Chevron beats estimates as oil prices surge, shares rise

Investing.com -- Chevron Corporation (NYSE: CVX) reported second-quarter earnings before the open on Friday, topping consensus expectations.

Adjusted earnings of $6.06 per share beat analyst estimates of $5.11 per share, as higher oil prices and record U.S. production drove results. Revenue reached $70.06 billion, surpassing the consensus estimate of $62.26 billion and marking a substantial increase from the prior year period.

The company's strong performance was fueled by higher commodity prices, with Brent crude averaging $104 per barrel during the quarter compared to $68 in the second quarter of 2025. Worldwide production increased 20% YoY to 4,070 thousand barrels of oil equivalent per day, largely due to the contribution from legacy Hess assets and growth in the Permian Basin and Gulf of America. U.S. refinery crude unit throughput reached a record 1.07 million barrels per day with crude unit utilization at 97%.

Shares rose 3% premarket following the results.

"Faced with geopolitical uncertainty and market volatility, Chevron's people remain focused on safely delivering the reliable energy the world needs," said Mike Wirth, Chevron's chairman and chief executive officer. "Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets."

Upstream earnings totaled $8.2 billion, up from $2.7 billion in the second quarter of 2025, driven by higher sales volumes and commodity prices. Downstream earnings reached $4.9 billion compared to $737 million in the prior year period, reflecting higher margins on refined product sales.

The company reduced total debt by a record $8.4 billion during the quarter and declared a quarterly dividend of $1.78 per share, payable September 10, 2026.

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