Chevron Posts $12.1B Q2 Net Income, Up 385% Year-Over-Year

Chevron reported second-quarter 2026 net income of $12.1 billion, according to an SEC 8-K filing. That marks a 385% surge from $2.49 billion in the same period last year.

📊 Price at time of writing (August 1, 2026, 01:03 KST)
$194.61 ▲ +1.20%

Quarterly Results at a Glance

Chevron's results this quarter reflect a combination of rising international oil prices and increased U.S. production. Average Brent crude prices reached $104 per barrel, up 53% from $68 a year earlier. Combined with assets gained through the Hess acquisition and increased output in the Permian Basin, total oil and gas production rose 20% year-over-year. U.S. refineries ran at more than 97% utilization, processing 1.07 million barrels per day — an all-time high. Total debt fell by $8.4 billion during the period, the largest quarterly decline on record.

• Net income: $12.1 billion, up 385% from $2.49 billion a year earlier
• Earnings per share (EPS): $6.11, up 321% from $1.45 a year earlier
• Adjusted net income (excluding one-time items such as asset sale gains): $12.0 billion
• Cash flow from operations: $22.6 billion, up 163% from $8.6 billion a year earlier
• Quarterly dividend: $1.78 per share, payable September 10

Outlook for Next Quarter

Chevron said it achieved its annual structural cost-reduction target of $3 billion six months ahead of schedule. The program aims to cut $3 billion to $4 billion by the end of 2026. The company also said it reached $1.5 billion in annual synergies from last year's acquisition of Hess Corporation within just one year of closing the deal — 50% above its original target. CEO Mike Wirth said, "We remain focused on cost discipline and long-term value creation." The company did not provide specific revenue or earnings guidance for the third quarter.

Market Reaction

International media largely attributed the results to the surge in global oil prices. Bloomberg reported that rising crude prices tied to geopolitical tensions around Iran boosted the results, while the Financial Times noted that both Chevron and ExxonMobil posted sharp earnings jumps. Fortune pointed out that while the company's profits climbed sharply, U.S. consumers are paying close to $4 a gallon at the pump. Barron's said Brent crude's 20% rise over the course of July was a positive for Chevron's stock. Investor's Business Daily, however, noted that while both ExxonMobil and Chevron posted strong results, their stock performance diverged. As of 1 a.m. KST on August 1, Chevron shares traded at $194.61, up 1.20% from the previous close.

By Business Segment

• Upstream (oil and gas exploration and production) earnings: $8.18 billion, up 200% from $2.73 billion a year earlier
• Downstream (refining and marketing) earnings: $4.87 billion, up 560% from $737 million a year earlier
• U.S. upstream earnings: $3.54 billion, up 150% from $1.42 billion a year earlier

This article was generated based on the original SEC 8-K filing and international media reports, with the goal of delivering key data promptly after the announcement. Readers are advised to review the company's official filing before making trading decisions. Prices reflect the time of writing and may differ from current levels.