Chevron's second quarter earnings and revenue beat driven by record U.S. production and Hess acquisition gains.

Chevron reported second quarter 2026 revenue of $67.2 billion and earnings of $6.11 per share, significantly beating analyst expectations. The strong performance was driven by higher commodity prices, record operational output in the U.S., and production contributions from the recent Hess acquisition.

Key Highlights

• Worldwide net oil-equivalent production increased 20% year-over-year to 4.07 million barrels per day, largely due to the integration of Hess assets and growth in the Permian Basin.
• The company achieved record U.S. production of 2.08 million barrels of oil equivalent per day and record U.S. refinery crude throughput of 1.07 million barrels per day.
• Total debt was reduced by a record $8.4 billion during the quarter, reflecting strong cash flow from operations of $22.6 billion.