Key takeaways
- Chevron exceeded Q3 2026 earnings and revenue estimates.
- Strong refining margins compensated for weaker oil and gas production results.
- Chevron shares saw a premarket rise of 1.25% following the earnings report.
Chevron (NYSE: CVX) reported third-quarter earnings before the market opened on October 30, 2026. Chevron produces oil and gas and refines crude oil into fuels. It competes with ExxonMobil (NYSE: XOM) across these businesses.
Chevron’s adjusted earnings were $5.28 per diluted share, above the $4.87 estimate. Revenue was $67.8 billion, exceeding the $61.8 billion estimate. Adjusted earnings exclude certain costs to give investors another way to assess the quarter’s performance.
Chevron reported $9.9 billion in earnings, or $5.06 per diluted share, before adjustments. Adjusted earnings were $10.4 billion. The difference reflects items including a $160 million legal reserve, a $110 million impairment and $24 million in pension settlement costs.
Disruptions to global fuel supplies increased refining margins—the difference between the cost of crude oil and the value of the fuels made from it. Higher refining earnings offset weaker results from Chevron’s oil and gas production business. ExxonMobil also beat profit expectations amid the refining surge, as highlighted by Reuters.
Chevron shares rose 1.25% in premarket trading, as highlighted by Invezz. Its trailing price-to-earnings ratio was 26.8, meaning its share price was 26.8 times its earnings over the past 12 months.
