CVX · 10-Q · 2026Q3 · Full report

Operating Margin Drivers

CHEVRON CORP · 2026-11-05 · Importance 32 · Surprise 24

U.S. Downstream third-quarter earnings increased $2.9 billion, primarily because margins on refined-product sales rose $2.9 billion. International Downstream earnings increased $847 million, as $1.1 billion of higher refined-product margins was partly offset by $370 million of unfavorable timing effects. In the first nine months, U.S. and International Downstream earnings increased $5.0 billion and $1.7 billion, respectively, primarily on higher refined-product margins.