Chevron Corporation reported second-quarter 2026 earnings of $12.1 billion, or $6.11 per share. These results significantly exceeded Wall Street expectations. Adjusted earnings reached $12.0 billion, representing $6.06 per share.
Record-breaking U.S. production and higher oil prices driven by geopolitical tensions fueled the performance. Strong margins on refined product sales also contributed to the growth.
The company reduced its total debt by a record $8.4 billion during the quarter. Cash flow from operations totaled $22.6 billion. Free cash flow reached $18.1 billion. Chevron shares traded higher following the announcement.