CVX

EX-99.1

2 a09302026ex9918-k.htm

EX-99.1

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news release

FOR RELEASE AT 5:15 AM CTEXHIBIT 99.1

OCTOBER 30, 2026

Chevron Reports Third Quarter 2026 Results

•Reported earnings of $9.9 billion; return on capital employed of 18 percent

•U.S. production up 27 percent from two years ago

•Record crude throughput at U.S. refineries; crude utilization at 98 percent

•Expanded acreage in Venezuela and enhancing Bakken competitiveness

HOUSTON, October 30, 2026 – Chevron Corporation (NYSE: CVX) reported earnings of $9.9 billion ($5.06 per share - diluted) for third quarter 2026. Included in the quarter were a legal reserve of $160 million, an impairment of $110 million, and pension settlement costs of $24 million. Foreign currency effects decreased earnings by $143 million. Adjusted earnings were $10.4 billion ($5.28 per share - diluted) for third quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.

Earnings & Cash Flow Summary

Unit3Q 20262Q 20263Q 2025YTD 2026YTD 2025

Total Earnings / (Loss)$ MM$9,924 $12,072 $3,539 $24,206 $9,529

Upstream$ MM$5,698 $8,182 $3,302 $17,789 $9,787

Downstream$ MM$4,931 $4,868 $1,137 $8,982 $2,199

All Other$ MM$(705)$(978)$(900)$(2,565)$(2,457)

Earnings Per Share - Diluted$/Share$5.06 $6.11 $1.82 $12.26 $5.27

Adjusted Earnings (1)

$ MM$10,361 $11,977 $3,627 $25,131 $10,493

Adjusted Earnings Per Share - Diluted (1)

$/Share$5.28 $6.06 $1.85 $12.73 $5.80

Timing Effects (1)

$ MM$(1,580)$1,540 $110 $(2,980)$200

Cash Flow From Operations (CFFO)$ B$16.0 $22.6 $9.4 $41.2 $23.2

CFFO Excluding Working Capital (1)

$ B$16.6 $19.7 $9.9 $43.4 $25.8

Avg. Brent Spot Price (Source: Platts)$/BBL$97 $104 $69 $94 $71

(1) See definitions in “Notice” below and non-GAAP reconciliations in the attachments

“We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,” said Mike Wirth, Chevron’s chairman and chief executive officer. In the United States, for third quarter 2026, upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, the company’s refineries achieved record crude throughput, and new production records were achieved for assets in the Eastern Mediterranean, and Australia.

“We’re reinvesting to bring more energy to a supply-constrained market,” Wirth continued. In Venezuela, Chevron’s joint ventures plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long-duration production growth. Also, in the United

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States, the company signed agreements to reduce Bakken midstream costs by approximately 50 percent, strengthening the asset’s competitiveness. “Building on our performance this quarter, we're focused on delivering the reliable energy the world needs today, while positioning Chevron for the future,” Wirth concluded.

Financial and Business Highlights

Unit3Q 20262Q 20263Q 2025YTD 2026YTD 2025

Return on Capital Employed (ROCE)%17.7 %21.4 %7.6 %14.5 %6.7 %

Capital Expenditures (Capex)

$ B$4.0 $4.5 $4.4 $12.6 $12.1

Affiliate Capex$ B$0.4 $0.3 $0.4 $0.9 $1.4

Free Cash Flow (FCF) (1)

$ B$12.0 $18.1 $4.9 $28.5 $11.1

Adjusted Free Cash Flow (1)

$ B$14.2 $15.4 $7.0 $33.8 $16.0

Debt-to-CFFORatio0.6x0.8x1.3x0.6x1.3x

Net debt-to-CFFO (1)

Ratio0.4x0.6x1.1x0.4x1.1x

Net Oil-Equivalent ProductionMBOED3,980 4,070 4,086 3,970 3,614

(1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments

Financial Highlights

•Reported earnings increased compared to third quarter 2025 primarily due to reliable operations with higher margins on refined product sales and higher crude oil realizations, partially offset by unfavorable timing effects resulting from the rising price environment.

•Production in the third quarter of 2026 was lower than a year ago primarily due to lower entitlements from higher prices and impacts from the Middle East conflict, partly offset by record production at operated assets in Australia, higher production in the Gulf of America and the inclusion of one month of Venezuela production following a change to equity accounting in the quarter.

•U.S. refinery crude unit throughput set a new record of 1.09 million barrels per day, reflecting reliable crude unit capacity utilization of nearly 98 percent.

•Cash flow from operations in the third quarter of 2026 was higher than a year ago, driven by higher earnings and increased cash distributions from Tengizchevroil LLP (TCO). Adjusted free cash flow benefited from a $1 billion loan repayment from TCO and proceeds from asset sales.

•Capex in the third quarter of 2026 was lower than last year largely due to lower spend in the Permian Basin.

•Total debt was reduced by an additional $3.5 billion and net debt was down $7.8 billion in the quarter, further strengthening Chevron’s balance sheet.

•The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per s

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