Chevron reported third-quarter 2026 earnings of $9.9 billion, or $5.06 per diluted share, up from $3.5 billion ($1.82) a year earlier. Adjusted earnings were $10.4 billion ($5.28 per share), compared with $3.6 billion ($1.85) in Q3 2025.
Cash flow from operations reached $16.0 billion, versus $9.4 billion a year ago, and free cash flow was $12.0 billion. Net debt dropped to $20.7 billion from $34.5 billion at the end of 2025. Chevron repurchased $2.5 billion of shares in the quarter and declared a quarterly dividend of $1.78 per share.
Net oil-equivalent production was 3,980 thousand barrels per day, slightly below 4,086 a year earlier, with U.S. upstream above 2 million barrels per day. The company also said its Venezuela joint ventures plan to invest $7 billion over five years. The results make Chevron the latest major to post a strong quarter in a supply-constrained energy market.