Chevron Posts $12.1 Billion Earnings Boosted by Higher Prices and Record Production

Chevron Corporation reported earnings of $12.1 billion ($6.11 per share - diluted) for its second quarter 2026, with a return on capital employed (ROCE) of 21 percent.

The company's quarterly results were driven by reliable operations, higher commodity prices, and increased margins on refined product sales.

Chevron's U.S. production reached a record high, increasing 20 percent from last year due to the contribution from legacy Hess assets and growth in the Permian Basin and Gulf of America.

The company also achieved record crude unit throughput at its U.S. refineries, with utilization rates exceeding 97 percent.