FOR RELEASE AT 5:15 AM CT | EXHIBIT 99.1 |

Transcript

1. #1prepared remarks

   EX-99.1 2 a06302026ex9918-k.htm EX-99.1

2. #2prepared remarks

   | | | | | | | | | | | | | news release | |

3. #3prepared remarks

   | | | | | | FOR RELEASE AT 5:15 AM CT | EXHIBIT 99.1 | JULY 31, 2026 | |

4. #4prepared remarks

   Chevron Reports Second Quarter 2026 Results • Reported earnings of $12.1 billion; return on capital employed of 21 percent • Record U.S. production; worldwide production increased 20 percent from last year • Record crude unit throughput at U.S. refineries; crude unit utilization at 97 percent • Signed 20-year power agreement with Microsoft for West Texas data center HOUSTON, July 31, 2026 – Chevron Corporation (NYSE: CVX) reported earnings of $12.1 billion ($6.11 per share - diluted) for second quarter 2026. Included in the quarter were an asset sale gain of $230 million and pension settlement costs of $86 million. Foreign currency effects decreased earnings by $49 million. Adjusted earnings were $12.0 billion ($6.06 per share - diluted) for second quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.

5. #5prepared remarks

   Earnings & Cash Flow Summary | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Total Earnings / (Loss) | $ MM | $ | 12,072 | | $ | 2,210 | | $ | 2,490 | | $ | 14,282 | | $ | 5,990 | | Upstream | $ MM | $ | 8,182 | | $ | 3,909 | | $ | 2,727 | | $ | 12,091 | | $ | 6,485 | | Downstream | $ MM | $ | 4,868 | | $ | (817) | | $ | 737 | | $ | 4,051 | | $ | 1,062 | | All Other | $ MM | $ | (978) | | $ | (882) | | $ | (974) | | $ | (1,860) | | $ | (1,557) | | Earnings Per Share - Diluted | $/Share | $ | 6.11 | | $ | 1.11 | | $ | 1.45 | | $ | 7.21 | | $ | 3.45 | | Adjusted Earnings (1) | $ MM | $ | 11,977 | | $ | 2,793 | | $ | 3,053 | | $ | 14,770 | | $ | 6,866 | | Adjusted Earnings Per Share - Diluted (1) | $/Share | $ | 6.06 | | $ | 1.41 | | $ | 1.77 | | $ | 7.46 | | $ | 3.95 | | Cash Flow From Operations (CFFO) | $ B | $ | 22.6 | | $ | 2.5 | | $ | 8.6 | | $ | 25.1 | | $ | 13.8 | | CFFO Excluding Working Capital (1) | $ B | $ | 19.7 | | $ | 7.1 | | $ | 8.3 | | $ | 26.8 | | $ | 15.9 | | Avg. Brent Spot Price (Source: Platts) | $/BBL | $ | 104 | | $ | 81 | | $ | 68 | | $ | 92 | | $ | 72 | | (1) See non-GAAP mea…

6. #6Mike Wirth · Chevron's chairman and chief executive officer

   Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,

7. #7Wirth concluded

   And we have positioned the company to help power American AI dominance and generate resilient cash flows through leveraging our unique capabilities,

8. #8prepared remarks

   Financial and Business Highlights | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Return on Capital Employed (ROCE) | % | 21.4 | % | 4.5 | % | 6.2 | % | 13.0 | % | 7.3 | % | Capital Expenditures (Capex) | $ B | $ | 4.5 | | $ | 4.1 | | $ | 3.7 | | $ | 8.6 | | $ | 7.6 | | Affiliate Capex | $ B | $ | 0.3 | | $ | 0.3 | | $ | 0.4 | | $ | 0.6 | | $ | 0.9 | | Free Cash Flow (FCF) (1) | $ B | $ | 18.1 | | $ | (1.5) | | $ | 4.9 | | $ | 16.5 | | $ | 6.1 | | Adjusted Free Cash Flow (1) | $ B | $ | 15.4 | | $ | 4.1 | | $ | 4.9 | | $ | 19.6 | | $ | 9.1 | | | | | | | | | | | | | | | | Debt-to-CFFO | Ratio | 0.8x | 1.5x | 0.9x | 0.8x | 0.9x | Net debt-to-CFFO (1) | Ratio | 0.6x | 1.3x | 0.8x | 0.6x | 0.8x | Net Oil-Equivalent Production | MBOED | 4,070 | | 3,858 | | 3,396 | | 3,965 | | 3,374 | | (1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments |

9. #9prepared remarks

   Financial Highlights • Reported earnings increased compared to second quarter 2025 primarily due to reliable operations with higher commodity prices, higher margins on refined product sales, and impacts from higher sales volumes. This includes $1.4 billion in favorable timing effects 1 . • Production in the second quarter of 2026 was 20 percent higher than second quarter last year largely due to the contribution from legacy Hess assets, and growth in the Permian Basin and Gulf of America. • U.S. refinery crude unit throughput was a record 1.07 million barrels per day, reflecting reliable crude unit capacity utilization of more than 97 percent. • Cash flow from operations in the second quarter of 2026 was higher than a year ago due to record U.S. production with higher commodity prices, increased cash distributions from Tengizchevroil LLP, and favorable working capital effects. • Capex in the second quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin. • Total debt was reduced by a record $8.4 billion in the quarter, further strengthening Chevron’s balance sheet and reinforcing the company’s…

10. #10prepared remarks

    Business Highlights and Milestones • Signed an agreement to develop a power facility in West Texas designed to provide approximately 2.67 gigawatts of behind-the-meter dedicated electricity capacity to a Microsoft data center under a 20-year power purchase agreement.

11. #11prepared remarks

    1 As such term is defined in "Notice" below.

12. #12prepared remarks

    • Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline in one of the world's largest hydrocarbon resource basins. • Completed the sale of the Hong Kong downstream fuels and lubricants businesses. • Signed an agreement to sell the company’s 50 percent interest in the Singapore Refining Company and other downstream assets in Singapore, Vietnam, Australia, Indonesia, the Philippines and Malaysia. This transaction is expected to close in 2027. • Announced a technology licensing agreement to commercialize and expand deployment of Chevron-developed chemical surfactant technology, reflecting Chevron’s technology leadership in advanced chemicals to improve recovery from unconventional reservoirs.

13. #13prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Upstream | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Earnings / (Loss) | $ MM | $ | 3,541 | | $ | 2,112 | | $ | 1,418 | | $ | 5,653 | | $ | 3,276 | | Net Oil-Equivalent Production | MBOED | 2,077 | | 2,024 | | 1,695 | | 2,051 | | 1,666 | | Liquids Production | MBD | 1,491 | | 1,461 | | 1,218 | | 1,476 | | 1,189 | | Natural Gas Production | MMCFD | 3,520 | | 3,380 | | 2,864 | | 3,450 | | 2,861 | | Liquids Realization | $/BBL | $ | 70.80 | | $ | 51.94 | | $ | 47.77 | | $ | 61.52 | | $ | 51.40 | | Natural Gas Realization | $/MCF | $ | 0.91 | | $ | 2.48 | | $ | 1.75 | | $ | 1.67 | | $ | 2.12 | |

14. #14prepared remarks

    • U.S. upstream earnings were higher primarily due to higher liquids realizations and sales volumes, partly offset by higher depreciation, depletion and amortization, lower natural gas realizations, and the absence of a prior year asset sale gain. • Net oil-equivalent production during the quarter was up 382,000 barrels per day from the year-ago period, achieving a new quarterly production record. The increase was primarily due to the acquisition of Hess and growth in the Permian Basin and Gulf of America.

15. #15prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | | | International Upstream | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Earnings / (Loss) (1) | $ MM | $ | 4,641 | | $ | 1,797 | | $ | 1,309 | | $ | 6,438 | | $ | 3,209 | | Net Oil-Equivalent Production | MBOED | 1,993 | | 1,834 | | 1,701 | | 1,914 | | 1,708 | | Liquids Production | MBD | 1,094 | | 974 | | 850 | | 1,034 | | 836 | | Natural Gas Production | MMCFD | 5,390 | | 5,161 | | 5,099 | | 5,277 | | 5,235 | | Liquids Realization | $/BBL | $ | 96.41 | | $ | 77.50 | | $ | 58.88 | | $ | 87.38 | | $ | 63.12 | | Natural Gas Realization | $/MCF | $ | 7.84 | | $ | 6.99 | | $ | 7.20 | | $ | 7.43 | | $ | 7.16 | | (1) Includes foreign currency effects | $ MM | $ | (77) | | $ | (233) | | $ | (236) | | $ | (310) | | $ | (372) | |

16. #16prepared remarks

    • International upstream earnings were higher than a year ago primarily due to higher sales volumes and liquids realizations and favorable timing effects, partly offset by higher depreciation, depletion and amortization. • Net oil-equivalent production during the quarter was up 292,000 barrels per day from the year-ago period primarily due to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict.

17. #17prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Downstream | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Earnings / (Loss) | $ MM | $ | 2,411 | | $ | 196 | | $ | 404 | | $ | 2,607 | | $ | 507 | | Refinery Crude Unit Inputs | MBD | 1,070 | | 1,054 | | 1,051 | | 1,063 | | 1,034 | | Refined Product Sales | MBD | 1,320 | | 1,265 | | 1,381 | | 1,293 | | 1,337 | |

18. #18prepared remarks

    • U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales and higher earnings from the 50 percent-owned affiliate, Chevron Phillips Chemical Company LLC. • Refinery crude unit inputs increased 2 percent from the year-ago period as refineries operated reliably at record levels near capacity. • Refined product sales decreased 4 percent compared to the year-ago period due to lower demand for gasoline.

19. #19prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | | | International Downstream | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Earnings / (Loss) (1) | $ MM | $ | 2,457 | | $ | (1,013) | | $ | 333 | | $ | 1,444 | | $ | 555 | | Refinery Crude Unit Inputs | MBD | 598 | | 616 | | 661 | | 608 | | 640 | | Refined Product Sales | MBD | 1,287 | | 1,493 | | 1,473 | | 1,389 | | 1,436 | | (1) Includes foreign currency effects | $ MM | $ | 31 | | $ | 8 | | $ | (102) | | $ | 39 | | $ | (99) | |

20. #20prepared remarks

    • International downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales, including favorable timing effects, an asset sale gain, and a favorable swing in foreign currency effects. • Refinery crude unit inputs decreased 10 percent from the year-ago period due to supply disruptions from the Middle East conflict. • Refined product sales decreased 13 percent from the year-ago period due to supply disruptions from the Middle East conflict and lower demand for gasoline and diesel fuel.

21. #21prepared remarks

    All Other | | | | | | | | | | | | | | | | | | | | | | | | | | | All Other | Unit | 2Q 2026 | 1Q 2026 | 2Q 2025 | YTD 2026 | YTD 2025 | Net charges (1) | $ MM | $ | (978) | | $ | (882) | | $ | (974) | | $ | (1,860) | | $ | (1,557) | | (1) Includes foreign currency effects | $ MM | $ | (3) | | $ | 2 | | $ | (10) | | $ | (1) | | $ | (15) | |

22. #22prepared remarks

    • All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. • Net charges were relatively flat compared to a year ago as higher employee benefit costs and higher interest expense were offset by the absence of prior-year unfavorable fair value adjustment on Hess shares.

23. #23prepared remarks

    Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com . # # # Contact: James Craig -- +1 925-842-1319

24. #24in the

    Events and Presentations

25. #25prepared remarks

    CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

26. #26prepared remarks

    This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materiall…

27. #27prepared remarks

    | | | | | | | | | | | | | | | | CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 1 | | (Millions of Dollars, Except Per-Share Amounts) | | | | (unaudited) | | |

28. #28prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENT OF INCOME | | | | Three Months Ended June 30, | | Six Months Ended June 30, | REVENUES AND OTHER INCOME | 2026 | | 2025 | | 2026 | | 2025 | Sales and other operating revenues | $ | 67,199 | | | $ | 44,375 | | | $ | 114,755 | | | $ | 90,476 | | Income (loss) from equity affiliates | 2,125 | | | 536 | | | 2,870 | | | 1,356 | | Other income (loss) | 731 | | | (89) | | | 1,037 | | | 600 | | Total Revenues and Other Income | 70,055 | | | 44,822 | | | 118,662 | | | 92,432 | | COSTS AND OTHER DEDUCTIONS | | | | | | | | Purchased crude oil and products | 36,607 | | | 26,858 | | | 64,872 | | | 55,468 | | Operating expenses (1) | 8,861 | | | 7,646 | | | 17,585 | | | 15,286 | | Exploration expenses | 256 | | | 252 | | | 461 | | | 439 | | Depreciation, depletion and amortization | 6,082 | | | 4,344 | | | 11,890 | | | 8,467 | | Taxes other than on income | 1,213 | | | 1,301 | | | 2,527 | | | 2,556 | | Interest and debt expense | 352 | | | 274 | | | 697 | | | 486 | | Total Costs and Other Deductions | 53,371 | | | 40,675 | | | 98,032 | | | 82,702 | | Income (Loss) Before Income Tax Expense | 16,684 | | | 4,1…

29. #29prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | EARNINGS BY MAJOR OPERATING AREA | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Upstream | | | | | | | | United States | $ | 3,541 | | | $ | 1,418 | | | $ | 5,653 | | | $ | 3,276 | | International | 4,641 | | | 1,309 | | | 6,438 | | | 3,209 | | Total Upstream | 8,182 | | | 2,727 | | | 12,091 | | | 6,485 | | Downstream | | | | | | | | United States | 2,411 | | | 404 | | | 2,607 | | | 507 | | International | 2,457 | | | 333 | | | 1,444 | | | 555 | | Total Downstream | 4,868 | | | 737 | | | 4,051 | | | 1,062 | | All Other | (978) | | | (974) | | | (1,860) | | | (1,557) | | NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION | $ | 12,072 | | | $ | 2,490 | | | $ | 14,282 | | | $ | 5,990 | |

30. #30prepared remarks

    | | | | | | | | | | | | | | | | CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 2 | | (Millions of Dollars) | | | | (unaudited) | | |