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- Middle East Conflict Production Curtailments (worsened) — Chevron now discloses production curtailments in the Partitioned Zone and CPChem assets due to the Middle East conflict, whereas the prior filing stated operations had not been significantly impacted.
- Derivative Mark-to-market Volatility (worsened) — The company now states that heightened commodity price volatility from the Middle East conflict resulted in significant mark-to-market earnings and cash flow impacts, reversing its prior assessment that derivatives were not material.
Chevron Q2 net income surges 384.8% to $12.1B on Hess volumes and higher oil prices
Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~1 min read
Key Changes
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Net income attributable to Chevron jumped to $12.1 billion ($6.11 diluted EPS) from $2.5 billion ($1.45) a year earlier, driven by higher commodity prices and the Hess acquisition.
MD&A: Net income and EPS verify on EDGAR → -
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Revenue rose 56.3% to $70.1 billion, with upstream earnings more than tripling to $8.2 billion and downstream earnings surging to $4.9 billion from $737 million.
MD&A: Upstream/Downstream earnings verify on EDGAR → -
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Operating cash flow nearly doubled to $25.1 billion in the first half, lifting free cash flow to $16.5 billion from $6.1 billion.
MD&A: Cash flow verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 27, 2026 · How we verify