U.S. oil major Chevron (CVX) has reported third-quarter financial results that cruised past Wall Street estimates as the company benefits from soaring energy prices.
Chevron posted earnings per share of $5.06 U.S., which was well ahead of the $4.87 U.S. consensus expectation of analysts. The profit was up nearly 200% from a year ago.
Revenue in the quarter totaled $67.8 billion U.S., surpassing the $61.8 billion U.S. that was anticipated on Wall Street. Sales were up 36% from the same period of 2025.
Chevron is the latest oil company to announce blockbuster financial results as wars in Iran and Ukraine push the price of crude above $115 U.S. per barrel.
Management at Chevron said the company’s U.S. refineries processed record amounts of crude oil in the third quarter at about one million barrels per day.
Currently, Chevron’s refineries are running at 98% capacity. Diesel and jet fuel yields at the refineries rose more than 10% year-over-year, according to the company.
As a result, profits from Chevron’s refining division surged more than 300% in the third quarter to $4.9 billion U.S. compared to $1.1 billion U.S. in the same period of 2025.
The company’s oil and gas production generated earnings of $5.7 billion in Q3, up 70% from $3.3 billion U.S. a year ago.
Some investors have called on Chevron to use its windfall profits to boost its quarterly dividend payment to shareholders.
However, Chevron declared a quarterly distribution of $1.78 U.S. per share along with its latest financial results, unchanged from the previous dividend payout.
Prior to today (Oct. 30), CVX stock had risen 50% over the last 12 month to trade at $231.46 U.S. per share.
