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Chevron Q3 2026 Earnings More Than Double, Beat Estimates

By Drooid · Oct 31, 2026 · How we work

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Summary

Chevron reported third-quarter 2026 earnings that more than doubled year over year.
Adjusted earnings per share were $5.28, surpassing the $4.78 Zacks consensus estimate.
Revenue rose 36% YoY to $67.8 billion, exceeding the $60.5 billion consensus forecast.
U.S. refineries achieved record crude throughput of 1.09 million barrels per day at nearly 98% capacity.
Downstream earnings rose to $4.9 billion, driven by higher refining margins and record utilization.

Summary

ExxonMobil assumed operatorship of Papua LNG and increased its working interest to 34%.
ExxonMobil raised its stake in Mozambique’s Rovuma LNG project to 50% while remaining operator.
ExxonMobil launched a carbon capture project for steelmaker Nucor and secured approval for the Rose storage project.
ExxonMobil achieved $16.9 billion in structural cost savings since 2019 through investments and efficiency improvements.

History

The 1973 OAPEC oil embargo cut output and drove world prices from $3 to $12 per barrel, prompting U.S. rationing and a 13 % rise in refinery capacity—about 2 million barrels per day by 1975. That expansion underlies Chevron’s 2026 Q3 earnings surge and 1.09 million-bpd throughput, while ExxonMobil’s $16.9 billion savings echo the era’s push for energy security.

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The 1973 OAPEC oil embargo cut output and drove world prices from $3 to $12 per barrel, prompting U.S. rationing and a 13 % rise in refinery capacity—about 2 million barrels per day by 1975. That expansion underlies Chevron’s 2026 Q3 earnings surge and 1.09 million-bpd throughput, while ExxonMobil’s $16.9 billion savings echo the era’s push for energy security.

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