CVX · 10-Q · 2026Q3 · Full report

Segment Profitability

CHEVRON CORP · 2026-11-05 · Importance 63 · Surprise 64

Third-quarter 2026 Upstream earnings rose to $5.7 billion from $3.3 billion, while Downstream earnings increased to $4.9 billion from $1.1 billion. For the first nine months, Upstream earnings were $17.8 billion versus $9.8 billion, and Downstream earnings were $9.0 billion versus $2.2 billion. Higher realizations drove much of the Upstream increase, while higher refined-product margins drove the Downstream gains.

Key facts

• Chevron upstream earnings were $17.8 billion for the first nine months of 2026, versus $9.8 billion a year earlier, mainly due to higher realizations and sales volumes, partially offset by higher depreciation, depletion and amortization expense and unfavorable timing effects. source
• Chevron upstream earnings were $5.7 billion in Q3 2026, versus $3.3 billion in Q3 2025, mainly due to higher realizations, partly offset by unfavorable timing effects. source
• Chevron downstream earnings were $9.0 billion for the first nine months of 2026, versus $2.2 billion a year earlier, mainly due to higher refined-product sales margins despite unfavorable timing effects. source
• Chevron downstream earnings were $4.9 billion in Q3 2026, versus $1.1 billion in Q3 2025, mainly due to higher margins on refined product sales. source
• U.S. upstream earnings increased $4.4 billion in the first nine months of 2026, mainly from $3.5 billion of higher liquids realizations and $2.2 billion of increased sales volumes, partly offset by $1.2 billion of higher DD&A. source
• International upstream earnings increased $3.6 billion in the first nine months of 2026, mainly due to $4.2 billion of higher realizations and $3.3 billion of increased sales volumes, partly offset by $1.7 billion of unfavorable timing effects, $1.6 billion of higher DD&A and $720 million of unfavorable taxes. source
• U.S. downstream earnings increased $5.0 billion in the first nine months of 2026, from $5.0 billion higher refined-product sales margins and $390 million higher earnings from 50 percent-owned CPChem, partly offset by $190 million higher litigation reserves. source
• International downstream earnings increased $1.7 billion in the first nine months of 2026, primarily due to $2.3 billion higher refined-product margins and $260 million of asset-sale gains, partly offset by $1.0 billion of unfavorable timing effects. source