A global energy company that finds, produces, and refines oil and natural gas, selling fuel under the Chevron, Texaco, and Caltex names and pumping out liquefied natural gas at sites like Australia's Gorgon. It traces back to the Pacific Coast Oil Company of 1879, which became Standard Oil of California, and took the name Chevron in 1984 after buying Gulf Oil. Fun fact: the chevron name and three-bar logo come from the sergeant's rank insignia on military sleeves.
Chevron reports Q2 2026 earnings of $12.1 billion, up from $2.5 billion a year ago.
Second quarter 2026 reported earnings were $12.1 billion ($6.11 per share diluted), compared to $2.5 billion ($1.45 per share) in Q2 2025.
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Adjusted earnings for Q2 2026 were $12.0 billion ($6.06 per share diluted), versus $3.1 billion ($1.77 per share) in the prior-year quarter.
Worldwide net oil-equivalent production rose 20% year-over-year to 4,070 MBOED, driven by legacy Hess assets and growth in the Permian Basin and Gulf of America.
U.S. refinery crude unit throughput hit a record 1.07 million barrels per day with utilization above 97%.
The company achieved $3 billion in annual run-rate structural cost reductions and $1.5 billion in Hess-related synergies, and signed a 20-year power agreement with Microsoft for 2.67 gigawatts in West Texas.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Chevron reports Q1 2026 earnings of $2.2 billion, down from $3.5 billion a year ago
Adjusted earnings were $2.8 billion ($1.41 per share diluted) in Q1 2026, compared to $3.8 billion ($2.18 per share) in Q1 2025.
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Worldwide production rose 15% and U.S. production rose 24% year-over-year, driven by the Hess acquisition and growth in the Gulf of America and Permian Basin.
The company returned $6.0 billion to shareholders in Q1 2026, including $2.5 billion in share repurchases and $3.5 billion in dividends.
Cash flow from operations was $2.5 billion in Q1 2026, down from $5.2 billion a year ago, due to higher working capital outflows.
The Board declared a quarterly dividend of $1.78 per share, payable June 10, 2026.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Chevron expects first quarter 2026 timing effects to adversely affect earnings and cash flow from operations excluding working capital by approximately $2.7 to $3.7 billion after-tax.
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Working capital is expected to result in a net outflow of approximately $2 to $4 billion in Q1 2026.
Upstream segment earnings are expected to benefit from higher commodity prices by $1.6 to $2.2 billion compared to Q4 2025.
First quarter 2026 net oil-equivalent production is expected to be approximately 3.8 to 3.9 million barrels per day.
Downstream earnings are expected to include a $350 to $400 million after-tax charge for a litigation reserve related to ceased operations.
2.02 Results of Operations and Financial Condition
Chevron amends bylaws to let non-employee directors elect chairman, effective March 25, 2026.
On March 25, 2026, Chevron's Board adopted amended and restated By-Laws, effective the same day.
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The amendments specify that non-employee directors (not independent directors) elect the Chairman and, when applicable, the Lead Director, and may elect a Vice Chairman.
The change follows the Hess acquisition, which added John Hess as a non-employee director who does not meet NYSE independence criteria due to certain acquisition-related transactions.
The Board amended governance documents to allow Mr. Hess to fully participate in Board service while maintaining NYSE compliance.
The amended By-Laws are filed as Exhibit 3.2 to the 8-K.
5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 9.01 Financial Statements and Exhibits
Chevron raises CEO Wirth's base salary to $1,975,000, effective March 1, 2026.
The board approved equity grant award values under the 2022 LTIP, including $23,000,000 for Mr. Wirth, with a grant date of February 1, 2026.
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On January 28, 2026, Chevron's independent directors approved a $75,000 increase to CEO Michael K. Wirth's annual base salary, bringing it to $1,975,000.
CFO Eimear P. Bonner's base salary increased by $50,000 to $1,100,000, effective March 1, 2026.
Vice Chairman Mark A. Nelson's base salary increased by $25,000 to $1,350,000, effective March 1, 2026.
Chief Legal Officer R. Hewitt Pate's base salary increased by $50,000 to $1,250,000, effective March 1, 2026.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements