Upstream oil and gas production
Production hit a record 4.07 million boe/d in Q2 2026, up about 20% year on year, after the Hess acquisition.
The numbers
What it is
Chevron's core earnings engine: crude oil, NGLs and natural gas produced in the US (Permian, Gulf of America and legacy Hess assets) and internationally (Tengiz in Kazakhstan, Australia, Israel, Thailand and others). Upstream earned $8.18 billion in Q2 2026, the bulk of company profit.
Why it matters to the stock. Upstream volume growth and unit costs drive free cash flow, which funded $6.6 billion of dividends and buybacks in Q2 2026 alone.
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.
Chevron and partners approve $2.36 billion Leviathan gas expansion in Israel
Chevron and its Leviathan partners took a final investment decision on a gas production expansion at the Israeli field, announced on Friday 16 January 2026.