Chevron (NYSE:CVX) reported second-quarter 2026 earnings of $12.1 billion, or $6.11 per share, as higher upstream realizations, production volumes and refining margins lifted results. Adjusted earnings were $12 billion, or $6.06 per share, while cash flow from operations excluding working capital totaled nearly $20 billion. Cash flow, capital spending and cost reductionsCFO Eimear Bonner said adjusted earnings rose $9.2 billion sequentially. Chevron generated $19.7 billion in cash flow from operations excluding working capital and $15.4 billion in adjusted free cash flow during the quarter. Chevron expects production from those ventures could rise by as much as 50% by the end of 2028.