CVX

ExxonMobil Holdings Corporation XOM paired sharply higher second-quarter revenues with record production marks, but adjusted earnings still missed expectations. The mix shows how volume growth and tighter product markets can lift results while costs and regional disruption remain material earnings variables. Advantaged Permian and Guyana assets support future volumes and cash generation. Refining, chemicals and Middle East exposure, however, leave results sensitive to market conditions outside the company’s control. Adjusted earnings of $3.52 per share missed the Zacks Consensus Estimate of $3.68 by 4.3%. Revenues of $116 billion beat the consensus mark by 21.1% and increased 42.3% year over year. Higher scheduled-maintenance expenses and increased depreciation weighed on earnings, while Middle East conditions disrupted production. The revenue beat therefore did not fully offset operating and cost pressures. Upstream production totaled 4.514 million oil-equivalent barrels per day in the second quarter. ExxonMobil’s broader plan shows production rising from 4.3 million oil-equivalent barrels per day (Moebd) in 2024 to 4.6 million year to date in 2026 and about 5.5 million by 2030. Advantaged assets increased from 52% of upstream production in 2024 to 59% year to date in 2026 and are planned at about 65% by 2030. Image Source: ExxonMobil Holdings Corporation Permian output exceeded a record 1.8 million oil-equivalent barrels per day, with management targeting a 9% production compound annual growth rate through 2030. The fifth Guyana floating production, storage and offloading vessel is slated to start in the fourth quarter, adding 250,000 barrels per day of capacity. Chevron Corporation CVX also reported record U.S. upstream production of nearly 2.1 million oil-equivalent barrels per day in the second quarter. Energy Products generated $4.10 billion of adjusted earnings as stronger refining conditions, optimization and structural savings supported results. Chemical Products adjusted earnings rose to $1.21 billion from $110 million in the first quarter. The sequential gains also highlight cyclicality. Refining and chemical earnings remain exposed to margins, feedstock costs, trading results and supply conditions, leaving room for sharp swings as markets change. Middle East assets represent about 20% of ExxonMobil’s global oil-equivalent production. The conflict temporarily removed about 10% of total upstream production during the second quarter, making regional conditions an important near-term volume variable. A full-quarter Strait of Hormuz closure in the third quarter could reduce Middle East production by about 750,000 oil-equivalent barrels per day versus 2025. Shell plc SHEL reported Integrated Gas production of 631,000 oil-equivalent barrels per day in the second quarter, down from 909,000 in the first quarter as Qatar-related disruptions reduced volumes. ExxonMobil generated $17.2 billion of free cash flow while cash capital expenditures totaled $6.8 billion in the second quarter. That capacity supports continued investment in the Permian, Guyana and liquefied natural gas projects through volatile conditions. Shareholder distributions reached $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases. Net debt fell by more than $7 billion during the quarter, preserving financial flexibility for growth and capital returns. ExxonMobil exits the quarter with a clear trade-off. Advantaged production growth and stronger Product Solutions earnings support cash generation, but commodity sensitivity and Middle East disruption can still reduce earnings visibility. The stock currently carries a Zacks Rank #3 (Hold), which points to a neutral short-term stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Its Value Score of A, Growth Score of A, Momentum Score of A and VGM Score of A indicate favorable characteristics across all three styles, but the Style Scores complement rather than override the Zacks Rank. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ExxonMobil Holdings Corporation (XOM) : Free Stock Analysis Report Chevron Corporation (CVX) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Chevron (NYSE: CVX) posted stellar second-quarter results at the end of July, beating the street's estimates thanks to higher oil prices, increased production volumes, and strong margins. However, even bigger news is that Chevron has entered into a 20-year power purchase agreement (PPA) to build a natural gas-powered facility to power Microsoft's (NASDAQ: MSFT) artificial intelligence (AI)-focused data center in Texas. The move comes as hyperscalers scramble to find energy for the ever-growing data center footprints. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » For Chevron, it locks in long-term revenue, insulating it from volatile commodity prices. Here are details of its recent deal and what it means for Chevron investors. On June 22, Chevron inked a 20-year take-or-pay power purchase agreement with Microsoft to provide electricity for a Microsoft-operated data center. The agreement is part of Project Kilby, in which Chevron (through its subsidiary Energy Forge One), Engine No. 1, and Microsoft are working together to develop roughly 2.67 gigawatts (GW) of on-site power. As part of this project, most of the power will come from GE Vernova's gas-powered turbines and related infrastructure. Additional capacity will come from Solar Turbines, a wholly owned subsidiary of Caterpillar. The modular approach enables the project to add capacity over time, and the power plant is expected to begin supplying power by 2028. Chevron plays a key role as a co-investor and developer through Energy Forge One, as well as a fuel provider. Chevron will supply natural gas from its Permian Basin production field directly to the power plant, while Energy Forge One will manage the long-term operations, including maintenance and water management systems. The move into AI data centers provides Chevron with a targeted, high-margin commercial expansion. This behind-the-meter data center allows Chevron to use associated natural gas, a byproduct of crude oil drilling. Because of limited capacity, companies often have to burn off excess gas, but now Chevron has a place to redirect it as hyperscalers seek baseload energy from natural gas turbines. The 20-year PPA take-or-pay contract provides Chevron with stable revenue over the life of the contract. The take-or-pay model ensures Chevron recovers its investment and eliminates upstream gas price volatility, while Microsoft secures scarce energy decades in advance. The AI data center build-out continues to reveal the true bottleneck for hyperscalers: reliable power. This deal helps Chevron add another revenue stream benefiting from AI's secular growth and could pave the way for more deals in the future. It's the kind of news long-term investors should pay closer attention to. Before you buy stock in Chevron, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Chevron wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $440,710!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 29, 2026. Courtney Carlsen has positions in Chevron, GE Vernova, and Microsoft. The Motley Fool has positions in and recommends Caterpillar, Chevron, GE Vernova, and Microsoft. The Motley Fool has a disclosure policy. Chevron's Microsoft Data Center Deal Was a Bigger Story Than Its Earnings. Here's Why. was originally published by The Motley Fool

Chemical stock Chevron has posted strong multi year returns, yet current valuation checks still point to the shares trading below an internally estimated intrinsic value based on a Discounted Cash Flow (DCF) model and on earnings multiples. Over the past 5 years the stock has returned 149.8%, which puts recent strength front and center as you weigh what today’s price really offers. Fresh exploration success offshore Angola and ongoing investment in areas like AI assisted exploration can support expectations for future cash flows, while exposure to oil price swings remains a key risk for how those cash flows eventually compare with today’s assumptions. The broader valuation checks paint a mixed picture rather than a clear bargain or clear overvaluation, with Chevron scoring 3 out of 6 on value. The stock’s next move may depend on whether the current discount to the intrinsic value estimate offers enough compensation for the operational and commodity risks that come with Chevron. Spot 46 high quality undervalued stocks that, like Chevron, combine multi year returns with valuation signals that still indicate a potential discount on cash flows and earnings multiples. The Discounted Cash Flow (DCF) model here looks at what Chevron’s future cash generation could be worth today. On the latest twelve-month numbers, Chevron produced about $27.2 billion of free cash flow, and the model assumes these cash flows keep growing from this base rather than shrinking. That supports an estimated intrinsic value of about $368 per share within the model’s assumptions. Compared with the current share price, this framework implies Chevron appears around 45.6% undervalued on this DCF view. The recent oil and gas condensate discovery offshore Angola, which management plans to link into existing infrastructure, is one factor used to support the projected cash flows in the model, while commodity price volatility remains an important source of uncertainty for investors. Overall, the discounted cash flow analysis here indicates that Chevron stock appears undervalued relative to the cash the business is expected to produce under the model’s assumptions. Our Discounted Cash Flow (DCF) analysis suggests Chevron is undervalued by 45.6%. Track this in your watchlist or portfolio, or discover 46 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Chevron. The P/E ratio is a useful quick check for Chevron because earnings remain a key anchor for how investors value large integrated oil and gas groups. Chevron trades on about 19.0x earnings, which is above both the Oil and Gas industry average of roughly 12.8x and a peer group average of about 16.5x. On simple comparisons, that looks like a premium. However, the tailored fair P/E ratio for Chevron, which blends its size, profitability profile and risk factors, is around 25.5x. That is well above where the stock currently trades. The gap between the current 19.0x P/E and the 25.5x fair multiple suggests Chevron screens as undervalued on this earnings based yardstick, even though it already prices richer than the sector averages. Overall, Chevron stock appears undervalued on the P/E multiple when set against the fair ratio implied by its own fundamentals. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where Chevron's valuation puzzle leaves off and spell out what sort of growth, margins and earnings profile would need to unfold for the stock to be worth materially more or materially less than today’s price on the Community page. Rather than relying on a single multiple or model, each Narrative lays out the assumptions sitting behind its view of fair value so you can compare those expectations with Chevron's reported results over time. Be one of the early voices in the Simply Wall St community to set out a number driven case on Chevron, including a view on whether the Angola offshore discovery and Chevron's use of AI in exploration could justify where the stock goes next. Share a Narrative on Chevron and track how your thesis holds up as new results and project updates arrive. Do you think there's more to the story for Chevron? Head over to our Community to see what others are saying! Chevron screens as undervalued on both the Discounted Cash Flow (DCF) intrinsic value estimate and the earnings multiple view, even though the broader checks are mixed rather than emphatically cheap. The key question for you is whether the cash flows implied in that intrinsic value, including projects like Angola and AI assisted exploration, materialise in a way that justifies those assumptions. If you think commodity swings and execution risks are already reflected in the current discount, Chevron may appear to be a mispriced cash flow story. If those risks prove heavier than expected, the present gap to intrinsic value could instead reflect the market pricing that uncertainty. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CVX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Management's own scorecard still leads with dollars, but the return measure that used to sit beside it was absent again, and that changes what a holder is actually betting on. ExxonMobil (XOM) has returned 46% over the past year against roughly 20.5% for the S&P 500, and it earned $14.5 billion in the second quarter of 2026. Set what management foregrounds now beside what it led with two years ago, and one measure has slipped out of the lead: what its capital actually earns. The Latest Results Leave Out The 13% Return on Capital Reporting on 2024, management led with full-year earnings of $34 billion and cited a return measure alongside them: "return on capital employed of 13%." What it foregrounds in the second quarter of 2026 is levels and running totals instead: $14.5 billion of earnings and $16.3 billion of cumulative structural cost savings since 2019. Neither says what the capital base earns. That savings program's latest step came in July 2026, when upstream operations were folded into one global operations organization of roughly 31,000 employees. A Fifth Vessel In Guyana And A Record In The Permian Much of the cash behind those totals goes back into a capital base that keeps growing: cash capital expenditures ran roughly $7 billion in the second quarter of 2026. The Guyana venture has recovered the $55 billion it invested there, nearly two years earlier than anticipated, and its fifth production vessel, Errea Wittu, sailed in June 2026 and, management said in July, remained on track for start-up by the end of 2026. Permian volumes set a record above 1.8 million oil-equivalent barrels a day, produced from acreage that supports extended reach laterals. Over the same three months, more than $9 billion went back to shareholders through dividends and share repurchases, and net debt fell by more than $7 billion. A balance sheet that strengthens through an investment phase this heavy is the kind of property the Trefis High Quality Portfolio favors. Revenue Accelerated To 9.6% While The Margin Slipped That growing base is why the missing ratio matters. Revenue over the past twelve months is about $361 billion, up 9.6% year over year against a three-year average growth rate of 0.0%. Profitability went the other way: the trailing operating margin is 10.7% against a three-year average of 11.7%. Management called the quarter exceptional despite a Middle East disruption that temporarily cost roughly 10% of upstream production; that same disruption also pushed chemical product margins up about 180% from the first quarter of 2026. The trailing year, which still absorbs that one exceptional quarter, is closer to the run rate than Q2 alone; a return figure would tell a holder how close. Reassuring On Cash, Silent On Return None of this is evasion, and the quiet is not in itself a warning. Guyana's cost recovery genuinely converts entitlement volume into free cash flow, and management's stated focus is value rather than volume. But a holder who bought a compounding-returns story now owns a company reporting bigger dollar totals on a thinner trailing margin, and the measure that would settle it has left the front of the results. Watch whether the corporate plan update due at the end of 2026 puts a return-on-capital figure back beside that savings total. Meanwhile, the question worth asking is not how much cash the business threw off, but which companies actually earn a rising return on the capital they keep spending. Unanswered Questions Cost The Biggest Holders The Most When management leaves questions open, the uncertainty weighs heaviest on whoever owns the most of the stock. Concentration tends to arrive by accident rather than by decision. What your largest position would do to your net worth is exactly what the Trefis Wealth team computes, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions.

Petróleo Brasileiro S.A. - Petrobras PBR delivered a second-quarter 2026 earnings beat as record production, higher exports and a sharp rise in Brent prices lifted results. Earnings per ADS reached $1.72 versus the Zacks Consensus Estimate of $1.52, while revenues rose 59.8% year over year to $33.61 billion. The question now is durability. Production still has room to ramp and refining is operating at record utilization, but a less favorable crude-price backdrop could test how much of the earnings step-up can persist. Petrobras beat the earnings estimate by 13.2%, while revenues topped the $30.83 billion consensus mark by 9%. Adjusted EBITDA excluding one-off events reached $19.96 billion, up 95.1% year over year. Exploration and Production revenues climbed 58.2% to $22.79 billion. Higher production and Brent prices lifted segment gross profit 72.2% to $13.44 billion. Brazil oil and natural gas liquids production rose 15.2% year over year to 2.689 million barrels per day. P-79 started three months ahead of the 2026-2030 Business Plan, while P-78 and Alexandre de Gusmão continued ramping. Image Source: Petrobras Petrobras identified about 270,000 barrels per day of remaining ramp-up capacity for the second half of 2026. Chevron Corporation CVX also posted record U.S. upstream output of nearly 2.1 million oil-equivalent barrels per day in the second quarter. Refinery utilization reached a record 101.2%, while oil-products output rose 10.9% year over year to 1.918 million barrels per day. Oil-products imports fell to 67,000 barrels per day, the lowest quarterly volume on record. Refining, Transportation and Marketing revenues advanced 63.4% to $32.35 billion. Segment adjusted EBITDA increased to $3.56 billion from $1.08 billion a year earlier. Operating cash flow reached $12.25 billion, while capital expenditures totaled $5.29 billion. About 82% of quarterly capital spending went to Exploration and Production projects. Gross debt ended June at $70.81 billion and net debt at $60.39 billion, while net debt to trailing 12-month adjusted EBITDA improved to 1.14 times from 1.43 times. Exxon Mobil Corporation XOM reported $23.6 billion of second-quarter cash flow from operating activities, providing another large-cap reference point for sector cash generation. Image Source: Petroleo Brasileiro S.A. - Petrobras Brent averaged $104.52 per barrel in the second quarter, up from $80.61 in the first. That 29.7% sequential increase amplified the benefit from higher production and exports. Management expects Brent to move back toward the assumptions used in Petrobras' strategic plan. If that occurs, higher output and refining efficiency will need to offset some lost price support, making future quarters a clearer test of earnings durability. Petrobras has an operational path to carry some second-quarter gains forward through platform ramp-ups and record refining activity. Still, the current earnings level also reflects an oil-price environment that management does not expect to persist. PBR currently carries a Zacks Rank #4 (Sell). It also has a Value Score of A, Growth Score of A, Momentum Score of A and VGM Score of A. Those Style Scores indicate favorable characteristics across the four measures, but they complement the Zacks Rank rather than override it. With a #4 Rank, the near-term estimate-revision signal remains the more cautious indicator. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report Chevron Corporation (CVX) : Free Stock Analysis Report ExxonMobil Holdings Corporation (XOM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Petroleo Brasileiro S.A., or Petrobras PBR, reported second-quarter 2026 earnings per ADS of $1.72, up 168.8% from 64 cents a year ago and above the Zacks Consensus Estimate of $1.52. The 13.2% earnings surprise reflected stronger production, exports and Brent pricing. Revenues jumped 59.8% year over year to $33,607 million and beat the $30,831 million consensus estimate by 9%. Total oil, NGL and natural gas production reached a record 3,336 thousand barrels of oil equivalent per day (MBOE/d). Exploration & Production revenues surged 58.2% year over year to $22,785 million. Segment net income attributable to Petrobras shareholders more than doubled to $8,250 million from $3,974 million, while adjusted EBITDA rose 77% to $15,874 million. Brazil oil and NGL production climbed 15.2% to 2,689 MBOE/d. Growth reflected higher operational efficiency, the ramp-up of Maria Quitéria, Alexandre de Gusmão and P-78, and the start-up of P-79.  The strong upstream backdrop was also evident across major integrated peers. Chevron CVX reported second-quarter production growth of more than 200,000 barrels of oil equivalent per day sequentially, while ExxonMobil Holdings XOM achieved record Permian production of more than 1.8 million barrels of oil equivalent per day. Petroleo Brasileiro S.A.- Petrobras price-consensus-eps-surprise-chart | Petroleo Brasileiro S.A.- Petrobras Quote Refining, Transportation and Marketing revenues advanced 63.4% year over year to $32,351 million. Net income attributable to shareholders rose to $1,920 million from $217 million, and adjusted EBITDA increased to $3,562 million from $1,080 million. Oil products output increased 10.9% to 1,918 thousand barrels per day, while refinery utilization reached a record 101.2%. Oil products imports fell to 67 thousand barrels per day, the lowest quarterly volume on record. Refining strength extended beyond Petrobras. Chevron recorded more than 1 million barrels per day of U.S. refinery throughput, while ExxonMobil posted record second-quarter diesel production as constrained global refining capacity supported margins. Gas and Low Carbon Energies revenues increased 10.6% year over year to $2,406 million. Segment net income attributable to Petrobras shareholders rose to $190 million from $88 million, while adjusted EBITDA climbed 77.5% to $419 million. Natural gas sales volume increased 7.1% to 45 million cubic meters per day. Petrobras also introduced a Brent-linked price band mechanism for natural gas contracts, setting minimum and maximum limits to reduce exposure to international price volatility. Consolidated net income attributable to shareholders rose 120.3% year over year to $10,428 million. Net income excluding one-off events increased 170% to $11,073 million, while adjusted EBITDA excluding one-off events advanced 95.1% to $19,959 million. The reported income statement showed quarterly gross profit of $19,493 million. Operating expenses increased to $5,240 million. Higher taxes related to crude oil exports and lower foreign-exchange gains partly offset stronger operating performance. Cost discipline remained an industry theme as well. Chevron reached $3 billion of structural cost reductions six months early, while ExxonMobil lifted cumulative structural cost savings since 2019 to $16.3 billion. Petrobras generated $12,250 million of operating cash flow in the quarter as higher production and sales strengthened cash generation. Capital expenditures totaled $5,291 million, with 82% directed toward Exploration & Production projects. The Rank #4 (Sell) company ended June with gross debt of $70,806 million and net debt of $60,388 million. Petrobras continues to prioritize production growth and capital discipline while advancing major projects. For comparison, Chevron generated $15,433 million of adjusted free cash flow in the quarter, while ExxonMobil reported $23,555 million of cash flow from operations, highlighting the strong cash-generation environment across large integrated energy producers. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report Chevron Corporation (CVX) : Free Stock Analysis Report ExxonMobil Holdings Corporation (XOM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Golar LNG Limited (GLNG) reported impressive second-quarter 2026 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year. Quarterly earnings of 68 cents per share surpassed the Zacks Consensus Estimate of 30 cents and increased year over year. Revenues of $130.5 million outpaced the Zacks Consensus Estimate of $125 million and improved 72% year over year. Golar LNG Limited price-consensus-eps-surprise-chart | Golar LNG Limited Quote Adjusted EBITDA of $127.36 million improved 159% year over year. GLNG exited the second quarter of 2026 with cash and cash equivalents of $870.47 million compared with $1.01 billion at the end of the prior quarter. GLNG’s share of contractual debt at the end of the reported quarter increased 31% to $2.68 billion. GLNG’s board of directors approved a second-quarter 2026 dividend of 25 cents per share. The dividend will be paid on Sept. 2, 2026, to shareholders of record at the close of business on Aug. 24. As of June 30, 2026, GLNG had 102.1 million shares issued and outstanding. Currently, GLNG sports a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Eni S.p.A.E reported second-quarter 2026 adjusted earnings of $1.76 per American Depository Receipt, missing the Zacks Consensus Estimate of $1.90 by 7.4%. The bottom line increased 122.8% from the year-ago quarter’s 79 cents. Quarterly revenues of $26.35 billion rose 21.5% year over year and surpassed the consensus estimate of $24 billion by 9.8%. Higher commodity realizations, production growth and stronger segment profitability supported revenues. Chevron CorporationCVX reported second-quarter 2026 adjusted earnings of $6.06 per share, which beat the Zacks Consensus Estimate of $5.80 by 4.5%. The outperformance was driven by higher commodity prices, increased upstream production following the Hess acquisition, stronger refined-product margins and higher sales volumes. The company generated revenues of $70.06 billion. The metric beat the Zacks Consensus Estimate of $57.53 billion and increased 56.3% year over year.  The increase was primarily driven by a 51.4% year-over-year increase in sales and other operating revenues, along with a 296.5% rise in income from equity affiliates. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Golar LNG Limited (GLNG) : Free Stock Analysis Report Chevron Corporation (CVX) : Free Stock Analysis Report Eni SpA (E) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, Chevron (CVX) reported revenue of $70.06 billion, up 56.3% over the same period last year. EPS came in at $6.06, compared to $1.77 in the year-ago quarter. The reported revenue represents a surprise of +21.78% over the Zacks Consensus Estimate of $57.53 billion. With the consensus EPS estimate being $5.80, the EPS surprise was +4.48%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Chevron performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: U.S. Upstream - Net oil-equivalent production per day: 2077 millions of barrels of oil equivalent per day versus 2046.62 millions of barrels of oil equivalent per day estimated by four analysts on average. U.S. and International Upstream - Total net oil-equivalent production: 4070 millions of barrels of oil equivalent versus the four-analyst average estimate of 4047.93 millions of barrels of oil equivalent. International Upstream - Net oil-equivalent production per day: 1993 millions of barrels of oil equivalent per day versus the four-analyst average estimate of 2001.05 millions of barrels of oil equivalent per day. U.S. Upstream - Net natural gas production per day: 3,520.00 Mcf/D compared to the 3,363.76 Mcf/D average estimate based on three analysts. International Upstream - Net natural gas production per day (Natural Gas Production): 5,390.00 Mcf/D versus the three-analyst average estimate of 5,348.14 Mcf/D. Segment sales and other operating revenues- Upstream- International: $11.87 billion compared to the $12.33 billion average estimate based on two analysts. The reported number represents a change of +69.5% year over year. Segment sales and other operating revenues- Upstream- United States: $5.66 billion versus $9.29 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +39.3% change. Revenue from net production- Crude- U.S. Upstream: $95.66 million versus the two-analyst average estimate of $87.82 million. Revenue from net production- NGLs- U.S. Upstream: $21.56 million compared to the $22.48 million average estimate based on two analysts. Revenues- Income (loss) from equity affiliates: $2.13 billion compared to the $1.12 billion average estimate based on two analysts. The reported number represents a change of +296.5% year over year. Revenues- Sales and other operating revenues: $67.2 billion compared to the $59.3 billion average estimate based on two analysts. The reported number represents a change of +51.4% year over year. Revenues- Other income: $731 million versus the two-analyst average estimate of $244.88 million. The reported number represents a year-over-year change of -921.4%. View all Key Company Metrics for Chevron here>>> Shares of Chevron have returned +7% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Chevron Corporation CVX has entered the second half of 2026 with considerable operating momentum. The company recently delivered an impressive quarterly beat, reporting adjusted earnings of $12 billion for the second quarter of 2026. The strong performance was supported by solid operational execution, higher crude oil price realizations, robust refining margins and increased production following the Hess acquisition. Results were further underpinned by stronger cash flow, a resilient upstream portfolio and disciplined shareholder returns. Yet with shares lagging both ExxonMobil XOM and Shell SHEL, and valuation sitting at a premium, the bigger question is whether this momentum can translate into meaningful upside for investors. Chevron’s second-quarter operating performance was impressive. Worldwide net oil-equivalent production reached 4.07 million barrels per day, up 20% year over year, driven largely by legacy Hess assets and growth in the Permian Basin and Gulf of America. U.S. production reached a record 2.07 million barrels of oil equivalent per day. Refining operations were similarly strong, with U.S. crude unit throughput reaching a record 1.07 million barrels per day and utilization exceeding 97%. Higher commodity prices amplified those operating gains. Chevron reported second-quarter earnings of $12.1 billion, or $6.11 per share, while adjusted earnings totaled roughly $12 billion, or $6.06 per share. Cash flow from operations excluding working capital was $19.7 billion, while adjusted free cash flow reached $15.4 billion. That cash generation has provided significant financial flexibility. Chevron reduced debt by a record $8.4 billion during the quarter, while its net debt-to-CFFO ratio improved to 0.6X. At the same time, the company continued returning capital, paying $3.5 billion of dividends and repurchasing $3 billion of shares during the quarter. Image Source: Chevron Corporation The Hess acquisition is also showing tangible benefits. One year after closing, Chevron had captured $1.5 billion of annual run-rate synergies — 50% above its initial target and six months ahead of schedule. Management said the acquired assets are generating free cash flow at roughly twice the incremental dividend burden, while Guyana provides exposure to high-margin production growth extending into the 2030s. Cost discipline offers another lever. Chevron achieved $3 billion of annual run-rate structural cost reductions six months early, with more than 70% of the savings stemming from efficiency improvements. Meanwhile, management expects 2026 shale and tight capital spending per barrel of oil equivalent to be 25% below last year, indicating that production growth is becoming more capital efficient. Chevron is also broadening its opportunity set beyond conventional oil and gas. Project Kilby in West Texas includes a 20-year take-or-pay agreement to supply Microsoft with 2.67 gigawatts of behind-the-meter power. Management expects the project to generate mid-teens returns and long-duration cash flows that are less correlated with commodity cycles, although the project remains subject to final investment decision and execution. Commodity exposure remains the biggest swing factor. Chevron estimates that every $1 change in Brent affects full-year after-tax earnings and cash flow by roughly $600 million. Second-quarter Brent averaged nearly $104 per barrel, providing a substantial earnings tailwind that may not persist. Image Source: Chevron Corporation Near-term operations also face maintenance headwinds. Chevron expects third-quarter upstream turnarounds and downtime to reduce production by 150,000-200,000 barrels of oil equivalent per day, while downstream maintenance could reduce after-tax earnings by $175-$225 million. Geopolitical exposure, particularly around Kazakhstan’s CPC export route and the Middle East, adds another layer of uncertainty. The company itself identifies commodity prices, OPEC+ actions, geopolitical conflicts and operational disruptions among material risks. Chevron’s shares have gained 1% over the past three months compared with the sub-industry’s 0.3% growth. However, the company underperformed its peers, as ExxonMobil and Shell have risen 2.2% and 3.7%, respectively, during the same time period. Image Source: Zacks Investment Research Chevron’s premium valuation also leaves less room for error. The stock trades at roughly a 12.61X forward price-to-earnings multiple, notably higher than Shell’s 9.44X but below ExxonMobil’s 13.32X. Image Source: Zacks Investment Research Chevron’s underlying picture is constructive: record production, accelerating Hess synergies, structural cost reductions, robust cash generation and a stronger balance sheet provide a solid foundation. The Microsoft power agreement also introduces an intriguing source of contracted, commodity-diversified growth. However, elevated commodity sensitivity and upcoming maintenance could create earnings volatility after an exceptionally strong second quarter. For now, Chevron, currently carrying a Zacks Rank #3 (Hold), appears well positioned operationally, but investors may want clearer evidence that recent earnings strength can endure through a less supportive commodity environment before taking a more bullish stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report ExxonMobil Holdings Corporation (XOM) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Chevron’s second quarter results were met with a positive market reaction as management highlighted the impact of robust operational execution and capital discipline. CEO Michael Wirth credited significant production growth across key assets, particularly in U.S. upstream and refining operations, and pointed to the early delivery of cost reduction targets, stating, “We achieved our structural cost reduction target 6 months early, with $3 billion of annual run rate savings.” Management also emphasized the successful integration of the Hess acquisition, noting that synergy benefits and free cash flow exceeded initial expectations. Is now the time to buy CVX? Find out in our full research report (it’s free). Revenue: $70.06 billion vs analyst estimates of $65.94 billion (56.3% year-on-year growth, 6.2% beat) Adjusted EPS: $6.06 vs analyst estimates of $5.57 (8.8% beat) Operating Margin: 24.3%, up from 9.9% in the same quarter last year Oil production: up 22.5% year on year Market Capitalization: $371.3 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Devin McDermott (Morgan Stanley) asked about the performance and optimization of the Tengizchevroil (TCO) asset and mitigation strategies for the CPC pipeline; CEO Michael Wirth detailed operational improvements and confidence in pipeline continuity, while CFO Eimear Bonner described successful debottlenecking efforts. Neil Mehta (Goldman Sachs) questioned capital efficiency in the shale portfolio, specifically the Bakken and Vaca Muerta; Wirth and Bonner explained the benefits of portfolio integration and ongoing efficiency gains in drilling and operations. John Royall (Piper Sandler) inquired about the long-term outlook for the power business; President Jeff Gustavson emphasized the scalable nature of the behind-the-meter model and the durability of demand from data center customers. Stephen Richardson (Evercore) probed the sustainability of cost reductions; Bonner highlighted structural changes and efficiency initiatives, expressing high confidence in maintaining lower cost levels. Biraj Borkhataria (RBC) asked about contingency plans if the CPC pipeline is disrupted; Wirth declined to quantify alternative routes but expressed confidence in the commitment of all stakeholders to keep the pipeline operational. In the coming quarters, our analysts will be watching (1) the execution and customer commitments for new large-scale power projects such as Project Kilby, (2) sustained production growth and operational reliability across core U.S. and international assets, and (3) the realization of further capital efficiencies from organizational integration. Progress in high-potential exploration regions and advancements in the energy transition will also be important indicators for future performance. Chevron currently trades at $189.37, down from $192.31 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Interested in Texas Pacific Land Corporation? Here are five stocks we like better. Record second-quarter results: Revenue rose 31% year over year to approximately $246 million, while adjusted EBITDA reached $216 million and free cash flow totaled $156 million. Oil and gas royalty production increased 20% year over year, and produced-water royalty volumes rose 15%. Expanding data-center and power strategy: TPL acquired more than 10,000 acres in Texas for about $100 million and is in advanced discussions involving 25 gigawatts of potential projects with hyperscalers, AI labs and power generators. The company also disclosed that its previously announced land and water agreement supports Chevron’s Project Kilby data-center power facility. Desalination facility enters commissioning: TPL began commissioning its Orla, Texas, Phase 2B facility, which is designed to process up to 10,000 barrels of produced water per day and supply freshwater for industrial and data-center cooling. Full-year capital expenditure guidance remains $65 million to $75 million. Microsoft Solves AI’s Biggest Bottleneck With Chevron Deal Texas Pacific Land (NYSE:TPL) reported record quarterly revenue, net income and free cash flow for the second quarter of 2026, supported by higher oil and gas royalty production, produced-water royalty volumes and surface-related revenue. Chief Executive Officer Ty Glover said the company generated record results across major financial and operating measures while advancing initiatives involving data-center infrastructure, power generation and produced-water desalination. → No Hangover: Revisiting Microsoft One Week After Earnings The S&P 500's 3 Best-Performing Stocks So Far in 2026 Chief Financial Officer Chris Steddum said consolidated revenue totaled approximately $246 million, a quarterly record and an increase of 4% from the prior quarter and 31% from a year earlier. Adjusted EBITDA was $216 million, up 19% sequentially and 30% year over year, with an adjusted EBITDA margin of 88%. Free cash flow reached $156 million, rising 14% from the first quarter and 20% from the second quarter of 2025, Steddum said. → MarketBeat Week in Review – 08/03 - 08/07 3 Cash Cow Stocks Leading Their Sectors in Free Cash Flow Margins Oil and gas royalty production averaged about 39,700 barrels of oil equivalent per day, increasing 7% sequentially and 20% year over year. Glover said the company’s unhedged royalty position enabled it to benefit from the stronger oil-price environment during the quarter. Produced-water royalty volumes reached 4.9 million barrels per day, a 6% sequential increase and a 15% year-over-year increase. Glover attributed the gain to demand for TPL’s in-basin and out-of-basin pore space. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Water sales volumes were 663,000 barrels per day, down 19% from the prior quarter but up 38% from a year earlier. According to Glover, quarterly water-sales volumes were affected by weak in-basin natural-gas prices, which led operators to shift some development away from the Delaware Basin. He said the company expects new gas-pipeline capacity entering service over the next several quarters to improve local gas-price differentials and potentially support a mix shift back toward the Delaware Basin. Surface, land and material revenue, or SLEM revenue, totaled $24 million, up 37% sequentially, driven by pipeline and wellbore easements, Glover said. As of the end of the quarter, TPL had 5.6 net permitted wells, 9.5 net drilled-but-uncompleted wells and 3.4 net completed-but-not-producing wells, for a total of 18.4 net line-of-sight wells. Year-to-date capital expenditures were $29 million. The company disclosed that a previously announced land sale and water-supply agreement relates to Project Kilby, a large-scale power-generation facility that Chevron is developing to support a customer data center in Reeves County, Texas. Glover described the multi-gigawatt power and data-center development as a validation of the Permian Basin’s ability to host hyperscale infrastructure. During the quarter, TPL also acquired more than 10,000 acres in Shackelford and Jones counties for about $100 million. Glover said the area is among the fastest-growing data-center regions in the country and offers contiguous land and water resources, access to natural gas and grid infrastructure, established fiber and proximity to a mid-size city. In response to analyst questions, Glover said TPL had conducted diligence on the property for more than a year and that it was of interest to a compute user the company had been working with. He said TPL seeks to remain capital-light while participating across potential project revenue streams, including land use, water and aggregates. Glover said the company was in advanced conversations with hyperscalers, artificial-intelligence labs and power generators involving 25 gigawatts of projects. He said he would be disappointed if TPL did not announce one or more major definitive agreements in the near term, while noting that execution requires work with multiple counterparties and extensive diligence. Steddum said the company has prioritized building cash and deploying capital toward what it views as high-return opportunities, including land acquisitions and other growth initiatives. While share repurchases remain under consideration, he said the company currently sees attractive alternatives for its capital. TPL completed construction and began commissioning its Phase 2B produced-water desalination facility in Orla, Texas. The facility is designed to eventually process 10,000 barrels per day and uses the company’s patented freeze-desalination process. Glover said the process could create high-specification freshwater for applications including industrial cooling, irrigation, rangeland rehabilitation, stream-flow augmentation and data-center cooling. The facility also produces concentrated brine that could potentially be used to extract minerals such as lithium. Robert Crain, executive vice president of Texas Pacific Water Resources, said interest from hyperscalers and AI labs in using produced water for data-center operations has been substantial. He said potential applications include water-consumptive building cooling and direct chip cooling, where the company’s process produces ice and chilled water. Crain said TPL plans to conduct desalination co-location studies during 2026, including investigations into chip-cooling applications and waste-heat recovery equipment that could reduce the process’s energy consumption. The company expects to host a grand opening and ribbon cutting for the Orla facility as commissioning continues. Steddum reaffirmed TPL’s full-year capital expenditure guidance of $65 million to $75 million. The guidance includes planned spending in the second half of the year to evaluate cooling co-location and waste-heat-capture opportunities at the Orla Phase 2B facility. On production mix, Steddum said the oil component of royalty production had been affected by development in relatively gas-rich areas and by new acquisitions. He said TPL’s oil cut, which had been in the mid-30% range, should trend back above 40% over time. Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company's origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer. The company's primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Texas Pacific Land Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SM Energy SM reported second-quarter 2026 adjusted earnings of $2.19 per share, up 46.0% from $1.50 a year ago. The figure beat the Zacks Consensus Estimate of $1.93 by 13.47%. Total revenues of $2.50 billion surged 215.3% year over year and topped the consensus mark of roughly $2 billion by 24.54%. The strong quarterly results were backed by impressive oil equivalent production and pricing. Two other energy giants that have reported results are ExxonMobil Holdings Corporation XOM and Chevron Corporation CVX. While XOM missed the Zacks Consensus Estimate for earnings, CVX surpassed it. Both CVX and XOM have a strong presence in upstream activities. Second-quarter production totaled 40 million barrels of oil equivalent, up from 19 million a year earlier. Oil volumes were 20.9 million barrels, while gas production was 86.8 billion cubic feet and NGL volumes were 4.6 million barrels. The average realized price before derivatives was $53.86 per Boe, up 30.5% year over year. Oil realizations rose to $96.85 per barrel from $62.04, while natural gas realizations fell to 17 cents per Mcf from $2.15. Lease operating expense was $6.71 per Boe, up 21.6% from the prior-year quarter. Transportation costs declined 13.6% to $3.57 per Boe, while G&A expense per Boe fell 10.4% to $1.98. SM reported $1.4 billion of adjusted EBITDAX and $526 million of adjusted net income. Capital expenditures before changes in accruals were $717 million, below the company’s second-quarter guidance of $815 to $855 million, mainly due to drilling and completion timing. Operating cash flow was $1.1 billion, while adjusted free cash flow reached $467 million. SM returned $137 million to stockholders, comprising $84 million of share repurchases and $53 million of dividends. SM cut net debt by roughly $1.1 billion during the quarter, bringing the balance down to about $6.25 billion. Proceeds from the $950 million South Texas asset sale helped fund the retirement of $819 million of notes due in 2026. After quarter-end, the company also moved to redeem the remaining $417 million of 2027 notes, pushing its next senior-note maturity out to mid-2028. SM raised second-half 2026 total production guidance to 435 to 440 MBoe/D from 430 MBoe/D, with oil output expected at approximately 238 thousand barrels per day. Full-year production guidance was narrowed to 418 to 423 MBoe/D, including oil volumes of 223 to 225 thousand barrels per day. For the third quarter, total production is projected at 430 to 440 MBoe/D and oil production at 230 to 240 thousand barrels per day. SM maintained full-year capital guidance of $2.65 to $2.85 billion. Currently, SM carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SM Energy Company (SM) : Free Stock Analysis Report Chevron Corporation (CVX) : Free Stock Analysis Report ExxonMobil Holdings Corporation (XOM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research