CVX · 10-Q · 2026Q3 · Full report

Refining Margin Trends

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

Chevron’s downstream earnings benefited from elevated refining margins in the third quarter of 2026, reflecting disruptions to global refined-product supplies associated with geopolitical events. The company says the duration of the disruptions and their effect on future industry margins remain uncertain, and current margin levels may not indicate future results. Its principal marketing areas are the U.S. West Coast and Gulf Coast and Asia Pacific, where it operates or has significant ownership interests in refineries.

Key facts

• U.S. downstream earnings increased $2.9 billion in Q3 2026, primarily due to $2.9 billion of higher refined-product sales margins. source
• Chevron’s downstream earnings benefited from elevated Q3 2026 refining margins resulting from disruptions to global refined-product supplies; the duration and future margin impact are uncertain and current margins may not indicate future results. source