Chevron’s refining profits lift earnings and accelerate debt reduction

Chevron ($CVX) reported third-quarter 2026 net income of $9.92 billion, or $5.06 per diluted share, compared with $3.54 billion and $1.82 a year earlier. Adjusted earnings reached $10.36 billion, or $5.28 per share. Higher refining margins were a major contributor: downstream profit rose to $4.93 billion from $1.14 billion. U.S. refineries processed a record 1.09 million barrels of crude daily at nearly 98% utilization.

Operating cash flow totaled $16.0 billion, and net debt fell $7.8 billion during the quarter. Adjusted free cash flow of $14.2 billion also benefited from asset disposals and a $1 billion loan repayment by Tengizchevroil, so it is not solely operating cash generation. Production averaged 3.98 million barrels of oil equivalent per day, down from 4.09 million a year earlier despite the stronger financial results.

Sources:

• Issuer release or filing via StockTitan