Chevron beats Q1 profit forecasts despite Middle East disruptions, boosted by Hess acquisition and higher oil prices

Chevron reported stronger-than-expected Q1 2026 earnings with $2.8 billion adjusted profit, driven by higher oil and gas prices and output gains from its Hess acquisition. Despite production setbacks from geopolitical tensions in the Middle East and outages in Kazakhstan, Chevron's worldwide production rose 15%, with US production up 24%. The company also saw record crude throughput at US refineries and maintained disciplined capital spending. CEO Mike Wirth emphasized the importance of disciplined investment amid ongoing geopolitical volatility to ensure reliable energy supply.