Chevron Corp. posted net income of $9.9 billion, or $5.06 per share, for the third quarter, nearly tripling from $3.5 billion, or $1.82 per share, a year earlier. Adjusted earnings reached $10.4 billion, or $5.28 per share, exceeding the analyst estimate of $4.89. The results were released on Oct. 30, 2026.

Revenue and other income totaled $67.8 billion, up from $49.7 billion in the year-earlier period and above the $61.6 billion expected by analysts. Free cash flow climbed to $12 billion from $4.9 billion a year earlier. The company paid $3.5 billion in dividends and spent $2.5 billion on share repurchases, matching the low end of its previously stated quarterly range of $2.5 billion to $3 billion. Annual buyback guidance remains $10 billion to $20 billion. Net debt fell to $20.7 billion at the end of September from $34.5 billion at the end of 2025.

Refining Drives the Gain

The downstream segment, which includes refining and fuel sales, earned $4.9 billion, more than four times the $1.1 billion recorded a year earlier. U.S. refineries processed a record volume of just over 1 million barrels of crude per day and operated at 98 percent capacity. Diesel and jet fuel yields rose more than 10 percent.

Global diesel prices increased after attacks on refineries in Russia and the Middle East. U.S. refiners raised output to help address the resulting supply shortfall. Upstream oil and gas production profit rose about 70 percent to $5.7 billion from $3.3 billion a year earlier.

Total production averaged 3.98 million barrels of oil equivalent per day, down from 4.07 million in the second quarter and from about 4 million a year earlier. The decline occurred mainly in the international segment, partly linked to conflict in the Middle East, while U.S. output remained largely steady. Average Brent crude prices fell to $97 a barrel from $104 in the prior quarter.

Share Performance and Broader Context

Chevron shares rose in premarket trading on Oct. 30. The stock closed the previous session at $231.46 and reached $235.67 before the open, moving above its prior 52-week high of $234.08. The advance was roughly 2 percent ahead of the regular session.

Exxon Mobil also reported stronger-than-expected third-quarter results the same day. Its profit doubled to $15.4 billion, with adjusted earnings of $4.23 a share versus the $4.08 estimate. Gulf Coast refineries ran at full capacity. Exxon shares gained about 1.5 percent in premarket trading.

Adjusted earnings per share declined from $6.06 in the second quarter, and overall production was lower sequentially, even as year-over-year revenue, free cash flow and downstream earnings increased. The company scheduled a conference call for 11 a.m. ET on the day of the release.