Chevron CEO Mike Wirth said at an energy conference at the University of Texas at Austin on Sept. 11 that depleted global crude oil buffers could push oil prices higher in the coming months, with Brent crude ending the week at $104.61 per barrel and WTI settling at $100.05. Chevron is entering that potential upswing with record production, as second-quarter worldwide production rose 20% year over year to 4.07 million barrels of oil equivalent per day and upstream earnings surged to $8.2 billion from $2.7 billion a year earlier. The company generated $15.4 billion of adjusted free cash flow in the quarter and cut total debt by a record $8.4 billion, and over the past 60 days the Zacks Consensus Estimate for its EPS has risen 18.18% for 2026 and 14.62% for 2027, to $16.51 and $14.66 per share respectively. Chevron shares have gained 36.1% over the past 12 months, trailing ExxonMobil's 47.8% but beating BP's 34.8%, while its P/E of 14.07 is in line with ExxonMobil's 14.04 and well above BP's 8.36. The company has also achieved $1.5 billion of annual run-rate synergies from its Hess integration ahead of schedule, though the main risk is that today's elevated oil prices are heavily influenced by geopolitical disruptions that could reverse if supply normalizes.
BP PLC
Exxon Mobil CorpChevron CorpChevron posted record Q2 production, $8.2B upstream earnings, $15.4B adjusted free cash flow, record $8.4B debt cut, and rising EPS estimates.
Chevron achieved $1.5B of annual run-rate synergies from its Hess integration ahead of schedule.
