Refining and marketing (Downstream)
US refineries ran a record crude throughput in Q2 2026 (97% crude unit utilization) while international runs fell on Middle East supply disruptions.
The numbers
What it is
Chevron's refining, fuels marketing, lubricants and petrochemicals business. Downstream earned $4.87 billion in Q2 2026. It is the segment that turns crude into sellable product, so its results move with refining margins and utilization rather than with the crude price alone.↗ source
Why it matters to the stock. Refinery runs set how much cash the crude barrel earns. The Q2 2026 US runs were a company record, while international runs fell on Middle East disruptions.
News
Chevron Q2 2026 profit of $12.1B and $6.06 adjusted EPS; output up 20%
Chevron reported second-quarter 2026 net income of $12.07 billion, or $6.11 per diluted share, with adjusted earnings of $6.06 a share.
Chevron Q1 2026 adjusted EPS $1.41 after $360 million legal loss; output up 15%
Chevron reported first-quarter 2026 earnings of $2.21 billion, or $1.11 per diluted share, and adjusted earnings of $2.8 billion, or $1.41 per diluted share.
Chevron flags $2.7-3.7 billion negative Q1 timing effects and Tengiz downtime
Chevron's first-quarter 2026 outlook shows after-tax timing effects of $(2.7) to $(3.7) billion, mostly in Downstream, as crude prices rose quickly.
Chevron raises quarterly dividend 4% to $1.78 per share
Chevron's board declared a quarterly dividend of $1.78 per share, a 4% increase, announced with the fourth-quarter 2025 results.