CVX · 8-K · 20260731PR000162

Operating Expense Trends

CHEVRON CORP · 2026-07-31 · Importance 79 · Surprise 58

Operating expenses increased 16% year over year to $8.861 billion in second-quarter 2026 from $7.646 billion, including operating expense, selling, general and administrative expense, and other net periodic benefit costs. Chevron stated that it achieved $3.0 billion of annual run-rate structural cost reductions since 2024. The company reached its structural cost-reduction target six months early as part of a program targeting $3 billion to $4 billion of reductions by the end of 2026. All Other net charges were $978 million, broadly flat year over year, as higher employee-benefit costs and interest expense offset the absence of a prior-year unfavorable Hess-share fair-value adjustment.

Key facts

• Total costs and other deductions for the three months ended June 30, 2026 were $53,371 million. source
• Operating expenses for the three months ended June 30, 2026 were $8,861 million. source
• Depreciation, depletion and amortization for the three months ended June 30, 2026 were $6,082 million. source
• All Other net charges for 2Q 2026 were $(978) million. source