Houston-based Chevron Corporation reported third-quarter 2026 earnings of $9.9 billion on Friday. The strong results came as the company’s U.S. refineries operated near full capacity to capitalize on elevated diesel prices.
Chevron’s net income surged nearly 200%, or $5.06 a share, compared to $3.5 billion, or $1.82 a share, in the same period last year. Profits from Chevron’s refining division surged more than 300% to $4.9 billion, up from $1.1 billion.
Chevron’s oil and gas production rose about 70% to $5.7 billion, compared with $3.3 billion in the year-ago period.
Chevron’s U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, as the facilities ran at 98% capacity. The company said diesel and jet fuel yields rose more than 10%.
Mike Wirth, Chevron CEO, told investors: “We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply. In the United States, for third quarter 2026, upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, the company’s refineries achieved record crude throughput, and new production records were achieved for assets in the Eastern Mediterranean, and Australia.”
“We’re reinvesting to bring more energy to a supply-constrained market. In Venezuela, Chevron’s joint ventures plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long-duration production growth. Also, in the United States, the company signed agreements to reduce Bakken midstream costs by approximately 50 percent, strengthening the asset’s competitiveness. Building on our performance this quarter, we’re focused on delivering the reliable energy the world needs today, while positioning Chevron for the future.”
Profits from Chevron’s refining division surged more than 300% to $4.9 billion, up from $1.1 billion in the same period in 2025. Profits from Chevron’s oil and gas production rose about 70% to $5.7 billion, compared with $3.3 billion in the year-ago period.
Chevron’s strong quarter came as diesel prices rose sharply worldwide after Ukraine and Iran attacked refineries in Russia and the Middle East. U.S. refiners have increased production to help address the resulting supply shortfall.
Chevron shares rose 2% in premarket trading following the announcement.
By CEO NA Editorial Staff
