More from CVX Q2 2026

Chevron Corporation

CVX2026 Q2Energy & Utilities

1mo

TCO third-generation plant debottlenecking and capacity testing results

Management described a 4Q 2025 turnaround at the third-generation plant where internals were changed in a major column system as a low-capital modification.
Teams tested performance and its interaction with the rest of the utilities in 3GP extensively since the turnaround, including testing different operating conditions.
Management stated the nameplate oil capacity increased from 260,000 barrels of oil per day to 320,000 barrels of oil per day.
They said the increase takes total state processing capacity to slightly above 1 million barrels of oil per day.
Leadership emphasized sustaining performance through safe and reliable optimization via the integrated operations center from reservoir to market.

Chevron Corporation

CVX2026 Q2Energy & Utilities

1mo

Financial Performance Summary

Adjusted downstream earnings rose primarily due to higher refining margins and favorable timing effects.
Adjusted upstream earnings increased on higher realizations, higher liftings, and favorable timing effects, partly offset by higher DD&A and tax-related expenses.
Cash flow from operations excluding working capital was nearly $20 billion, with adjusted free cash flow of $15.4 billion for the quarter.
Net debt to CFFO improved to 0.6x at quarter-end, and the company reduced debt by more than $8 billion.
Organic CapEx was $4.4 billion in Q2, and the company expects full-year CapEx to finish at the lower end of $18B–$19B guidance.
Production momentum remained strong: the company reported production growth of over 200,000 boe/d and the second-highest quarter ever, while the Middle East impact was isolated to the Partitioned Zone (~1% of Q2 total production).
Reported Q2 2026 earnings of $12.1 billion (or $6.11/share) and adjusted earnings of $12.0 billion (or $6.06/share).

Chevron Corporation

CVX2026 Q2Energy & Utilities

1mo

So our third-generation plant that we started up last year. And its original oil capacity is 260,000 barrels of oil per day.

Michael Wirth

CEO, Chevron Corporation

Context

Management was explaining the TCO third-generation plant debottlenecking work and starting capacity before detailing the capacity increase. In response to questions on TCO debottlenecking of FGP and the third-generation plant, management described the plant’s original nameplate oil capacity and the turnaround work done in 4Q 2025. They then discussed how testing since the turnaround supported higher capacity performance and how that change affects total feed processing capacity.

More from CVX Q2 2026

Chevron Corporation

CVX2026 Q2Energy & Utilities

1mo

TCO third-generation plant debottlenecking and capacity testing results

Management described a 4Q 2025 turnaround at the third-generation plant where internals were changed in a major column system as a low-capital modification.
Teams tested performance and its interaction with the rest of the utilities in 3GP extensively since the turnaround, including testing different operating conditions.
Management stated the nameplate oil capacity increased from 260,000 barrels of oil per day to 320,000 barrels of oil per day.
They said the increase takes total state processing capacity to slightly above 1 million barrels of oil per day.
Leadership emphasized sustaining performance through safe and reliable optimization via the integrated operations center from reservoir to market.

Chevron Corporation

CVX2026 Q2Energy & Utilities

1mo

Financial Performance Summary

Adjusted downstream earnings rose primarily due to higher refining margins and favorable timing effects.
Adjusted upstream earnings increased on higher realizations, higher liftings, and favorable timing effects, partly offset by higher DD&A and tax-related expenses.
Cash flow from operations excluding working capital was nearly $20 billion, with adjusted free cash flow of $15.4 billion for the quarter.
Net debt to CFFO improved to 0.6x at quarter-end, and the company reduced debt by more than $8 billion.
Organic CapEx was $4.4 billion in Q2, and the company expects full-year CapEx to finish at the lower end of $18B–$19B guidance.
Production momentum remained strong: the company reported production growth of over 200,000 boe/d and the second-highest quarter ever, while the Middle East impact was isolated to the Partitioned Zone (~1% of Q2 total production).
Reported Q2 2026 earnings of $12.1 billion (or $6.11/share) and adjusted earnings of $12.0 billion (or $6.06/share).

Chevron Corporation

CVX2026 Q2Energy & Utilities

1mo

So our third-generation plant that we started up last year. And its original oil capacity is 260,000 barrels of oil per day.

Michael Wirth

CEO, Chevron Corporation

Context

Chevron Corporation: Structural cost reduction target achieved early

More from CVX Q2 2026

Chevron Corporation 2026 Q2: TCO third-generation plant debottlenecking and capacity testing results

Chevron Corporation 2026 Q2: Financial Performance summary

More from CVX Q2 2026

More from CVX Q2 2026

Chevron Corporation 2026 Q2: TCO third-generation plant debottlenecking and capacity testing results

Chevron Corporation 2026 Q2: Financial Performance summary