Chevron Corp. reported its highest quarterly profit in six years for the second quarter of 2026, surpassing analyst expectations. The company posted earnings of $6.3 billion, or $3.20 per share, compared to $5.8 billion, or $2.93 per share, in the same period last year. Analysts had forecast earnings of $2.95 per share.
The strong results were driven by increased production, particularly in the Permian Basin, and higher refining margins. Chevron's upstream production rose 4% year-over-year to 3.1 million barrels of oil equivalent per day, while refining margins improved due to tighter supply and strong demand for fuels.
CEO Mike Wirth attributed the performance to the company's disciplined capital allocation and operational efficiency. "Our team delivered strong results, demonstrating the resilience of our portfolio," Wirth said in a statement. The company also announced a $10 billion share buyback program and maintained its dividend.
Chevron's shares rose 2.5% in after-hours trading following the earnings release. The company's cash flow from operations reached $8.1 billion, allowing it to reduce debt and return more capital to shareholders.
Looking ahead, Chevron expects continued growth in production, with plans to increase output in the Permian Basin and the Gulf of Mexico. However, the company remains cautious about global economic uncertainty and potential volatility in oil prices.
