ChevronCVX

01Worldwide net oil-equivalent production in H1 2026 averaged 3.97 million barrels per day, up 18 percent from a year ago The increase was primarily due to the acquisition of Hess and growth in the Permian Basin and the Gulf of America Most of the equity LNG offtake from the operated Australian LNG assets is committed under binding long-term contracts

02The company achieved its structural cost reduction target six months early by capturing $3 billion in annual run-rate savings These cost savings were expected to largely come from optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including expanded use of global capability centers The company plans to continue to look for ways to further lower costs in the future For every dollar change in Brent crude oil prices, the company's annual after-tax earnings and cash flow sensitivity is approximately $600 million

03Cash provided by operating activities in H1 2026 was $25.1 billion, compared with $13.8 billion in the year-ago period Dividends of $7.0 billion paid to common stockholders during H1 2026; quarterly dividend declared at $1.78 per share The company repurchased 281 million shares for $44.0 billion under the 2023 Program, including $3.0 billion in Q2 2026 Share repurchases in Q3 2026 expected between $2.5-$3.0 billion Total debt and finance lease liabilities were $37.1 billion at June 30, 2026, down from $40.8 billion at December 31, 2025

04Chevron is leveraging its existing upstream infrastructure and R&D capabilities to capture adjacent revenue streams—contracted power for hyperscalers, surfactant licensing, and Iraq resource-access—that diversify earnings away from pure commodity exposure and monetize proprietary technology. These initiatives create option value that pure-play E&Ps cannot replicate.