Chevron Q2 FY2026 Earnings Call
With Mike Wirth (Chairman and CEO), Eimear Bonner (CFO) and Jeff Gustavson (President, New Energies).
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1Prepared remarks4 speakers
Thank you, Katie. Welcome to Chevron's second quarter 2026 earnings conference call and webcast. I'm Jeanine Wai, Head of Investor Relations. Our Chairman and CEO, Mike Wirth, CFO, Eimear Bonner, and President New Energies, Jeff Gustavson, are on the call with me today. We'll refer to the slides and prepared remarks that are available on chevron's website. Before we begin, please be reminded that this presentation contains estimates, projections, and other forward-looking statements. A reconciliation of non-GAAP…
Thanks, Jeanine. Amid geopolitical uncertainty and market volatility, Chevron delivered a strong second quarter driven by our consistent strategy, capital discipline, and strong execution. Global upstream production grew more than 5% quarter-over-quarter, underpinned by exceptional reliability across key assets. In the U.S., we achieved a new upstream production record of nearly 2.1 2.1 MMboed and record refinery throughput of over 1 MMbpd. At the same time, we maintained financial and capital discipline…
Thanks, Mike. The U.S. is undergoing a structural shift in electricity demand as AI accelerates and reliable power is becoming the critical constraint. Chevron is well-positioned to address this challenge. We bring a combination of assets and capabilities we believe few can match. A leading U.S. natural gas portfolio, extensive experience with large-scale behind-the-meter power, proven project execution capabilities, and strong partnerships that provide access to critical equipment and leading customers. This…
Thanks, Jeff. For the second quarter, Chevron reported earnings of $12.1 billion or $6.11 per share. Adjusted earnings were $12 billion or $6.06 per share. Cash flow from operations excluding working capital was nearly $20 billion. Organic CapEx was $4.4 billion for the quarter. We now expect to finish the year at the lower end of our guidance…