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Chevron Q2 Production Grows 20% YOY Helped by Hess Acquisition

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US energy major Chevron (CVX) reported a 20% increase in oil output in Q2, its earnings statement showed, enabling it to capitalize on high prices amid a global supply shortage induced by the Iran war.

The production increase was largely down to the contribution from legacy Hess assets along with output growth in the Permian Basin and the Gulf of Mexico, recognized by the US government as the Gulf of America.

In the US, net oil equivalent production rose to 2.08 million barrels per day of oil equivalent in the quarter, an increase of 382,000 bbl/d, compared with 1.70 million in the same three months of 2025.

Internationally, net oil equivalent output rose 292,000 barrels per day in Q2 to 1.09 million boe/d versus 850,000 a year ago, with the acquisition of Hess the main driver, while there was some drag from Middle Eastern operations.

US refinery crude inputs increased 2% year over year as refineries operated near capacity. Lower demand for gasoline, likely the result of higher prices, led to a 4% reduction in refined product sales.

Internationally, refinery crude unit inputs decreased 10% from the year-ago period as conflict in the Middle East disrupted supply flows.

Refined product sales fell 13% internationally due to lower demand for gasoline and diesel.

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