Chevron Corp

Company facts

Industry

Petroleum Refining

Headquarters

Houston, Texas

Most recent report

10-Q, filed Nov 5, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 93410

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 11 sections worth reading, with 3 positive, 11 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes with material litigation accrual, derivative losses, and Hess restructuring.
  Notable

  • Chevron plans to exit Hess Midstream by year-end 2026, expecting a $3-4B after-tax loss and removing $13.2B in assets.
  Negative

  • A Louisiana jury awarded $744.6M against Chevron; company accrued $131M and plans to appeal. Q3 2026.

• Management's Discussion (Item 2)

  MD&A with detailed segment earnings, production, and liquidity data for Q3 2026.
  Positive

  • Worldwide net oil-equivalent production up 10% to 3.97M boe/d in first nine months of 2026, driven by Hess acquisition.
  • U.S. downstream earnings $3.6B in Q3 2026 vs $0.6B in Q3 2025, on higher refining margins from supply disruptions.
  • Total debt fell to $33.5B at Sep 30 2026 from $40.8B at Dec 31 2025, improving the debt ratio to 14.7%.
  Notable

  • Timing effects swung from unfavorable $2.9B in Q1 to favorable $1.5B in Q2 to unfavorable $1.6B in Q3 2026.
  • Venezuela operations switched to equity method on Sep 1 2026, with improved terms to potentially double production in 5 years.
  • Brent crude averaged $94/bbl in first nine months of 2026, up from $71/bbl a year ago; each $1 change impacts annual after-tax earnings by ~$600M.
  • International upstream earnings included a $160M legal reserve and $110M impairment charge in Q3 2026.
  • International downstream refined product sales down 9% in Q3 2026 due to Middle East conflict supply disruption.
  • Cash and marketable securities doubled to $12.8B at Sep 30 2026 from $6.3B at year-end 2025.
  • Share repurchases of $2.5B in Q3 2026; expects $2.5-$3.0B in Q4 2026 under the $75B program.

• Legal Proceedings (Item 1)

  Two active environmental proceedings with quantified penalty exposure, one resolved in period.
  Notable

  • Clean Water Act violation resolved with $2.1M civil penalty paid in October 2026.
  • Clean Air Act compliance dispute at Pascagoula refinery; no demand yet, but penalties could exceed $1M.

• Risk Factors (Item 1A)

  New risk factor: Hess Midstream deal delay could block ~50% Bakken cost cut.
  Negative

  • New risk: Hess Midstream deal delay could block ~50% Bakken cost cut and improved earnings.

• Unregistered Sales and Repurchases (Item 2)

  Buyback pace and remaining authorization are key capital-allocation facts for Q3 2026.
  Notable

  • 8,802 shares repurchased for tax withholdings, not part of the announced program.

What changed: Sep 2026 vs. Jun 2026

About 9% of CVX's Sep 2026 10-Q is new information. 25 paragraphs were added, 152 changed, and 32 removed. Below are the most important lines SECSift identified.

• Item 2 73
• Item 1 47
• Item 1A 2
• Item 5 2
• Item 4 2