Chevron reported first-quarter 2026 results on Friday, May 1, posting its biggest earnings beat since October 2020 as record production and elevated crude prices drove a strong quarter. Adjusted earnings reached $1.41 per share, beating Wall Street consensus of $0.95 by 49% and marking the largest beat in more than five years.
On a GAAP basis, Chevron reported net income of $2.2 billion, or $1.11 per share, down from $3.5 billion or $2.00 per share in the year-earlier period. The reported figure included a $2.9 billion charge related to financial hedges — positions the company had taken to lock in revenue at lower price levels that became significantly out-of-the-money once crude rallied. Excluding the hedge charge and identified items, the underlying business performed substantially better than the headline.
Total revenue came in at $48.61 billion, missing analyst estimates of $52.1 billion. The miss reflected the timing of certain trading-related items rather than fundamental business weakness; CFO Eimear Bonner noted on the earnings call that “our underlying production and refining margins were materially better than the topline suggests.”
Production was the headline operational story. Total oil-equivalent production rose 15% year-over-year to roughly 3.9 million barrels per day, up from 3.4 million bpd in the year-earlier period. Growth was driven by strong Permian Basin and Gulf of Mexico performance plus contributions from the Tengiz expansion in Kazakhstan, which is now operating near nameplate capacity following last year’s ramp.
Chevron’s production segment posted profit of $3.9 billion, a modest 4% increase over $3.8 billion in the year-ago period. The company’s relatively lower exposure to Middle East operations cushioned the quarter compared to ExxonMobil, which reported the same morning that disruptions had pushed Q1 net income to a five-year low.
CEO Mike Wirth, on the earnings call, reiterated the company’s capital discipline and dividend commitments. The Hess arbitration case — which has been pending at the International Chamber of Commerce since early 2025 — remains without a final decision; Wirth noted Chevron continues to expect a favorable outcome.
Shares of Chevron were higher in pre-market trading following the release. For continuing coverage, see our ExxonMobil’s Q1 results, markets dashboard, and live oil prices.