Chevron’s third-quarter earnings surpassed analyst estimates on Friday as refining margins soared amid the US-Israeli war on Iran and the Russia-Ukraine conflict.
Adjusted earnings were $10.4 billion, or $5.28 per share, a 185% increase from the prior-year quarter. The per-share figure also topped the consensus Wall Street estimate of $4.89 per share according to LSEG data.
Here are more details from Chevron’s third quarter:
* Upstream earnings were $5.7 billion, down 30% from the previous three months due in part to lower oil prices.
* Downstream earnings totaled $4.9 billion, slightly higher than the second quarter
* Chevron refineries achieved record US crude throughput of over 1 million barrels per day during the quarter and diesel and jet fuel yields rose by more than 10%
* The quarter included one month of Venezuela production after Chevron switched to equity accounting for its operations there, following improved fiscal terms
* Output from Venezuela is free cash flow positive and has total costs of less than $20 per barrel, the company said
* Chevron produced 3.98 million barrels of oil equivalent per day, down 2% from the previous quarter
* Adjusted free cash flow was $14.2 billion, twice the level of the same period last year
* The company paid $3.5 billion in dividends and repurchased $2.5 billion worth of shares during the third quarter
* Net debt at the end of the third quarter was $20.7 billion, down from $34.5 billion at the end of 2025
(Reporting by Sheila Dang in Houston; Editing by Nathan Crooks and Christian Schmollinger)