Q1 2026 Chevron Corp Earnings Call Transcript
Key Points
- Chevron Corp (CVX) delivered solid performance with disciplined execution and a resilient portfolio despite market volatility and geopolitical tensions.
- US production exceeded 2 million barrels of oil equivalent per day, with Gorgon and Wheatstone LNG running at full rates.
- Chevron's high-quality upstream and downstream portfolios delivered significant integration benefits, maximizing margins across products.
- The company announced an asset swap in Venezuela, increasing its position in the Orinoco region, which offers long-term growth potential.
- Chevron generated cash flow from operations of $7.1 billion in the quarter, with adjusted free cash flow at $4.1 billion.
- Chevron reported a $360 million charge related to legal reserves, impacting earnings.
- Foreign currency effects decreased earnings by $223 million.
- Adjusted downstream earnings decreased due to unfavorable timing effects, reflecting a steep rise in commodity prices.
- Working capital was impacted by sharp commodity price increases and inventory build-up.
- The conflict in the Middle East had a limited impact on production, with less than 5% of the portfolio located in the region.
Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's first- quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
I will now turn the conference call over to the Head of Investor Relations of Chevron Corporation, Jeanine Wai. Please go ahead.
Thank you, Katie. Welcome to Chevron's first-quarter 2026 earnings conference call and webcast. I'm Jeanine Wai, Head of Investor Relations; our Chairman and CEO, Mike Wirth; and CFO, Eimear Bonner, are on the call with me today.
We'll refer to the slides and prepared remarks that are available on Chevron's website. Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. A reconciliation of non-GAAP measures can be found in the appendix to this presentation. Please review the cautionary statement and additional information presented on slide 2.
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