Chevron Q3 Profits Nearly Triple to $9.9B on Strong Refining
Major Bakken operator sees U.S. downstream earnings jump to $3.59 billion as global disruptions tighten fuel markets; Exxon plans $100B capex through 2030.
Chevron, a major operator in North Dakota's Bakken formation, reported its third-quarter profit nearly tripled to $9.9 billion, according to OilPrice.com. The company announced earnings of $5.06 per share on Friday, October 30, 2026, up sharply from $1.82 per share a year ago.
The surge was driven primarily by the company's refining, or downstream, operations. Chevron's downstream earnings reached $4.93 billion, more than four times the $1.14 billion reported a year earlier, OilPrice.com reported. U.S. refining profits were particularly strong, jumping to $3.59 billion from just $638 million in the third quarter of 2025.
Chevron achieved these record downstream profits while processing only 3% more crude than a year ago and with fuel sales barely changing at 1.3 million barrels per day. The company's U.S. refineries ran at 98% capacity, processing a record 1.09 million barrels per day. According to OilPrice.com, the profit jump is linked to global market tightness, with roughly 10% of global fuel-making capacity sidelined by conflict, allowing Chevron to get considerably more money for the same amount of fuel.
Higher crude prices also boosted upstream earnings. With Brent crude averaging $97 per barrel during the quarter, compared to $69 a year earlier, Chevron's upstream earnings climbed to $5.7 billion from $3.3 billion. The company's worldwide production fell slightly to 3.98 million barrels of oil equivalent per day, but U.S. production remained above 2 million boe/d for the fifth consecutive quarter, a segment that includes its Bakken assets.
The company generated $16 billion in operating cash flow and $12 billion in free cash flow, allowing it to reduce total debt by $3.5 billion during the quarter and maintain share repurchases at $2.5 billion, OilPrice.com reported.
In other major operator news, ExxonMobil CEO Darren Woods told CNBC the company plans to invest more than $100 billion over the next few years to help augment global energy supplies, according to a Rigzone summary published October 30. ExxonMobil is another significant player in the Williston Basin.
For Bakken operators and royalty owners, the financial results from Chevron highlight the continued profitability of integrated majors with strong U.S. refinery networks amidst global volatility. The sustained U.S. production levels, including from assets like the Bakken, contribute to a stable upstream base that benefits from higher commodity prices. The massive planned capital expenditure by Exxon signals a long-term commitment to oil and gas development, which could influence investment and activity levels in key basins like the Bakken.
Source
OilPrice.com (Chevron Profits Nearly Triple to $9.9 Billion), Rigzone (Exxon Plans $100B in Capex Through 2030, CEO Tells CNBC), Rigzone (Chevron Exceeds Forecasts)
