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Chevron posts $12.1B Q2 profit as Brent prices and refining margins rise

Second-quarter 2026 adjusted earnings were $12.0 billion, and Chevron’s downstream adjusted earnings jumped to $2.4 billion in the U.S., from $556 million in Q1.

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Chevron reported second-quarter 2026 earnings of $12.1 billion, or $6.11 per diluted share, with adjusted earnings of $12.0 billion, or $6.06 per share, far above the $2.5 billion it earned in the year-ago quarter, according to MarketBeat Ratings.

The outlet said elevated Brent crude and stronger refining margins drove much of the increase. Brent averaged $104 per barrel in the quarter, up from $81 in Q1, and the company also saw more upstream output, including more than 5% growth in global upstream production versus the prior quarter.

MarketBeat Ratings also highlighted a sharp downstream swing. Chevron’s U.S. downstream adjusted earnings rose to $2.4 billion from $556 million in Q1, while international downstream moved from a $1.0 billion loss to a $2.2 billion profit, helped by record U.S. refinery throughput and expanding refining margins.

The article added that timing may explain why the stock did not rally immediately, arguing investors likely expected a strong quarter given weeks of higher oil prices tied to the U.S.-Iran conflict. It also noted Chevron kept its Middle East production limited as a risk mitigant, while Venezuela remains a variable for its international portfolio, and it cited CEO Mike Wirth comments carried by CNBC about the conflict widening beyond the Strait of Hormuz.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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