Chevron U.S. Refineries Hit Record Crude Throughput

The Tip Desk · October 30, 2026 · 4 min read

U.S. refinery crude unit inputs reached a record 1.09 million barrels a day as third-quarter earnings were $9.9 billion, or $5.06 a share.

Chevron Corporation (CVX) reported earnings of $9.9 billion, or $5.06 a share, for the third quarter of 2026, down from $12.1 billion, or $6.11 a share, in the second quarter. Adjusted earnings were $10.4 billion, or $5.28 a share.

The integrated energy company said reported earnings rose from $3.5 billion a year earlier primarily because of higher margins on refined product sales and higher crude oil realizations, partly offset by unfavorable timing effects in a rising price environment. The quarter included a $160 million legal reserve, a $110 million impairment, and $24 million of pension settlement costs. Foreign currency effects decreased earnings by $143 million.

Sales and other operating revenues were $65.2 billion. Average Brent spot was $97 a barrel. Return on capital employed was 17.7%.

Net oil-equivalent production was 3,980 thousand barrels of oil equivalent per day, below 4,070 thousand in the prior quarter and 4,086 thousand a year earlier. The company said the year-over-year decline reflected lower entitlements from higher prices and impacts from the Middle East conflict, partly offset by record production at operated assets in Australia, higher production in the Gulf of America, and one month of Venezuela production after a switch to equity accounting.

U.S. upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, at 2,043 thousand barrels. U.S. upstream earnings were $3.29 billion, versus $1.28 billion a year earlier. The company attributed the year-over-year increase to higher liquids realizations and lower operating expenses, including the absence of prior-year severance and transaction costs related to the Hess Corporation acquisition. Liquids realization was $62.72 a barrel. Net oil-equivalent production in the U.S. unit was up 3,000 barrels a day from the year-ago period, which the company said was primarily due to higher production in the Gulf of America after project ramp-ups at Ballymore, Whale and Anchor, partly offset by lower Bakken production.

International upstream earnings were $2.41 billion. The company said the year-over-year increase came from higher realizations and higher liftings in Venezuela, partly offset by unfavorable timing effects, taxes, foreign currency, the legal reserve, and the impairment. International production was 1,937 thousand barrels of oil equivalent per day. Liquids realization was $86.09 a barrel.

U.S. downstream earnings were $3.59 billion, versus $638 million a year earlier. The company said the increase was primarily due to higher margins on refined product sales. Refinery crude unit inputs were a record 1.09 million barrels a day, with utilization near 98 percent. Refined product sales were relatively flat from the year-ago period. International downstream earnings were $1.35 billion. Refined product sales there fell 9 percent from the year-ago period, which the company attributed to supply disruptions from the Middle East conflict. All Other net charges were $705 million.

Cash flow from operations was $16.0 billion. Free cash flow was $12.0 billion; adjusted free cash flow was $14.2 billion, which the company said benefited from a $1 billion loan repayment from Tengizchevroil LLP and proceeds from asset sales. Capital expenditures were $4.0 billion, which the company said was lower than last year largely due to lower spend in the Permian Basin. Total debt was reduced by an additional $3.5 billion and net debt was down $7.8 billion in the quarter. Debt-to-CFFO was 0.6 times and net debt-to-CFFO 0.4 times.

Chairman and chief executive Mike Wirth said the company delivered strong operational performance and continued to invest to grow energy supply. 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 and the potential to more than double production. The company also signed agreements to reduce Bakken midstream costs by approximately 50 percent.

The board declared a quarterly dividend of $1.78 a share, payable December 10, 2026.