Chevron (CVX) Q3 2026 Earnings Review: Refining strength faces fourth-quarter downtime
Earnings results
- EPS beat
Actual: $5.28 adjusted · Cons.: $4.87
- Revenue beat
Actual: $65.237B sales · Cons.: $61.82B
- Guidance issued
Q4 production downtime: 175,000–225,000 barrels/day; buybacks: $2.5–3B.
What the company reported
Chevron’s third-quarter earnings beat forecasts as refining profits and cash generation strengthened, but planned fourth-quarter downtime puts production and margins in focus.
Q3 2026 earnings recap
Chevron’s third-quarter earnings beat forecasts as refining profits and cash generation strengthened, but planned fourth-quarter downtime puts production and margins in focus.
- Adjusted profit per share of $5.28 beat the $4.87 estimate, while sales of $65.2 billion exceeded the $61.8 billion forecast.
- Refining and fuel-sales earnings rose to $4.9 billion from $1.1 billion a year earlier, helped by stronger margins and record throughput at its American refineries.
- Cash after capital spending reached $12 billion, covering $6 billion of dividends and buybacks while Chevron reduced total debt by $3.5 billion.
- Fourth-quarter downtime is expected to reduce oil-equivalent production by 175,000–225,000 barrels a day and refining earnings by $400–500 million after tax.
- Chevron plans $2.5–3 billion of fourth-quarter buybacks, while an expected $3–4 billion after-tax loss on its Hess Midstream divestiture will weigh on reported earnings.
- At the October 29 close, shares traded near 17 times trailing reported profit, with support around $227–229 and resistance at $233–234.
The next test is whether refining profits and project delivery can offset downtime without weakening cash returns as energy prices fluctuate.
Financials, technicals and earnings
Charts through Oct 29, 2026.
Technical setup and risks
October highs near $233–234 are the next chart hurdle; support sits around $227–229, while fourth-quarter downtime and refining margins shape the earnings outlook.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.