Chevron's first quarter 2026 outlook highlights strong commodity price gains overshadowed by significant negative timing effects.

Chevron provided guidance on several items affecting its first quarter 2026 results, indicating that strong underlying performance from higher commodity prices will be significantly offset by negative timing effects from derivatives, LIFO accounting, and working capital outflows.

Key Highlights

• Upstream segment earnings are expected to benefit by $1.6 billion to $2.2 billion from higher commodity prices compared to the fourth quarter of 2025.
• Earnings are expected to be adversely affected by $2.7 billion to $3.7 billion from timing effects, primarily in the Downstream segment, which are expected to reverse in future periods.
• First quarter net oil-equivalent production is forecast to be between 3.8 and 3.9 million barrels per day, impacted by downtime at Tengizchevroil and reduced production in the Middle East.