Chevron Corporation (CVX) · Q2 2026 results and valuation

At −8.4% growth a year (3-year revenue growth), the model's fair value is $27.73 a share — the stock trades 669% above it. Today's price assumes 14.8% growth a year.

1. Key theme

   Assets are held at plateau to generate free cash flow, though they could grow further, particularly in the Permian.

   Source quote

   “piece, we've got assets that we're working at plateau to generate free cash flow, which is the lesson, I think... And really, out of the largest piece, the U.S. At the scale that we operate at now, we could grow these assets further, particularly in the Permian, if we...”

2. Guidance

   Chevron now expects to finish the year at the lower end of its guidance range of $18 billion to $19 billion.

3. Guidance

   At the same time, Chevron maintained financial and capital discipline, achieving its structural cost reduction target 6 months early, with $3...

Typical — more upbeat than in Q1 2026.

Sentences that drove the tone

“On production, we had our second highest quarter ever, maintaining strong operating momentum across all our key assets and growing production by over 200,000 barrels of oil equivalent per day.”

“Achieving the power milestone, stacking multiple exploration successes and securing strategic exploration agreements and MOUs in the Mediterranean, Africa and the Middle East are examples of the strong set of...”

“In the U.S., we achieved a new upstream production record of nearly 2.1 million barrels of oil equivalent per day and record refinery throughput of over 1 million barrels per...”