Chevron Sees Upstream Earnings Soar Amid Iran Conflict-Driven Oil Price Surge

Chevron is anticipating a significant boost in its first-quarter upstream earnings due to higher oil and gas prices. The energy giant expects a $1.6 billion to $2.2 billion increase compared to the fourth quarter of 2025, driven by volatility linked to the Iran war.

The conflict began on February 28, causing oil prices to surge as much as 65%. Benchmark Brent crude prices averaged $78.38 per barrel during the first quarter, a 24% rise from the previous three months.

Chevron's net oil-equivalent production is expected to average 3.8 million to 3.9 million barrels per day, but volumes will be affected by downtime at Kazakhstan's Tengizchevroil project and reduced output in parts of the Middle East.