Chevron’s downstream earnings climbed more than 300% in the third quarter of 2026 as U.S. plants ran near full capacity, helping drive company income higher while oil and gas output slipped.
Chevron reported downstream earnings of $4.9 billion, up from $1.1 billion in the third quarter of 2025. U.S. refinery utilization reached 98%, and throughput at its facilities topped 1 million barrels of crude a day, setting a record. The company said yields for diesel and jet fuel each rose by more than 10%.
CNBC linked a worldwide rise in diesel prices to refinery attacks by Ukraine and Iran in Russia and the Middle East. The outlet reported that U.S. refiners increased production as supplies tightened.
Chevron reported net income of $9.9 billion, up from $3.5 billion in the year-ago quarter. Net income per share rose to $5.06 from $1.82, the company said. Earnings adjusted for one-time items were $5.28 per share, above the $4.89 estimate from analysts polled by LSEG. Revenue reached $67.8 billion, exceeding those analysts’ $61.6 billion consensus.
Chevron also reported that earnings from oil and gas production rose to $5.7 billion from $3.3 billion. Output, however, fell to 3.98 million barrels of oil equivalent per day from 4.09 million a year earlier. CNBC reported the decline came from international operations, partly because of the Middle East conflict, while U.S. output was largely flat year over year. Chevron shares were up about 2% in premarket trading, CNBC reported.
The results follow EconoTimes’ earlier coverage of wider U.S. refining margins ahead of earnings. That article identified the next scheduled industry indicator as the U.S. Energy Information Administration’s Short-Term Energy Outlook, due Nov. 10.
