Chevron Corporation announced its second-quarter 2026 earnings, reporting a record net profit of $12.1 billion, or $6.11 per share on a diluted basis. This represents a significant increase from $2.5 billion in the same period last year, marking a nearly 400% surge. Adjusted earnings for the quarter were $12.0 billion, or $6.06 per share diluted, surpassing Wall Street estimates of $5.56 per share by $0.50. This strong financial performance was attributed to disciplined investment and robust operational execution, with key assets running at or near full capacity.
The company's revenue for the quarter reached $70 billion, exceeding analysts' expectations of $62 billion. The reported earnings included a $230 million asset sale gain and $86 million in pension settlement costs, with foreign currency effects decreasing earnings by $49 million. Chevron's CEO highlighted that the quarter's success was driven by consistent execution and strong production, allowing the company to achieve its structural cost reduction target six months ahead of schedule, capturing $3 billion in annual run-rate savings.
During the second quarter, Chevron also signed a 20-year power purchase agreement with Microsoft to supply 2.67 gigawatts of behind-the-meter power for a data center in West Texas. Additionally, the company signed heads of agreement with the Government of Iraq to explore potential participation in the West Qurna 2 and Nasiriyah oilfield developments, as well as an export pipeline. Despite the massive profits, Chevron's stock rose over 2%, pushing its market capitalization above $390 billion, demonstrating positive investor reaction to the strong results.
