Recent Updates — CVX
Chevron reported third quarter 2026 net income attributable to shareholders of $9.9 billion, or $5.06 per diluted share, compared to $3.5 billion in the prior year period. Adjusted earnings were $10.4 billion ($5.28 per diluted share). The company also declared a quarterly cash dividend of $1.78 per share, payable on December 10, 2026, to holders of record as of November 18, 2026. Chevron is an integrated energy company engaged in crude oil and natural gas production, refining, and chemical manufacturing.
Chevron entered into definitive agreements with Hess Midstream LP to restructure Bakken midstream contracts and establish new DJ Basin contracts. In exchange for extended commercial terms that reduce Bakken unit midstream costs by approximately 50% and $200 million in cash, Chevron will transfer its ownership interests and general partner position in Hess Midstream, along with its DJ Basin crude oil midstream assets. The transaction is expected to be accretive to return on capital employed by 0.5% and fully deconsolidate Hess Midstream, including approximately $3.7 billion of debt. Chevron anticipates recognizing a one-time after-tax loss estimated at approximately $3 to $4 billion upon closing, which will be treated as a special item. The deal is subject to customary closing conditions and regulatory approvals and is expected to close by year-end 2026. Chevron Corporation is an integrated energy company engaged in crude oil and natural gas production, refining, chemicals manufacturing, and renewable energy development.
On September 30, 2026, Chevron's Board approved executive changes effective January 1, 2027. Mark A. Nelson steps down as Executive Vice President of Oil, Products & Gas to focus on Strategy and Business Development while retaining his Vice Chairman title. Eimear P. Bonner transitions from Chief Financial Officer to President of Oil, Products & Gas. Jeff B. Gustavson is elected as the new Chief Financial Officer, succeeding Bonner. Gustavson, currently President of New Energies, receives an annual base salary of $1,000,000 and a target bonus percentage of 110%. Chevron Corporation operates in the global energy sector, engaged in crude oil and natural gas exploration, production, refining, marketing, and transportation.
Chevron Corporation reported second quarter 2026 earnings of $12.1 billion ($6.11 per share diluted), a significant increase from the prior year's $2.5 billion, driven by higher commodity prices and record U.S. production. The company achieved a return on capital employed of 21 percent and generated $22.6 billion in cash flow from operations. Chevron reduced total debt by a record $8.4 billion during the quarter and announced a quarterly dividend of $1.78 per share, payable September 10, 2026, to holders of record as of August 19, 2026. Additionally, the company signed a 20-year power purchase agreement with Microsoft for data center electricity in West Texas and completed asset sales in Southeast Asia. Chevron is an integrated energy company engaged in crude oil and natural gas production, refining, and chemical manufacturing.
R. Hewitt Pate has announced his decision to resign as Chief Legal Officer of Chevron Corporation, effective December 31, 2026, in connection with his expected retirement in June 2027. He will continue to serve as a non-executive senior advisor through his retirement to assist with the transition of his role and responsibilities.
Chevron Corporation held its 2026 Annual Meeting of Stockholders on May 27, 2026, resulting in the election of all board nominees and the approval of executive compensation with 97.0% support. Shareholders also ratified PricewaterhouseCoopers LLP as the independent auditor but rejected three proposals concerning an independent chair and human rights reporting.