Chevron reported $9.9 billion third-quarter profit, up from $3.5 billion a year earlier

Chevron reported third-quarter 2026 earnings of $9.9 billion, or $5.06 a diluted share, compared with $3.5 billion, or $1.82 a share, a year earlier, according to its results release on Friday, 30 October. Adjusted earnings, which leave out special items and foreign currency effects, were $10.4 billion, or $5.28 a share. CNBC said analysts polled by LSEG had expected $4.89 a share on that basis.

Refining drove much of the increase. Chevron's downstream businesses earned $4.93 billion, against $1.14 billion a year earlier, which the company said was mainly due to higher margins on refined product sales. Its U.S. refineries processed a record 1.09 million barrels of crude a day, at nearly 98% utilisation. Upstream oil and gas earnings were $5.70 billion, up from $3.30 billion. Net production was 3.98 million barrels of oil equivalent a day, below 4.09 million a year earlier, which Chevron said was mainly due to lower entitlements from higher prices and the effects of the Middle East conflict.

Cash flow from operations was $16.0 billion and free cash flow was $12.0 billion, the release showed. Chevron said it cut total debt by a further $3.5 billion in the quarter. Its board declared a quarterly dividend of $1.78 a share, payable on 10 December to holders of record on 18 November. The company also said its joint ventures in Venezuela plan to invest $7 billion over the next five years.

"We're reinvesting to bring more energy to a supply-constrained market," chief executive Mike Wirth said in the release. That is the company's own description of its plans. Reuters reported that Chevron shares rose 2.8% on Friday.

This article summarises reported results. It is not investment advice and does not say whether Chevron shares should be bought, held or sold.