The Quarter in Brief
Chevron, the U.S. oil and gas company, reported its third quarter of 2026, the three months ended September 30, before the market opened on October 30. Total revenues and other income were $67.80 billion, up 36.3% from $49.73 billion a year earlier. Reported earnings per share were $5.06, against $1.82. Adjusted earnings per share, the company's measure that leaves out special items and foreign currency effects, were $5.28, against $1.85. The gap this quarter was a legal reserve, an impairment, pension costs and currency effects, together $437 million.
Both figures were ahead of expectations: analysts had expected about $4.78 of adjusted earnings a share and $60.5 billion of revenue, according to Zacks. What made the quarter different was the downstream business, Chevron's refineries and fuel sales. Brent crude averaged $97 a barrel against $69 a year earlier, and downstream earnings rose to $4.93 billion from $1.14 billion, and Chevron's U.S. refineries processed a record 1.09 million barrels of crude a day. Oil and gas production, by contrast, fell 2.6% to 3.98 million barrels of oil equivalent a day.