CVX · 10-Q · 2026Q3 · Full report

Oil and Gas Price Sensitivity

CHEVRON CORP · 2026-11-05 · Importance 58 · Surprise 56

Brent averaged $94 per barrel in the first nine months of 2026, compared with $71 a year earlier, and was about $96 on November 4; WTI averaged $84, compared with $67, and was about $88. Crude prices rose sharply in the third quarter following further escalation of Middle East conflict and prolonged disruptions to global crude and refined-product supplies. U.S. Henry Hub averaged $3.49 per MCF in both nine-month periods and was about $2.63 on November 4; strong domestic production, added pipeline capacity and higher inventories supported a well-supplied domestic market. Long-term LNG contract prices are typically linked to crude oil, and some Australian equity LNG offtake is sold in the Asian spot market.

Key facts

• For every $1 change in Brent crude prices, Chevron’s annual after-tax earnings and cash flow sensitivity is approximately $600 million. source
• Crude oil prices rose sharply in Q3 2026 after further Middle East conflict escalation and prolonged disruptions to global crude oil and refined-product supplies. source
• Chevron’s oil-and-gas earnings depend significantly on crude oil prices set in global markets outside its control; sustained lower commodity prices could lead to asset impairments or write-offs and adjustments to operating expenses, employee levels and capital expenditures. source
• Brent averaged $94 per barrel in the first nine months of 2026, versus $71 per barrel in the same 2025 period, and was about $96 per barrel on November 4, 2026. source
• WTI averaged $84 per barrel in the first nine months of 2026, versus $67 per barrel in the first nine months of 2025, and was about $88 per barrel on November 4, 2026. source
• Henry Hub averaged $3.49 per MCF in the first nine months of 2026, unchanged from the first nine months of 2025, and was about $2.63 per MCF on November 4, 2026. source