Chevron (CVX) reported Q1 2026 net income of $2.2 billion via SEC 8-K filing. Adjusted earnings per share (EPS) of $1.41 exceeded market expectations.
Earnings at a Glance
Chevron's Q1 net income declined 37% from the prior-year period ($3.5 billion). Non-cash accounting losses of approximately $2.9 billion and legal provisions of $360 million weighed on reported earnings. Adjusted net income excluding one-time items totaled $2.8 billion. Worldwide production volumes increased 15% year-over-year.
- Net Income: $2.2 billion, down 37% YoY
- Diluted EPS: $1.11, vs. $2.00 prior year
- Adjusted EPS (excluding one-time items): $1.41, above consensus
- Adjusted Net Income: $2.8 billion, down from $3.8 billion prior year
- Free Cash Flow (FCF): -$1.5 billion (reported)
- Adjusted Free Cash Flow: $4.1 billion
- Shareholder Returns (buybacks + dividends): $6.0 billion, 16th consecutive quarter above $5.0 billion
- Quarterly Dividend: $1.78 per share (payable June 10)
- Worldwide Oil & Gas Production: 3.858 million barrels per day equivalent, up 15% YoY
- U.S. Production: 2.024 million barrels per day equivalent, up 24% YoY
- Capital Expenditures: $4.1 billion
Market Response
Chevron's stock advanced following the earnings release. Bloomberg reported the company's results significantly exceeded market forecasts. Barron's attributed strength partly to elevated oil prices driven by Iran-related geopolitical tensions. CNN and PBS highlighted that net income decline stemmed from non-cash accounting losses rather than operational deterioration. CEO Mike Wirth stated: "We delivered solid performance amid heightened geopolitical volatility," citing Hess integration, Gulf of Mexico expansion, and Permian production growth as key performance drivers.
Segment Performance
- U.S. Upstream (E&P): $2.112 billion profit, up 14% YoY. Hess acquisition drove higher sales volume.
- International Upstream (E&P): $1.997 billion profit, up 1% YoY. Middle East production declines and Kazakhstan JV (TCO) maintenance partially offset gains.
- U.S. Downstream (Refining & Marketing): $588 million loss vs. prior-year profit of $259 million. Non-cash accounting losses impacted results.
- International Downstream (Refining & Marketing): $229 million loss vs. prior-year profit of $66 million.
- Combined Upstream Profit: $3.909 billion, up 4% YoY
This article is auto-generated from SEC 8-K filings and third-party press reports for timely dissemination of key data. Investors should consult official company filings before making investment decisions.
