What were Chevron's adjusted earnings and earnings per share for the second quarter, and how did they compare to analyst estimates?

Chevron reported adjusted earnings of $12 billion, or $6.06 per share, for the second quarter—surpassing the average analyst estimate of $5.56 per share compiled by LSEG.

What factors drove Chevron's record upstream and downstream earnings in the second quarter?

Upstream earnings surged to $8.2 billion, up 200% year-over-year, fueled by 23% higher Brent crude prices amid Middle East conflict and constrained shipping through the Strait of Hormuz; downstream earnings hit $4.9 billion—the highest since the beginning of the decade—driven by record U.S. refinery throughput, low global fuel stockpiles, and elevated refining margins due to Middle East conflict.

Chevron Records Highest Quarterly Profit in Six Years, Beating Analyst Estimates

Jul 31, 2026

Chevron reported a record $12 billion quarterly profit, beating estimates amid rising oil prices driven by Middle East tensions. The firm maintained dividends and buybacks while achieving early synergies from its Hess acquisition.

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Chevron Records Highest Quarterly Profit in Six Years, Beating Analyst Estimates

Chevron Records Highest Quarterly Profit in Six Years, Beating Analyst Estimates

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