Chevron reported a net income of $12.1bn for the second quarter of 2026, marking a significant increase from the $2.5bn recorded in the same period of 2025. The company’s total revenue for the quarter reached $70.1bn, representing a 56% rise from the $44.8bn generated in the previous year.
Adjusted earnings for the quarter stood at $12bn, a 287% increase compared to the $3.1bn reported in the second quarter of 2025. Chevron attributed these results to stronger operational performance, higher commodity prices, improved refined product margins, increased sales volumes, and $1.4bn in favourable timing impacts.
Operating expenses rose to $8.9bn in the second quarter of 2026, up 16% from $7.6bn in the same period of the previous year. Despite the increase in costs, the company achieved its structural cost reduction target six months early by capturing $3bn in annual run-rate savings during the quarter.
Our strong second quarter performance is a result of disciplined investment and strong execution
Production volumes increased by 20%, adding an additional 382,000 barrels per day compared to the previous year. This growth was largely driven by assets acquired through the Hess Corporation deal, as well as expansion in the Permian Basin and the Gulf of Mexico. Within one year of closing the acquisition, Chevron delivered $1.5bn in annual run-rate synergies.
The company reduced its total debt by $8.4bn during the second quarter of 2026. In other developments, Chevron’s Australian subsidiary signed a new long-term sale and purchase agreement with Alinta Energy for natural gas supply from its Western Australian gas portfolio. Chief Financial Officer Eimear Bonner discussed the company’s earnings and strategy regarding geopolitical risks on Bloomberg’s 'Bloomberg The Close'.
