Chevron warns Q1 2026 earnings face $2.7-3.7B timing headwind despite higher oil prices

Filed April 9, 2026 · Period ending April 9, 2026 · ~1 min read

Key Changes

• high

  Downstream timing effects will reduce Q1 earnings and cash flow by $2.7-3.7 billion due to derivative mark-to-market accounting in rising commodity prices; management says this reverses in future quarters.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
• high

  Upstream earnings expected to gain $1.6-2.2 billion from higher oil and gas prices versus Q4 2025, driven by Middle East conflict volatility.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
• medium

  Downstream will book a $350-400 million litigation charge related to ceased operations, treated as a special item and reducing operating cash flow.

  Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →