Chevron record Q2 profit

Chevron Corporation reported its highest quarterly profit in at least six years for the second quarter of 2026, with adjusted earnings of $12 billion, or $6.06 per share, beating analyst estimates of $5.56 per share. The strong results were driven by higher oil prices amid the U.S.-Israeli war with Iran, which disrupted world energy markets and limited shipping through the Strait of Hormuz. Upstream earnings rose 200% to $8.2 billion, while downstream earnings reached $4.9 billion, the highest since the beginning of the decade, due to record refining margins. Production totaled 4 million barrels of oil equivalent per day, with U.S. output hitting a record 2.08 million boepd. Chevron maintained its dividend and share repurchase program, repurchasing $3 billion in shares and paying $3.5 billion in dividends. The company also achieved $1.5 billion in synergies from its acquisition of Hess Corporation, ahead of schedule. In Venezuela, Chevron's joint ventures are producing about 280,000 barrels per day, with potential for 15% growth in the next 18-24 months. The results mirror those of TotalEnergies and Shell, which also posted strong profits. U.S. President Donald Trump has accused oil companies of price gouging, which could draw criticism.