CVX · 10-Q · 2026Q3 · Full report

Operating Expense Trends

CHEVRON CORP · 2026-11-05 · Importance 45 · Surprise 14 · In source text

Operating, selling, general and administrative expenses were $9.477 billion in third quarter 2026, up from $9.058 billion a year earlier, primarily due to higher transportation costs partly offset by lower employee expenses. Nine-month expenses increased to $26.984 billion from $24.250 billion, reflecting higher transportation costs and Hess acquisition costs, partly offset by lower employee expenses. U.S. upstream operating expenses declined year over year, contributing $590 million to the third-quarter earnings increase, including the absence of $245 million in prior-year Hess-related severance and transaction costs.

Key facts

• Chevron purchased crude oil and products increased $9.1 billion in Q3 and $18.5 billion in the first nine months of 2026, primarily reflecting higher crude oil and refined-product prices. source
• U.S. upstream earnings increased $2.0 billion in Q3 2026, primarily due to $1.5 billion of higher liquids realizations and $590 million of lower operating expenses, including the absence of $245 million of prior-year Hess acquisition severance and transaction costs. source
• Chevron says U.S. cost pressures for services and select equipment remain elevated due to cross-industry demand and supplier capital discipline. source
• Chevron’s All Other net charges increased $108 million in the first nine months of 2026, primarily due to higher employee benefit and interest costs, partly offset by favorable tax items. source
• Chevron operating, selling, general and administrative expenses increased for the first nine months of 2026 primarily due to higher transportation costs and Hess acquisition costs, partly offset by lower employee expenses. source
• Chevron operating, selling, general and administrative expenses increased in Q3 2026 primarily due to higher transportation costs, partly offset by lower employee expenses. source
• Chevron taxes other than income decreased in Q3 and the first nine months of 2026 primarily due to lower downstream excise taxes. source

Impact estimates