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Chris Markoch

Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

Chevron Mike Wirth Oil Middle East CNBC MarketBeat Red Sea Saudi Arabia Strait of Hormuz

It doesn’t come as a big surprise that Chevron (NYSE: CVX) just posted one of its strongest quarters in years. Second-quarter 2026 earnings hit $12.1 billion, or $6.11 per diluted share. Adjusted earnings came in at $12.0 billion, or $6.06 per share. Both numbers dwarf last year's second quarter, when Chevron earned $2.5 billion.

The obvious question is why the stock isn't soaring on the news. The answer is timing. Oil prices have been elevated for weeks due to the ongoing U.S.-Iran conflict and its ripple effects across the Middle East. Investors knew this quarter would be strong. The real story now is how much of that strength was already priced in.

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