Chevron's commodity derivatives portfolio swung from a $3.1 billion loss in the first quarter to a gain in the second, a reversal that underscores how sharply oil-price volatility can rewrite a major integrated company's earnings in a matter of months. The turnaround coincided with the escalation of the U.S.–Iran conflict and the resulting disruption of tanker traffic through the Strait of Hormuz, which carries roughly one-quarter of global seaborne oil trade.
Net income for the quarter ended June 30 reached $12.1 billion, up from $2.49 billion a year earlier, while adjusted earnings came in at $12.0 billion, or $6.06 per diluted share, compared with $3.1 billion in the same period of 2025. Total revenue rose 56% to $70.1 billion. The company said results were driven by stronger operational performance, higher commodity prices, improved refined-product margins, increased sales volumes, and $1.4 billion of favorable timing impacts.
The upstream segment earned $8.18 billion, triple the $2.73 billion posted in Q2 2025, on worldwide production of 4.07 million barrels of oil equivalent per day — a 20% increase year over year that included contributions from the Hess acquisition and growth in the Permian Basin and Gulf of America. U.S. output hit a record 2.08 million boe/d. Downstream earnings surged to $4.87 billion from $737 million, a 6.6-fold jump that supplied roughly 43% of the total earnings improvement. Refinery crude-unit utilization reached 97% at U.S. plants, with throughput of 1.07 million barrels per day.