Chevron

Chevron is one of the largest integrated energy companies. Its upstream business produces crude oil and natural gas in the United States (the Permian Basin, the Gulf of America, the Bakken and the DJ Basin) and in other countries such as Kazakhstan (through its 50% share of Tengizchevroil), Australia, Guyana, Israel and Venezuela. Its downstream business refines crude oil into fuels and sells fuels, lubricants and chemicals, partly through the CPChem and GS Caltex joint ventures.

It bought Hess Corporation on July 18, 2025, which added a share of the Stabroek block in Guyana. In the first nine months of 2026, net production was 3.97 million barrels of oil equivalent per day, and U.S. production was above 2 million barrels per day. Earnings move strongly with oil prices: each $1 change in the Brent price changes annual after-tax earnings by about $600 million.

Chevron trades at a premium because investors pay for high cash flow in a period of high oil prices and for a strong balance sheet. Brent averaged $94 per barrel in the first nine months of 2026, against $71 a year earlier, because the conflict in the Middle East disrupted supplies. Chevron's adjusted earnings rose to $25.1 billion in that period, from $10.5 billion. Net debt fell to $20.7 billion, its bonds are rated AA- and Aa2, and it pays a dividend of $1.78 per quarter and buys back about $2.5 billion to $3.0 billion of shares each quarter.

Investors also pay for growth from Hess's share of Guyana, record U.S. refinery runs and Venezuela, where its joint ventures plan to invest $7 billion over five years. For the premium to be earned, earnings must stay high when oil prices fall back. Production growth, lower costs and better Bakken midstream terms must lift quarterly earnings at normal prices to more than the $3.0 billion of Q4 2025, when Brent averaged $64. The Hess Midstream restructuring must close by the end of 2026, and buybacks must continue near the guided pace.

The Q4 2026 report in late January 2027 and the 2027 capital budget are the next tests. The premium can shrink fast if the conflict eases and oil prices fall, or if refining margins return to normal.

1. Dec 2026 · est.Pending

   Hess Midstream restructuring closesA close by the end of 2026 with the planned cut of about 50% in Bakken midstream costs passes; a delay or worse terms fails.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 plansSteady production, buybacks near $2.5 billion to $3.0 billion a quarter and a 2027 capital budget that keeps free cash flow high at lower prices pass; lower buybacks or a large rise in costs fail.

Every passed and failed checkpoint across all picks

• October 30, 2026Chevron reported Q3 2026 results. Earnings were $9.9 billion, and adjusted earnings were $10.4 billion, or $5.28 per share, with Brent at an average of $97 per barrel. Cash flow from operations was $16.0 billion, and free cash flow was $12.0 billion. U.S. refineries had record crude throughput at 98% utilization. Total debt fell by $3.5 billion and net debt by $7.8 billion in the quarter. Chevron bought back $2.5 billion of shares and expects $2.5 billion to $3.0 billion in Q4 2026. Its Venezuela joint ventures plan to invest $7 billion over the next five years.
• October 6, 2026Chevron agreed to transfer its interests in Hess Midstream and its DJ Basin crude oil midstream assets to Hess Midstream, for $200 million in cash and new long-term Bakken contracts that cut its Bakken midstream costs by about 50%. Chevron expects an after-tax loss of about $3 billion to $4 billion on closing, which it will treat as a special item, and it will remove about $3.7 billion of Hess Midstream debt from its balance sheet. The deal is expected to close by the end of 2026.
• September 30, 2026Chevron's board named Jeff Gustavson, the head of New Energies, as Chief Financial Officer from January 1, 2027. The current CFO, Eimear Bonner, becomes President of Oil, Products & Gas.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · cvx-20260930
• 8-KEarnings releaseFiled October 30, 2026 · cvx-20261030
• 8-KInvestor disclosure and Other company newsFiled October 6, 2026 · cvx-20261006
• 8-KChange of directors or officersFiled October 5, 2026 · cvx-20260930
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · cvx-20260630
• 8-KEarnings releaseFiled July 31, 2026 · cvx-20260731
• 8-KShareholder vote resultsFiled May 29, 2026 · cvx-20260527
• 8-KChange of directors or officersFiled May 29, 2026 · cvx-20260527
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · cvx-20260331
• 8-KEarnings releaseFiled May 1, 2026 · cvx-20260501

Every filing on SEC EDGAR (CIK 93410)

• Earnings depend on oil prices. Each $1 change in Brent changes annual after-tax earnings by about $600 million. Brent averaged $94 in the first nine months of 2026 because of the conflict in the Middle East. If the conflict ends or supply grows, prices can fall quickly toward the $64 of Q4 2025.
• The conflict in the Middle East can also hurt operations. It caused production curtailments in the Partitioned Zone between Saudi Arabia and Kuwait and at CPChem plants in Saudi Arabia and Qatar, and it raised shipping and insurance costs.
• Chevron works in countries with political risk. Its Venezuela joint ventures depend on US government authorizations and sanctions. Tengiz exports go through the Caspian Pipeline Consortium, which drone attacks have hit.
• Legal claims can add costs. A Louisiana jury verdict under the coastal law SLCRMA is under appeal, and Chevron recorded legal reserves in Q1 and Q3 2026.

Chevron funds itself with bonds and commercial paper. At September 30, 2026, total debt and finance lease liabilities were $33.5 billion, down from $40.8 billion at December 31, 2025, and cash, cash equivalents and marketable securities were $12.8 billion, so net debt was $20.7 billion. Read more

Dividend yield

3.3% (last 12 months, at today’s price of $210.78)

Paid per share

$7.05 in the last 12 months (4 payments)

Current annual rate

$7.12 ($1.78 × 4 a year)

Payout ratio

103% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 19, 2026, $1.78 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 6.0% a year. Over the last 10 years, the dividend grew by about 5.1% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.