Chevron Corporation reported a blockbuster second quarter in 2026, posting $12.1 billion in earnings as record U.S. production, refinery performance and a major power agreement with Microsoft highlighted a strong operational showing.

 

The energy giant reported diluted earnings of $6.11 per share for the quarter, with adjusted earnings reaching $12.0 billion, or $6.06 per share. Results included a $230 million gain from asset sales, $86 million in pension settlement costs and a $49 million negative impact from foreign currency effects.

 

Chevron’s quarterly performance was driven by record-setting operations across its business. The company achieved record U.S. oil and gas production, while worldwide production climbed 20 percent compared with the same period last year. U.S. refineries also delivered their strongest-ever crude unit throughput, with crude unit utilization reaching 97 percent.

 

"Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” said Mike Wirth, Chevron's chairman and chief executive officer. “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.”

 

Wirth said the company’s focus on efficiency and integration is also driving financial gains. Chevron reached its structural cost reduction target six months ahead of schedule, securing $3 billion in annual run-rate savings. The company also achieved $1.5 billion in annual run-rate synergies tied to its acquisition of Hess Corporation within one year of closing the deal.

 

“We remain focused on cost discipline and long-term value creation. During the second quarter, the company achieved its structural cost reduction target six months early by capturing $3 billion in annual run-rate savings. Furthermore, we delivered $1.5 billion of annual run-rate synergies related to the Hess Corporation acquisition within one year of closing,” Wirth continued.

 

Chevron is also expanding its role in powering the next wave of artificial intelligence infrastructure. During the quarter, the company signed a 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of behind-the-meter power for Microsoft’s data center in West Texas.

 

“And we have positioned the company to help power American AI dominance and generate resilient cash flows through leveraging our unique capabilities,” Wirth concluded.