CVX · 10-Q · 2026Q3 · Full report

Upstream Production Volume

CHEVRON CORP · 2026-11-05 · Importance 68 · Surprise 58

Worldwide net oil-equivalent production averaged 3.97 million barrels per day in the first nine months of 2026, up 10% year over year, driven by the Hess acquisition and growth in the Gulf of America and Permian Basin, partly offset by lower TCO production. U.S. production increased 14% to 2.048 million barrels per day, mainly from Hess and Gulf of America project start-ups. International production rose 5% to 1.922 million barrels per day, with Hess contributing to growth, partly offset by lower TCO production and Middle East curtailments. Australia’s operated assets achieved record production, while third-quarter international production declined 5% year over year, partly due to lower entitlements and Middle East conflict impacts.

Key facts

• Chevron’s worldwide net oil-equivalent production averaged 3.97 million barrels per day in the first nine months of 2026, up 10 percent year over year, due to the Hess acquisition and Gulf of America and Permian Basin growth, partly offset by lower TCO production. source
• U.S. net oil-equivalent production increased 256,000 barrels per day, or 14 percent, in the first nine months of 2026, primarily due to Hess acquisition and Gulf of America project start-ups. source
• About 17 percent of Chevron’s net oil-equivalent production in the first nine months of 2026 occurred in OPEC+ member countries listed in the filing. source
• An adverse event affecting Caspian Pipeline Consortium operations could negatively affect Chevron’s future results and financial position; the financial impacts remain uncertain. source
• U.S. net oil-equivalent production increased 3,000 barrels per day year over year in Q3 2026, primarily from Gulf of America project ramp-ups at Ballymore, Whale and Anchor, partly offset by lower Bakken production. source
• International net oil-equivalent production fell 109,000 barrels per day, or 5 percent, in Q3 2026, primarily due to lower entitlements from higher prices and Middle East conflict impacts, partly offset by record operated-asset production in Australia and one month of Venezuela production after equity accounting began. source
• International net oil-equivalent production increased 100,000 barrels per day, or 5 percent, for the first nine months of 2026, primarily due to Hess acquisition, partly offset by lower TCO production and Middle East conflict curtailments in the Partitioned Zone. source