Chevron beats forecasts on oil-driven U.S. earnings

Chevron Corp. beat analysts' estimates in the third quarter of 2026 on high oil prices and record refining margins in the United States, Bloomberg Línea reported. The Houston-based company's adjusted net income came to $5.28 per share, 35 cents above the market's average estimate.

Refining was the main driver of this performance, with earnings of $4.93 billion, the highest ever recorded for that unit and four times the figure a year earlier. According to Bloomberg Línea, international conflicts in Iran and Ukraine have halted up to 10% of global refining capacity, pushing up fuel prices and boosting the balance sheets of major energy companies.

Along the same lines, MercoPress reported that European oil majors Shell and TotalEnergies doubled their profits in the third quarter of the year and posted their best results since 2022, driven by refining margins nearly four times higher than a year earlier amid tensions in the Middle East. Meanwhile, La Tercera reported that Chile's Empresa Nacional del Petróleo (Enap) posted profits of $1.112 billion as of September 30, 2026, a 119% increase from the $506 million it earned in the same period of the previous year.

Against this backdrop of windfall revenue, Chevron executives have directed earnings mainly toward reducing debt and maintaining share buybacks at $2.5 billion, taking a cautious approach compared with other companies in the sector. Chief Financial Officer Eimear Bonner told Bloomberg Línea that the company is keeping its financial priorities in place without reacting to market fluctuations.