Chevron reported third-quarter 2026 adjusted earnings of $5.28 per share, exceeding analysts’ consensus estimate, as stronger refining margins and higher oil prices lifted results. Revenue rose 35.4% year over year to $65.237 billion from $48.169 billion, while GAAP earnings increased to $9.924 billion, or $5.06 per diluted share, from $3.539 billion, or $1.82, a year earlier. Adjusted earnings rose to $10.361 billion from $3.627 billion, despite a $143 million foreign-currency headwind. Worldwide oil-equivalent production fell to 3.98 million barrels per day from 4.086 million, reflecting lower production entitlements at higher prices and Middle East conflict disruptions, partly offset by record Australian output and higher Gulf of America production. Upstream earnings rose to $5.698 billion, while downstream earnings climbed to $4.931 billion as U.S. refinery crude throughput reached a record 1.093 million barrels per day at nearly 98% utilization. Chevron generated $16 billion in operating cash flow and $12 billion in free cash flow, or $14.2 billion on an adjusted basis, returned $6 billion to shareholders and reduced net debt by $7.8 billion. Its Venezuela joint ventures plan to invest $7 billion over five years and target gross production of about 600,000 barrels per day by 2031. Fourth-quarter upstream turnarounds and downtime are expected to reduce production by 175,000 to 225,000 barrels of oil equivalent per day, while downstream turnaround costs are projected at $400 million to $500 million after tax. Shares were up 1.83% at $235.70, a new 52-week high, at the time of publication.