Chevron’s global production rose 20% as its reportedly limited exposure to the Middle East helped it benefit from higher oil prices with fewer supply disruptions.
- Chevron’s second-quarter revenue came in at roughly $67.20 billion, well above Wall Street’s forecast of $60.38 billion, according to Fiscal.ai.
- Earnings rose to $6.11 per share, beating consensus estimates of $5.57 per share.
- Chevron’s joint ventures in Venezuela are reportedly producing about 280,000 barrels per day.
Chevron (CVX) reported its highest revenue in four years on Friday, benefiting from higher oil prices, increased production, and strong refinery operations.
The energy behemoth’s revenue came in at roughly $67.20 billion, the highest since June-quarter 2022, and well above Wall Street’s forecast of $60.38 billion, according to Fiscal.ai. Earnings rose to $6.11 per share, beating consensus estimates of $5.57 per share. The results included a $230 million gain from asset sales.
At the time of writing, CVX stock was up 0.4% in pre-market trading and is on track to record its biggest monthly gains since October 2022.
Crude Price Rise Due To Middle East Conflict Drive CVX Earnings
Chevron’s worldwide production rose 20% from a year earlier, led by a sharp increase in U.S. output. The company achieved record U.S. refinery crude unit throughput of 1.07 million barrels per day.
According to Reuters, the company has relatively limited exposure to Middle East production, which helped it benefit from higher global oil prices without experiencing the significant disruptions that have affected some of its international peers like Shell and TotalEnergies.
Brent crude futures have climbed more than 21% since the U.S.-Israeli strikes on Iran on February 28 triggered a broader Middle East conflict, driving energy prices higher worldwide. Brent surged to a peak of $126.41 per barrel in April.
West Texas Intermediate (WTI) crude futures have advanced more than 25% over the same period.
At the time of writing, Brent futures for October 2026 deliveries were up 1.6% at $88.25 per barrel while WTI contracts expiring in the same month gained 1% to $81.64 per barrel.
Venezuela Operations Produce 280,000 Barrels Per Day
According to a Reuters report on Friday, Chevron’s CFO Eimear Bonner said the oil firm would maintain its full-year share repurchase target of $10 billion to $20 billion while adding that its joint ventures in Venezuela are now producing about 280,000 barrels per day.
Chevron also highlighted its expanding role in powering the fast-growing AI and data center industry, including a 20-year agreement with Microsoft to develop a West Texas power facility capable of supplying about 2.67 gigawatts of dedicated electricity for a Microsoft data center.
The company announced that it has reduced total debt by a record $8.4 billion during the quarter and declared a quarterly dividend of $1.78 per share, payable on Sept. 10, 2026.
Retail sentiment surrounding CVX on Stocktwits remained ‘bullish’ over the past 24 hours.
CVX stock has gained 23.5% so far this year, compared to Exxon’s 28% gains and the United States Oil Fund’s (USO) 85% surge.
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