Schwab Network on $CVX (Oct 30, 2026)
CVX exceeded revenue and profit expectations, again outperforming in refining profits, with production of 3.98 million barrels of oil equivalent per day; its Venezuela push targets around 300,000 barrels per day by year-end, which the speaker says remains to be seen. A really good report overall, but refining margins have peaked and are declining slightly, which will pressure refining profits next quarter.
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Not yet, but we see Exxon shares up about 2.5% and Chevron up more than 1% in the session. Both companies managed to exceed expectations in terms of revenue and profits, and much of this superiority is actually due to the transportation or refining businesses, as you kind of mentioned.
The combined output of both companies reached levels close to, if not already achieved, record figures.
When we look at Chevron, we find that it has once again outperformed in terms of refining profits and total production, which reached 3.98 million barrels of oil equivalent per day.
They are trying to double down on their efforts in Venezuela, and believe they are on track to reach around 300,000 barrels per day of total production by the end of this year.
We'll see if that actually happens here. They also discussed future explorations and the use of artificial intelligence to find patterns within the Gulf of America in order to be able to extract more oil there as well.
That was also very interesting in the call . So, both are really good reports. We'll see how things go and whether it can hold out here as we begin to notice refining margins reaching their peak.
We are already beginning to see those margins decline slightly, which will affect more refining profits during the next quarter.
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