Chevron (CVX) Q1 2026 (USD): Adj. EPS 1.41 (exp. 0.97), Revenue 48.6bln (exp. 47.4bln), Capex 4.1bln (prev. 3.9bln Y/Y). Sees Q2 share repurchases between USD 2.5-3.0bln

COMMENTARY

• “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”
• “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.”
• Looking forward, would expect additional timing effects when prices are rising, and further unwinds when prices are falling.

OTHER METRICS

• Adj. Earnings 2.793bln (prev. 3.813bln Y/Y)
• Adj. EPS 1.41 (prev. 2.18 Y/Y)
• CFFO 2.5bln (prev. 5.2bln Y/Y)
• CFFO Ex-Working Capital 7.1bln (prev. 7.6bln Y/Y)
• FCF -1.5bln (prev. 1.3bln Y/Y)
• Adj. FCF 4.1bln (prev. 4.2bln Y/Y)
• Capex 4.1bln (prev. 3.9bln Y/Y)
• Net Oil-Equivalent Production 3,858mln BOED (prev. 3,353mln BOED Y/Y)
• ROCE 4.5% (prev. 8.3% Y/Y)
• Debt-to-CFFO 1.5x (prev. 1.2x Y/Y)
• Net debt-to-CFFO 1.3x (prev. 1.0x Y/Y)
• US production +24% Y/Y to 2.024mln BOED, helped by Hess, Gulf of America start-ups and Permian growth
• Downstream posted a USD 817mln loss, driven by weaker international margins and timing effects