Chevron Corporation Q1 2026 Earnings Release

Chevron Corporation reported first quarter 2026 earnings of $2.2 billion, or $1.11 per share, a decrease from $3.5 billion, or $2.00 per share, in the first quarter of 2025. The decrease was primarily due to unfavorable timing effects of approximately $2.9 billion, including mismatches in earnings recognition related to financial derivatives and LIFO inventory accounting. Adjusted earnings were $2.8 billion, or $1.41 per share, compared to $3.8 billion, or $2.18 per share, in the prior year quarter. Despite geopolitical volatility, Chevron reported solid performance with increased worldwide and U.S. production, partly due to the acquisition of Hess Corporation and growth in the Gulf of America and Permian Basin. The company returned $6.0 billion to shareholders through dividends and share repurchases. Capital expenditures were $4.1 billion, and free cash flow was negative $1.5 billion, while adjusted free cash flow was $4.1 billion.