Chevron's first quarter 2026 EPS beats estimates as worldwide production rises 15% following the Hess acquisition.

Chevron reported first quarter 2026 revenue of $47.6 billion and diluted EPS of $1.11, beating analyst estimates. Adjusted earnings were $2.8 billion, or $1.41 per share, down from the prior year primarily due to unfavorable timing effects and lower margins.

Key Highlights

• Worldwide net oil-equivalent production increased 15% year-over-year to 3.86 million barrels per day, driven by the integration of Hess assets and growth in the Permian Basin.
• The company returned $6.0 billion to shareholders, comprised of $3.5 billion in dividends and $2.5 billion in share repurchases.
• Cash flow from operations was $2.5 billion, significantly impacted by a $4.6 billion working capital outflow, while cash flow excluding working capital was $7.1 billion.
• U.S. upstream production grew 24% year-over-year, exceeding 2 million barrels of oil equivalent per day for the third consecutive quarter.