Chevron Q2 Profit Up Almost 5-Fold Y-o-Y On High Prices


   
   SECAUCUS, NJ (DTN) -- Chevron reported on Friday (07/31) that second-quarter 
net earnings surged nearly fivefold year-over-year to $12.1 billion, buoyed by 
higher oil prices, strong U.S. refinery throughput, and legacy Hess assets.

   Chevron also reported that:

Quarterly net earnings of $12.1 billion compare with $2.21 billion in the first 
quarter of 2026 and $2.49 billion in the year-ago quarter.Adjusted earnings 
reached almost $12.0 billion in the second quarter compared with $2.79 billion 
in the prior quarter and $3.05 billion in the second quarter of 2025.Upstream 
earnings climbed to $8.18 billion in the latest quarter, up from $3.91 billion 
in the three months prior and $2.73 billion a year ago, boosted by higher 
realizations and volume expansion.Downstream earnings rebounded to $4.87 
billion from a $817 million loss in the first quarter, driven by record U.S. 
crude unit throughput and 97% refinery utilization.Worldwide net oil-equivalent 
production averaged 4.07 million bpd, up 20% year-over-year, supported by 
integration of Hess assets alongside growth in the Permian Basin and Gulf of 
Mexico.   Average Brent spot prices reached $104 bbl in the second quarter, up 
from $81 bbl in the first quarter of 2026 and $68 bbl in the second quarter of 
2025.

    




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