CVX · 10-Q · 2026Q3 · Full report

Timing Effects

CHEVRON CORP · 2026-11-05 · Importance 26 · Surprise 24

Commodity-price volatility produced unfavorable timing effects of $2.9 billion in first-quarter 2026, favorable effects of $1.5 billion in second-quarter 2026 and unfavorable effects of $1.6 billion in third-quarter 2026. The third-quarter international upstream comparison included $1.1 billion of unfavorable timing effects, while international downstream included $370 million. Nine-month unfavorable timing effects totaled $1.7 billion in International Upstream and $1.0 billion in International Downstream.

Key facts