CVX · 10-Q · 2026Q2 · Full report

Refining Margin Trends

CHEVRON CORP · 2026-08-06 · Importance 32 · Surprise 24

U.S. Downstream earnings increased $2.0 billion year over year in the second quarter, primarily from a $1.7 billion increase in refined-product margins and a $290 million increase in earnings from 50%-owned CPChem. International Downstream earnings increased $2.1 billion, driven by $1.7 billion of higher refined-product margins, a $230 million asset-sale gain and a $133 million favorable foreign-currency swing. U.S. refinery crude-unit inputs increased 2% to 1.070 million barrels per day while refined-product sales declined 4% to 1.320 million barrels per day because of lower gasoline demand. International refinery inputs declined 10% and refined-product sales declined 13% because of Middle East supply disruptions and lower gasoline and diesel demand.

Key facts

• International downstream refinery crude unit inputs were down 63,000 barrels per day, or 10 percent, compared to the year-ago period due to supply disruptions from the Middle East conflict. source
• International downstream earnings increased by $2.1 billion in the three-month period primarily due to higher margins on refined product sales of $1.7 billion, an asset sale gain of $230 million, and a favorable swing in foreign currency effects of $133 million. source
• Downstream earnings in second quarter 2026: $4.9 billion. source
• International downstream six-month earnings increased by $889 million primarily due to higher margins on refined product sales of $610 million and an asset sale gain of $230 million. source
• Downstream earnings for the first six months of 2026: $4.1 billion. source
• U.S. downstream refinery crude unit inputs were up 19,000 barrels per day, or 2 percent, compared to the year-ago period. source
• Downstream earnings in second quarter 2025: $737 million. source
• Downstream earnings for the first six months of 2025: $1.1 billion. source