Chevron Corporation (CVX) Announced Q1 2026 Earnings on May 1, 2026, Reporting "earnings of $2.2 billion or $1.11 per share".

For the first quarter, Chevron reported earnings of $2.2 billion or $1.11 per share, and adjusted earnings were $2.8 billion or $1.41 per share.

The company generated cash flow from operations, excluding working capital, of $7.1 billion in the quarter.

Adjusted free cash flow was $4.1 billion for the quarter, and share repurchases were $2.5 billion.

Organic CapEx was $3.9 billion in the quarter.

Management highlighted strong momentum with U.S. production over 2 million barrels of oil equivalent per day, Gorgon and Wheatstone LNG running at full rates, and TCO producing above 1 million barrels of oil equivalent per day.

First quarter 2026 oil equivalent production increased by approximately 500,000 barrels per day compared to the first quarter of 2025. In Venezuela, Chevron announced an asset swap with PDVSA, expanding its continuous acreage position with Petro Independencia and increasing its equity stake to 49%.

Chevron confirmed that its 2026 guidance is unchanged.

The company maintained its capital spending budget of $18 billion to $19 billion for the year and expects 7% to 10% production growth this year.

Chevron is on track to deliver a $3 billion to $4 billion structural cost reduction target by year end.

Management also noted that the buyback range is staying within $2.5 billion to $3 billion.

Additionally, Chevron confirmed it is in exclusive discussions with Microsoft regarding a power project in West Texas, advancing the project by submitting an air permit, securing turbines, and selecting an EPC.