 598 616 661 608 640

Refined Product Sales MBD 1,287 1,493 1,473 1,389 1,436

(1) Includes foreign currency effects

$ MM $ 31 $ 8 $ (102) $ 39 $ (99)

•International downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales, including favorable timing effects, an asset sale gain, and a favorable swing in foreign currency effects.

•Refinery crude unit inputs decreased 10 percent from the year-ago period due to supply disruptions from the Middle East conflict.

•Refined product sales decreased 13 percent from the year-ago period due to supply disruptions from the Middle East conflict and lower demand for gasoline and diesel fuel.

All Other

All Other Unit 2Q 2026 1Q 2026 2Q 2025 YTD 2026 YTD 2025

Net charges (1)

$ MM $ (978) $ (882) $ (974) $ (1,860) $ (1,557)

(1) Includes foreign currency effects

$ MM $ (3) $ 2 $ (10) $ (1) $ (15)

•All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.

•Net charges were relatively flat compared to a year ago as higher employee benefit costs and higher interest expense were offset by the absence of prior-year unfavorable fair value adjustment on Hess shares.

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.

# # #

Contact: James Craig -- +1 925-842-1319

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NOTICE

Chevron’s discussion of second quarter 2026 earnings with security analysts will take place on Friday, July 31, 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.

Timing effects - Timing effects include timing mismatches in earnings recognition related to the mark‑to‑market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting.

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. The company believes it is useful for investors to consider this measure in comparing the underlying performance of its 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.

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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.

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CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 1

(Millions of Dollars, Except Per-Share Amounts)

(unaudited)

CONSOLIDATED STATEMENT OF INCOME

Three Months Ended

June 30, Six Months Ended

June 30,

REVENUES AND OTHER INCOME 2026 2025 2026 2025

Sales and other operating revenues $ 67,199 $ 44,375 $ 114,755 $ 90,476

Income (loss) from equity affiliates 2,125 536 2,870 1,356

Other income (loss) 731 (89) 1,037 600

Total Revenues and Other Income 70,055 44,822 118,662 92,432

COSTS AND OTHER DEDUCTIONS

Purchased crude oil and products 36,607 26,858 64,872 55,468

Operating expenses (1)

8,861 7,646 17,585 15,286

Exploration expenses 256 252 461 439

Depreciation, depletion and amortization 6,082 4,344 11,890 8,467

Taxes other than on income 1,213 1,301 2,527 2,556

Interest and debt expense 352 274 697 486

Total Costs and Other Deductions 53,371 40,675 98,032 82,702

Income (Loss) Before Income Tax Expense 16,684 4,147 20,630 9,730

Income tax expense (benefit) 4,470 1,632 6,123 3,703

Net Income (Loss) 12,214 2,515 14,507 6,027

Less: Net income (loss) attributable to noncontrolling interests 142 25 225 37

NET INCOME (LOSS) ATTRIBUTABLE TO

CHEVRON CORPORATION $ 12,072 $ 2,490 $ 14,282 $ 5,990

(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 $ 6.13 $ 1.45 $ 7.23 $ 3.46

- Diluted $ 6.11 $ 1.45 $ 7.21 $ 3.45

Weighted Average Number of Shares Outstanding (000's)

- Basic 1,969,868 1,719,184 1,974,979 1,731,836

- Diluted 1,975,087 1,724,397 1,980,464 1,737,844

Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,962 million and 1,980 million at June 30, 2026, and December 31, 2025, respectively.

EARNINGS BY MAJOR OPERATING AREA Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Upstream

United States $ 3,541 $ 1,418 $ 5,653 $ 3,276

International 4,641 1,309 6,438 3,209

Total Upstream 8,182 2,727 12,091 6,485

Downstream

United States 2,411 404 2,607 507

International 2,457 333 1,444 555

Total Downstream 4,868 737 4,051 1,062

All Other (978) (974) (1,860) (1,557)

NET INCOME (LOSS) ATTRIBUTABLE TO

CHEVRON CORPORATION $ 12,072 $ 2,490 $ 14,282 $ 5,990

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CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 2

(Millions of Dollars)

(unaudited)

SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) June 30,

2026 December 31,

2025

Cash and cash equivalents $ 8,527 $ 6,293

Time deposits $ 3 $ 4

Total assets $ 330,135 $ 324,012

Total debt $ 37,075 $ 40,758

Total Chevron Corporation stockholders’ equity $ 189,883 $ 186,450

Noncontrolling interests $ 5,675 $ 5,726

SELECTED FINANCIAL RATIOS

Total debt plus total stockholders’ equity $ 226,958 $ 227,208

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

16.3 % 17.9 %

Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities) $ 28,545 $ 34,461

Net debt plus total stockholders’ equity $ 218,428 $ 220,911

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

13.1 % 15.6 %

Cash flow from operations (CFFO) (1)

$ 45,321 $ 33,939

Debt-to-CFFO ratio (1)

0.8x 1.2x

Net debt-to-CFFO ratio (1)

0.6x 1.0x

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

RETURN ON CAPITAL EMPLOYED (ROCE) Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Total reported earnings $ 12,072 $ 2,490 $ 14,282 $ 5,990

Noncontrolling interest 142 25 225 37

Interest expense (A/T) 318 250 628 442

ROCE earnings 12,532 2,765 15,135 6,469

Annualized ROCE earnings 50,128 11,060 30,270 12,938

Average capital employed (1)

233,716 178,243 232,784 177,212

ROCE 21.4 % 6.2 % 13.0 % 7.3 %

(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

June 30, Six Months Ended

June 30,

CAPEX BY SEGMENT 2026 2025 2026 2025

United States

Upstream $ 2,189 $ 2,281 $ 4,379 $ 4,826

Downstream 149 154 240 309

Other 96 111 149 174

Total United States 2,434 2,546 4,768 5,309

International

Upstream 2,037 1,112 3,712 2,235

Downstream 52 40 99 67

Other 15 14 22 28

Total International 2,104 1,166 3,833 2,330

CAPEX $ 4,538 $ 3,712 $ 8,601 $ 7,639

AFFILIATE CAPEX (not included above)

Upstream $ 116 $ 173 $ 226 $ 379

Downstream 156 269 332 551

AFFILIATE CAPEX $ 272 $ 442 $ 558 $ 930

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CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 3

(Millions of Dollars)

(unaudited)

SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary) Three Months Ended

June 30, Six Months Ended

June 30,

OPERATING ACTIVITIES 2026 2025 2026 2025

Net Income (Loss) $ 12,214 $ 2,515 $ 14,507 $ 6,027

Adjustments

Depreciation, depletion and amortization 6,082 4,344 11,890 8,467

Distributions more (less) than income from equity affiliates 874 908 474 1,176

Loss (gain) on asset retirements and sales (225) (280) (232) (299)

Net foreign currency effects 11 340 168 470

Deferred income tax provision 298 29 34 509

Net decrease (increase) in operating working capital 2,945 278 (1,680) (2,130)

Other operating activity 434 442 (14) (455)

Net Cash Provided by Operating Activities (CFFO) $ 22,633 $ 8,576 $ 25,147 $ 13,765

INVESTING ACTIVITIES

Acquisition of Hess Corporation common stock — — — (2,225)

Capital expenditures (Capex) (4,538) (3,712) (8,601) (7,639)

Proceeds and deposits related to asset sales and returns of investment 283 390 355 990

Net repayment (borrowing) of loans by equity affiliates — (110) 979 (176)

Other investing activity 1 — 1 —

Net Cash Provided by (Used for) Investing Activities $ (4,254) $ (3,432) $ (7,266) $ (9,050)

FINANCING ACTIVITIES

Net change in debt (8,406) (299) (3,764) 4,731

Cash dividends — common stock (3,504) (2,934) (7,030) (5,918)

Shares issued for share-based compensation 49 11 1,209 229

Shares repurchased (1)

(3,117) (2,744) (5,689) (6,661)

Distributions to noncontrolling interests (117) (19) (269) (30)

Net Cash Provided by (Used for) Financing Activities $ (15,095) $ (5,985) $ (15,543) $ (7,649)

EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (18) 50 (41) 47

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 3,266 $ (791) $ 2,297 $ (2,887)

RECONCILIATION OF NON-GAAP MEASURES

Net Cash Provided by Operating Activities $ 22,633 $ 8,576 $ 25,147 $ 13,765

Less: Net decrease (increase) in operating working capital 2,945 278 (1,680) (2,130)

Cash Flow from Operations Excluding Working Capital $ 19,688 $ 8,298 $ 26,827 $ 15,895

Net Cash Provided by Operating Activities $ 22,633 $ 8,576 $ 25,147 $ 13,765

Less: Capital expenditures 4,538 3,712 8,601 7,639

Free Cash Flow $ 18,095 $ 4,864 $ 16,546 $ 6,126

Less: Net decrease (increase) in operating working capital 2,945 278 (1,680) (2,130)

Plus: Proceeds and deposits related to asset sales and returns of capital 283 390 355 990

Plus: Net repayment (borrowing) of loans by equity affiliates — (110) 979 (176)

Adjusted Free Cash Flow $ 15,433 $ 4,866 $ 19,560 $ 9,070

(1) Includes $114 million and $146 million in 2026 and 2025, respectively, related to excise tax payments for prior year repurchases.

-MORE-

-10-

CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 4

(Millions of Dollars)

(unaudited)

RECONCILIATION OF NON-GAAP MEASURES

Three Months Ended

June 30, 2026 Three Months Ended

June 30, 2025 Six Months Ended

June 30, 2026 Six Months Ended

June 30, 2025

REPORTED EARNINGS Pre-Tax Income Tax After-Tax Pre-Tax Income Tax After-Tax Pre-Tax Income Tax After-Tax Pre-Tax Income Tax After-Tax

U.S. Upstream $ 3,541 $ 1,418 $ 5,653 $ 3,276

Int'l Upstream 4,641 1,309 6,438 3,209

U.S. Downstream 2,411 404 2,607 507

Int'l Downstream 2,457 333 1,444 555

All Other (978) (974) (1,860) (1,557)

Net Income (Loss) Attributable to Chevron Corporation $ 12,072 $ 2,490 $ 14,282 $ 5,990

SPECIAL ITEMS

U.S. Upstream

Asset sale gains $ — $ — $ — $ 172 $ (57) $ 115 $ — $ — $ — $ 172 $ (57) $ 115

Legal reserves — — — — — — — — — (130) — (130)

Int'l Upstream

Tax items — — — — — — — — — — (55) (55)

U.S. Downstream

Legal reserves — — — — — — (470) 110 (360) (226) 56 (170)

Int'l Downstream

Asset sale gains 230 — 230 — — — 230 — 230 — — —

All Other

Pension settlement & curtailment costs (including Hess) (113) 27 (86) (71) 16 (55) (113) 27 (86) (71) 16 (55)

Fair value adjustment of Hess common stock — — — (327) 52 (275) — — — (95) — (95)

Total Special Items $ 117 $ 27 $ 144 $ (226) $ 11 $ (215) $ (353) $ 137 $ (216) $ (350) $ (40) $ (390)

FOREIGN CURRENCY EFFECTS

Int'l Upstream $ (77) $ (236) $ (310) $ (372)

Int'l Downstream 31 (102) 39 (99)

All Other (3) (10) (1) (15)

Total Foreign Currency Effects $ (49) $ (348) $ (272) $ (486)

ADJUSTED EARNINGS/(LOSS) (1)

U.S. Upstream $ 3,541 $ 1,303 $ 5,653 $ 3,291

Int'l Upstream 4,718 1,545 6,748 3,636

U.S. Downstream 2,411 404 2,967 677

Int'l Downstream 2,196 435 1,175 654

All Other (889) (634) (1,773) (1,392)

Total Adjusted Earnings/(Loss) $ 11,977 $ 3,053 $ 14,770 $ 6,866

Total Adjusted Earnings/(Loss) per share $ 6.06 $ 1.77 $ 7.46 $ 3.95

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

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