Chevron Stock Earnings Reports

Chevron delivered a solid Q1 2026 driven by disciplined execution, strong upstream cash margins, and downstream integration benefits. Reported GAAP earnings were $2.2B ($1.11/sh) and adjusted earnings $2.8B ($1.41/sh). Organic CapEx was $3.9B; full-year capital guidance remains intact ($18–19B). Cash flow from operations (ex working capital) was $7.1B; adjusted free cash flow was $4.1B. Unfavorable timing effects (~$3B) from a steep March commodity price rise weighed on results, with ~ $1B expected to unwind in Q2. Production rose ~500 kbpd YoY, helped by legacy Hess integration; U.S. production >2 MMboe/d and TCO and Wheatstone LNG running at full rates. Chevron is capturing integration value by routing more equity crude into refineries (expected global equity crude throughput to double YoY to ~40% in Q2 and Asia utilization >80%), supporting margins amid tight markets. Venezuela activity was highlighted: an asset swap increases Orinoco position but Venezuela cash flow remains modest (1–2% of cash flow) while receivables are being recovered (expect materially lower balance by end-2026, likely cleared in 2027). Company reaffirmed 2026 guidance, on-track for $3–4B structural cost reduction by year-end, and reiterated 2030 targets (>$70 Brent mid-cycle planning assumption). Capital allocation priorities remain unchanged: grow dividend, invest efficiently, maintain strong balance sheet, and buybacks in the $2.5–3.0B per quarter range. Key optionality: power project talks with Microsoft progressing toward potential FID later this year, and LNG portfolio largely long-term contracted (≈80% oil-linked, 20% spot) with growing U.S. export capability to 20 Mtpa by 2030.