CVX · 10-Q · 2026Q2 · Full report
Oil and Gas Price Sensitivity
CHEVRON CORP · 2026-08-06 · Importance 47 · Surprise 48 · In source text
Brent crude averaged $92 per barrel in the first six months of 2026 versus $72 per barrel in the first six months of 2025, while WTI averaged $83 versus $68. Chevron estimates that each $1-per-barrel change in Brent produces approximately $600 million of annual after-tax earnings and cash-flow sensitivity. U.S. liquids realizations increased to $61.52 per barrel for the first six months from $51.40, while international liquids realizations increased to $87.38 from $63.12. Henry Hub natural gas averaged $3.77 per MCF versus $3.71, but U.S. natural-gas realizations declined to $1.67 per MCF from $2.12.
Key facts
- For every dollar change in Brent crude oil prices, the company’s annual after-tax earnings and cash flow sensitivity is approximately $600 million. source
- Revenue from net production crude realization (U.S. Upstream) for three months ended June 30, 2026: $95.66 per BBL and for three months ended June 30, 2025: $61.49 per BBL. source
- International revenue from liftings crude realization for three months ended June 30, 2026: $99.38 per BBL and for three months ended June 30, 2025: $60.61 per BBL. source
- Brent price averaged $92 per barrel for the first six months of 2026, compared with $72 per barrel during the first six months of 2025, and ended July at about $97 per barrel. source
- WTI price averaged $83 per barrel for the first six months of 2026, compared to $68 per barrel in the first six months of 2025, and ended July at about $85 per barrel. source
- U.S. Henry Hub natural gas price averaged $3.77 per MCF for the first six months of 2026, compared with $3.71 per MCF during the first six months of 2025, and ended July at about $2.64 per MCF. source
- U.S. liquids realization for three months ended June 30: $70.80 per BBL (Q2 2026) and $47.77 per BBL (Q2 2025). source
- U.S. natural gas realization for three months ended June 30: $0.91 per MCF (Q2 2026) and $1.75 per MCF (Q2 2025). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | mixed | contingent | 0.0% | For every dollar change in Brent crude oil prices, the company’s annual after-tax earnings and cash flow sensitivity is approximately $600… |
| cash | mixed | contingent | 0.0% | For every dollar change in Brent crude oil prices, the company’s annual after-tax earnings and cash flow sensitivity is approximately $600… |