CVX · 10-Q · 2026Q2 · Full report

Timing Effects

CHEVRON CORP · 2026-08-06 · Importance 36 · Surprise 42

First-quarter 2026 earnings were reduced by $2.9 billion from timing effects related to higher commodity prices in March 2026. Second-quarter 2026 results included $1.5 billion of favorable timing effects as commodity prices declined in June 2026. International Upstream earnings included a $570 million favorable timing effect in the second quarter but a $650 million unfavorable timing effect for the first six months. International Downstream margins also benefited from favorable timing effects in the second quarter.

Key facts

• Timing effects in first quarter 2026: earnings were adversely affected by $2.9 billion due to timing effects related to higher commodity prices in March 2026. source
• Timing effects in second quarter 2026: results included $1.5 billion of favorable timing effects as commodity prices declined in June 2026. source
• At June 30, 2026 the book value of inventory was lower than replacement cost. source