• Reported earnings of $2.2 billion; adjusted earnings of $2.8 billion
• Returned $6.0 billion cash to shareholders; 16th consecutive quarter over $5 billion
• Worldwide and U.S. production increased by 15 and 24 percent, respectively

Chevron Corporation reported earnings of $2.2 billion ($1.11 per share - diluted) for first quarter 2026, compared with $3.5 billion ($2.00 per share - diluted) in first quarter 2025. Included in the quarter was a net loss of $360 million related to a legal reserve. Foreign currency effects decreased earnings by $223 million. Adjusted earnings of $2.8 billion ($1.41 per share - diluted) in first quarter 2026 compared to adjusted earnings of $3.8 billion ($2.18 per share - diluted) in first quarter 2025. See Attachment 4 for a reconciliation of adjusted earnings.

“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution,” said Mike Wirth, Chevron’s Chairman and Chief Executive Officer. “Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”

“Our U.S. refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track,” Wirth continued. “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”

“We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations,” Wirth concluded. “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”

Financial Highlights

• Reported earnings decreased compared to first quarter 2025 primarily due to unfavorable timing effects of approximately $2.9 billion. These effects include timing mismatches in earnings recognition related to the mark‑to‑market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting. Excluding those unfavorable effects, earnings improved due to upstream production growth and higher refining margins.
• Production in the first quarter of 2026 was higher than first quarter last year largely due to the acquisition of Hess Corporation (Hess) and growth in the Gulf of America and the Permian Basin, partly offset by downtime at the company’s 50 percent owned affiliate Tengizchevroil (TCO) and curtailments in the Middle East (Israel and the Partitioned Zone between Saudi Arabia and Kuwait). U.S. production exceeded 2 million oil-equivalent barrels per day for the third consecutive quarter.
• U.S. refinery crude unit throughput remains over 1 million barrels per day for the fifth consecutive quarter and achieved a record in March 2026.
• Capex in the first quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin.
• Cash flow from operations in the first quarter of 2026 was lower than a year ago primarily due to higher working capital outflows largely resulting from the sharp increase in commodity prices in March 2026. Adjusted free cash flow benefited from a $1 billion loan repayment from TCO.
• The company returned $6.0 billion of cash to shareholders during the quarter, including share repurchases of $2.5 billion and dividends of $3.5 billion.
• The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable June 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on May 19, 2026.

Business Highlights and Milestones

• Announced an agreement in Venezuela to expand Chevron’s heavy oil interest in the Petroindependencia, S.A. joint venture and include rights to develop the adjacent Ayacucho 8 area at the Petropiar, S.A. joint venture in the Orinoco Oil Belt.
• Entered into an exclusivity agreement with Microsoft and Engine No. 1 related to a proposed power generation and electricity offtake agreement to support the power project under development in West Texas.
• Expansions at Tamar and Leviathan in Israel have achieved start-up, adding production capacity to support growing demand and regional energy security.
• Reached a final investment decision on the Aseng gas project in Equatorial Guinea, advancing the country's efforts to expand its role in global gas markets.
• Discovered oil at the Bandit prospect in Green Canyon Block 680 in the Gulf of America, through a non-operated joint venture.
• Entered Libya as a winning bidder in the Sirte Basin, expanding the company’s exploration portfolio with high-quality acreage and high-impact prospects.
• Awarded four offshore exploration leases in Greece, further expanding the company's position in the Eastern Mediterranean region.
• Farmed into the OFF-7 block in Uruguay, building depth in the exploration portfolio.

U.S. Upstream

• U.S. upstream earnings were higher primarily due to increased sales volumes partly offset by higher depreciation, depletion and amortization, higher operating expenses, and lower liquids realizations.
• Net oil-equivalent production during the quarter was up 388,000 barrels per day from the year-ago period primarily due to the acquisition of Hess and higher production in the Gulf of America following project start‑ups, and growth in the Permian Basin.

International Upstream

• International upstream earnings were lower than a year ago primarily due to unfavorable timing effects, higher depreciation, depletion and amortization, and unfavorable foreign currency effects that were partly offset by higher sales volumes.
• Net oil-equivalent production during the quarter was up 117,000 barrels per day from the year-ago period primarily due to the acquisition of Hess, partly offset by lower production at TCO.

U.S. Downstream

• U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales partly offset by a higher litigation reserve.
• Refinery crude unit inputs increased 4 percent from the year-ago period primarily due to the continued ramp-up of the Light Tight Oil project at the Pasadena, Texas refinery.
• Refined product sales decreased 2 percent compared to the year-ago period.

International Downstream

• International downstream earnings were lower than the year-ago period primarily due to lower margins on refined product sales, including unfavorable timing effects and higher operating expenses mainly from higher transportation costs.
• Refinery crude unit inputs were flat relative to the year-ago period.
• Refined product sales increased 7 percent from the year-ago period due to higher demand for gasoline.

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