Refining and marketing (Downstream)
US refineries ran a record crude throughput in Q2 2026 (97% crude unit utilization) while international runs fell on Middle East supply disruptions.
The numbers
What it is
Chevron's refining, fuels marketing, lubricants and petrochemicals business. Downstream earned $4.87 billion in Q2 2026. It is the segment that turns crude into sellable product, so its results move with refining margins and utilization rather than with the crude price alone.
Why it matters to the stock. Refinery runs set how much cash the crude barrel earns. The Q2 2026 US runs were a company record, while international runs fell on Middle East disruptions.
News
Chevron Q2 2026 profit of $12.1B and $6.06 adjusted EPS; output up 20%
Chevron reported second-quarter 2026 net income of $12.07 billion, or $6.11 per diluted share, with adjusted earnings of $6.06 a share.
Chevron Q1 2026 adjusted EPS $1.41 after $360 million legal loss; output up 15%
Chevron reported first-quarter 2026 earnings of $2.21 billion, or $1.11 per diluted share, and adjusted earnings of $2.8 billion, or $1.41 per diluted share.
Chevron flags $2.7-3.7 billion negative Q1 timing effects and Tengiz downtime
Chevron's first-quarter 2026 outlook shows after-tax timing effects of $(2.7) to $(3.7) billion, mostly in Downstream, as crude prices rose quickly.
Chevron raises quarterly dividend 4% to $1.78 per share
Chevron's board declared a quarterly dividend of $1.78 per share, a 4% increase, announced with the fourth-quarter 2025 results.