# Chevron Stock Q3 2026: Record US Refining Lifts Earnings to $9.9bn
> Chevron stock Q3 2026: earnings of $9.9bn on record US refining, $12bn of free cash flow, net debt down $7.8bn and a $7bn Venezuela plan. CVX risks.

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## Facts
- Ticker: CVX
- QSILabs fair value: $167.51 USD
- Price: $235.52 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/chevron-stock-q3-2026-earnings-refining-venezuela/

## Short answer
Chevron stock Q3 2026 results showed a company running hard: earnings of $9.9bn, up from $3.5bn a year earlier, as US refineries processed a record 1.09 million barrels a day into much more profitable fuel. Adjusted EPS was $5.28, free cash flow was $12.0bn and net debt fell by $7.8bn in the quarter to $20.7bn. Our discounted cash flow model puts Chevron at $167.51 per share, about 29% below the $235.52 close on 30 October 2026: the market is paying for today's oil and refining prices for longer than our model assumes they last.

## Key takeaways
- Valuation: QSILabs values Chevron Corporation (NYSE: CVX) at $167.51 per share as of Q3 2026, against a $235.52 close on 30 October 2026, about 29% below the market price. Our value was $161.16 before the quarter.
- Q3 2026 results: earnings were $9.92bn ($5.06 a share) in the quarter ended 30 September 2026, against $3.54bn ($1.82) a year earlier; adjusted earnings were $10.36bn ($5.28 a share).
- Refining: US refineries ran a record 1.09 million barrels a day at nearly 98% utilisation, and Downstream earnings rose to $4.93bn from $1.14bn on higher margins for refined products.
- Production: output was 3.98 million oil-equivalent barrels a day, down from 4.09 million a year earlier because of lower entitlements at higher prices and the Middle East conflict; US production stayed above 2 million barrels a day for a fifth straight quarter.
- Cash and returns: operating cash flow was $16.0bn and free cash flow $12.0bn in Q3; Chevron paid $3.5bn of dividends, bought back $2.5bn of stock and cut debt by $3.5bn. Net debt was $20.7bn at 30 September, a net debt ratio of 9.6%.
- Strategy: Chevron's Venezuela joint ventures plan to invest $7bn over five years, and a deal with Hess Midstream should cut Bakken midstream costs by about 50%, with a one-time after-tax loss of $3-4bn at closing.

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