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. Upstream should gain $1.6 to $2.2 billion from higher commodity prices versus Q4 2025, but production is guided lower at 3.8 to 3.9 MMBOED on Tengizchevroil downtime and reduced output in Israel and the Partitioned Zone. A $350-400 million after-tax legal charge is treated as a special item in Downstream.

• Timing effects (after-tax): $(2.7)-(3.7) billion, mostly Downstream
• Working capital: net outflow of $(2.0)-(4.0) billion
• Upstream commodity price benefit vs Q4 2025: $1.6-2.2 billion (after-tax)
• Upstream production guided to 3.8-3.9 MMBOED on Tengiz downtime and Israel/Partitioned Zone cuts
• Legal matter charge: $(350)-(400) million after-tax, Downstream special item