Chevron Crushes Earnings Expectations as Refining Profits Surge on High Diesel Prices

The Chevron logo is seen alongside diesel prices above $7 a gallon at a truck stop in Commerce, California on August 26, 2026.

Patrick T. Fallon | Afp | Getty Images

Chevron on Friday announced a massive surge in third-quarter profits, driven by its U.S. refineries operating at near-full capacity to capitalize on elevated diesel fuel prices.

Chevron’s net income skyrocketed nearly 200% to $9.9 billion, or $5.06 a share, up from $3.5 billion, or $1.82 a share, in the same period last year. Adjusted for one-time items, the company reported earnings of $5.28 per share, significantly outperforming Wall Street’s consensus expectation of $4.89.

Following the strong earnings release, Chevron shares rose approximately 2% in premarket trading.

Global diesel prices have spiked sharply following attacks on refineries in Russia and the Middle East by Ukraine and Iran. In response, U.S. refiners significantly ramped up production to fill the resulting supply gap.

Chevron’s U.S. refineries processed record volumes of crude oil at just over 1 million barrels per day, operating at an impressive 98% capacity. The company also reported that diesel and jet fuel yields increased by more than 10%.

Profits from Chevron’s refining division surged by over 300% to $4.9 billion, compared to $1.1 billion during the same period last year.

Here is how Chevron’s third-quarter performance compared with analyst estimates polled by LSEG:

• Earnings per share: $5.28 adjusted, versus $4.89 expected
• Revenue: $67.8 billion, versus $61.6 billion expected

Profits from Chevron’s oil and gas production segment rose approximately 70% to $5.7 billion, compared to $3.3 billion in the year-ago period. Overall output declined slightly to 3.9 million barrels per day from about 4 million barrels per day in the prior year. This minor decline was primarily concentrated in the international segment, partly due to ongoing conflict in the Middle East, while U.S. production remained relatively flat year over year.

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