Chevron Corp.
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+ FollowMarket Cap$465.33B
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Strong quarter + cash generation (good)
- Q3 earnings: $9.9B ($5.06/share); adjusted earnings $10.4B ($5.28/share).
- Cash flow from operations (ex-working capital): $16.6B; adjusted free cash flow: $14.2B.
- Organic CapEx: $3.9B; company expects Q4 CapEx to rise (seasonal/historical pattern) but to finish the year at the low end of annual guidance.
- Balance sheet strengthened: reduced debt by >$3B and raised cash by >$4B; net debt to CFFO improved to 0.4x.
- Production remained resilient: ~4 MMbpd, despite planned turnarounds and entitlement impacts; also noted ~9 Bcf/day gas record.
Guidance / near-term outlook (expectations, including a “watch-out”)
- Management expects timing effects to continue: when commodity prices rise, working capital and realized effects can be negative; when prices fall, those effects can unwind.
- Working capital headwind in Q3: driven by sharp commodity price increases late in the quarter.
- No major change to capital allocation approach given ongoing price volatility (they cited an intr-quarter price spread of $64).
Key operational wins driving value (good + surprising positives)
- Upstream: U.S. upstream >2 MMbpd for the 5th straight quarter; Shale & Tight highlighted 50% reduction in loss production events via AI-based reliability improvements.
- Downstream/manufacturing: record quarterly crude throughput; >10% distillate yield increase from a proprietary catalyst deployed at large U.S. refineries (and distillate yield numbers shared: U.S. 3Q distillate yield ~46%; global even higher).
- Debottlenecking: recent projects adding >85,000 bpd; additional capacity actions include Pasadena ~15% debottleneck gain and expectation of Pascagoula +~7% by 2030.
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Share Statistics
| Market cap | $465.33 Billion |
|---|---|
| Enterprise Value | $493.88 Billion |
| Annual dividend | $7.05 |
| Dividend yield | 2.99% |
| Earnings per Share | $6.65 |
| Beta | 0.52 |
| Outstanding Shares | 1,956,743,000 |
Return
| Return on Equity | 10.94% |
|---|---|
| Return on Assets | 6.29% |
| Return on Invested Capital | 9.40% |
Valuation & Multiples
| P/E Ratio | 17.18 |
|---|---|
| PEG | 4.52 |
| Price to Sales | 2.03 |
| Price to Book Ratio | 2.24 |
| Enterprise Value to Revenue | 2.35 |
| Enterprise Value to EBIT | 15.91 |
| Enterprise Value to Net Income | 23 |
| Total Debt to Enterprise | 0.08 |
| Debt to Equity | 0.2 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$4.87
Consensus analyst estimateRevenue Estimate
$61.82 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 29, 2027
EPS Estimate
$5.57
Consensus analyst estimateRevenue Estimate
$63.68 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 9.72, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 9.7188▲ 892.94% |
|---|---|
| Total Calls | 28,800▼ 99.85% |
| Total Puts | 279,900▼ 98.20% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.84%▼ 72.52% |
|---|---|
| Total Invested | $15.44B▼ 93.82% |
| Investors Holding | 2,005▼ 2260.00% |
About Chevron Corp.
43,039 employees
CEO: Michael K. Wirth
Chevron Corporation is a global enterprise engaged in comprehensive energy and chemical operations. The company's activities are divided into two primary divisions: Upstream and Downstream. The Upstream segment is dedicated to the explor...