But not everything is falling! Chevron is rising after its results, and dividend stocks are too.
Chevron $CVX earned nearly three times as much as it did a year ago in the third quarter. Let’s take a look at the results. Shares are rising to a new ATH. They’re already up nearly 55% this year!
🟢Adjusted earnings per share came in at 5,28 USD, while analysts expected 4,78 USD.
🟢Revenue of 67,8 billion USD beat the consensus estimate of 60,5 billion USD.
🟢Net income rose to 9,9 billion USD from 3,5 billion USD a year ago
🟢Free cash flow reached 12 billion USD
The main driver was the downstream segment, meaning oil processing and fuel sales.
This sector earned 4,9 billion USD, its highest figure in at least six years. Disruptions in global energy markets drove up gasoline and diesel prices while also limiting capacity, so Chevron’s U.S. refineries were running almost at full capacity. High oil prices simply work in these companies’ favor.
Production contributed another 5,7 billion USD thanks to higher oil prices. $XOM saw a similar result, with its refineries earning more than its production business for the first time in six years.
The company used its strong cash flow to reduce net debt by nearly 14 billion USD compared with the end of 2025.
Quarter over quarter, however, adjusted earnings fell from 6,06 dollars per share. That’s the only blemish. Nice diversification away from tech. I’m keeping it in my portfolio for now.