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Get filing alertsChevron reports Q2 earnings of $12.1B, cuts debt by record $8.4B, signs 20-year Microsoft power deal
Filed July 31, 2026 · Period ending July 31, 2026 · ~1 min read
Key Changes
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Q2 2026 earnings of $12.1B ($6.11/share) vs. $2.5B ($1.45/share) in Q2 2025; U.S. production hit quarterly record, up 382,000 bbl/day YoY driven by Hess acquisition and Permian/Gulf of America growth.
Item 2.02 verify on EDGAR → -
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Reduced total debt by record $8.4B in Q2; debt-to-CFFO improved to 0.8x from 0.9x YoY, net debt-to-CFFO to 0.6x from 0.8x.
Exhibit 99.1 view on EDGAR → -
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Signed 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of behind-the-meter power for West Texas data center, entering AI infrastructure power market.
Exhibit 99.1 view on EDGAR → -
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expected to achieve $3B in annual run-rate structural cost reductions six months early; delivered $1.5B in Hess synergies within one year of closing, 50% above initial target.
Exhibit 99.1 view on EDGAR → -
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Completed sale of Hong Kong downstream assets; signed agreement to sell 50% stake in Singapore Refining Company plus downstream assets across six Asia-Pacific markets, expected to close 2027.
Exhibit 99.1 view on EDGAR →
Summary
Chevron reported a strong second quarter with earnings of $12.1 billion ($6.11 per share), nearly five times the $2.5 billion earned in Q2 2025. U.S. upstream production reached a quarterly record, up 382,000 barrels per day year-over-year, driven by the Hess acquisition and growth in the Permian Basin and Gulf of America.
The company reduced total debt by a record $8.4 billion during the quarter, improving its debt-to-cash-flow ratio to 0.8x from 0.9x and net debt-to-cash-flow to 0.6x from 0.8x, reflecting robust cash generation and disciplined capital allocation.
Chevron also announced a 20-year power purchase agreement with Microsoft to develop a 2.67-gigawatt power facility in West Texas for a data center, positioning the company in the growing AI infrastructure power market. The company exceeded cost targets, expected to achieve $3 billion in annual structural cost reductions six months ahead of schedule and delivering $1.5 billion in Hess-related synergies within one year—50% above the initial target. On the portfolio front, Chevron completed the sale of its Hong Kong downstream businesses and signed an agreement to divest its 50% interest in Singapore Refining Company and other downstream assets across six Asia-Pacific markets, with closing expected in 2027. These moves reflect ongoing portfolio optimization in international downstream operations.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Chevron reported Q2 2026 earnings of $12.1 billion.
Added in current filing · verify on EDGAR →
unaudited second quarter 2026 earnings of $12.1 billion
Chevron disclosed second quarter 2026 earnings of $12.1 billion. The full earnings details are contained in the attached press release (Exhibit 99.1), which is incorporated by reference but not included in this 8-K body.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 3, 2026 · How we verify