GUYANA · OIL RESULTS
Key Facts
- The country Guyana is a small English-speaking South American country on the Atlantic coast, and its offshore Stabroek Block is the centre of its oil industry.
- Why it matters Chevron, a US oil major, owns 30% of the Stabroek Block, so its results shape how US investors read the Guyana oil story.
- Why now A Guyanese newspaper tied Chevron’s second-quarter results to Guyana on Sunday 25 October 2026, and Chevron’s third-quarter results have yet to be filed.
- What happened Chevron earned US$12.072 billion in the second quarter of 2026, up from US$2.490 billion, yet its results release never mentions Guyana or the Stabroek Block.
- The numbers Output rose 20% to 4.07 million barrels of oil equivalent a day, Brent crude averaged US$104 a barrel, and Chevron’s annual report lists Guyana at 120,000 barrels a day for 2025.
- What it means for you Read the profit as a story of high oil prices and refining with Guyana as one unquantified part, and look to the next filing for country detail.
- Still open How much of the quarter’s output and profit came from Guyana, and whether the fifth Stabroek project has started.
In Plain English
The Stabroek Block is the offshore oil licence area off Guyana, about 6.6 million acres in size, where Chevron holds a 30% stake. Hess was a US oil company that Chevron bought on 18 July 2025, which brought it that stake.
An FPSO is a floating production, storage and offloading vessel, a ship that processes oil at sea and stores it until a tanker takes it. Barrels of oil equivalent count natural gas as oil so that one figure covers both.
Chevron, the US oil major that owns 30% of Guyana’s Stabroek oil block, earned US$12.072 billion in the second quarter of 2026, up from US$2.490 billion a year earlier, its filing with the US Securities and Exchange Commission shows. The results release of Friday 31 July 2026 never names Guyana or the Stabroek Block, so the share of that profit earned there is not disclosed.
Kaieteur News, a Georgetown daily, wrote on Sunday 25 October 2026 that Chevron “reaps billions from Guyana oil stake,” linking the quarter’s results to the assets bought from Hess. Chevron’s own figures support a link between Hess and higher group production, but they do not support a Guyana profit figure, and one production number in that article belongs to the United States alone.
What Chevron Reported for the Quarter
Adjusted earnings, which strip out special items, were US$11.977 billion, or US$6.06 a share, against US$3.053 billion a year earlier. Special items were small at US$144 million after tax, including a US$230 million gain on an asset sale and US$86 million of pension settlement costs.
Worldwide production reached 4.070 million barrels of oil equivalent a day, which is 20% above the 3.396 million of a year earlier and above the 3.858 million of the first quarter of 2026. Chevron credits the rise largely to “legacy Hess assets,” together with growth in the Permian Basin and the Gulf of America.
Total debt fell by a record US$8.4 billion in the quarter, and the board declared a quarterly dividend of US$1.78 a share, payable on 10 September 2026. Chevron also bought back US$3.117 billion of its own shares and paid US$3.504 billion in dividends during the quarter.
Oil Prices and Refining Did Much of the Work
The release puts the average price of Brent, the global crude benchmark, at US$104 a barrel in the quarter against US$68 a year earlier. Upstream earnings, from finding and producing oil and gas, rose to US$8.182 billion from US$2.727 billion, while downstream earnings from refining and fuel sales rose to US$4.868 billion from US$0.737 billion.
Together the two segments added about US$9.6 billion of earnings, almost exactly the US$9.58 billion rise in net income. Within upstream, international earnings rose by US$3.33 billion to US$4.641 billion on “higher sales volumes and liquids realizations,” and the release does not split Guyana out of that line.
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What Hess Brought to Chevron
Chevron completed its acquisition of Hess on Friday 18 July 2025, after what its release called a “favorable arbitration outcome regarding Hess’ offshore Guyana asset.” The same release states that “Chevron now owns a 30% position in the Guyana Stabroek Block” and that the block holds more than 11 billion barrels of oil equivalent of discovered recoverable resource.
Chevron’s annual report for 2025, filed on 24 February 2026, calls the stake a “30 percent nonoperated interest” in a block of about 6.6 million acres. Kaieteur News writes that ExxonMobil operates the block with a 45% share and that China’s CNOOC holds the remaining 25%.
The annual report puts Chevron’s net production from Guyana at 120,000 barrels of oil equivalent a day for 2025, a year in which it owned the stake only from July. The only note on that figure says that Chevron acquired the Guyana assets in July 2025, so it cannot be read as a current run rate.
The Guyana Production Picture
The annual report describes the One Guyana vessel, with capacity of about 250,000 gross barrels of oil a day, as the fourth producing floating production vessel on the block after it reached first production in August 2025. It expects first production from the fifth project, Uaru, in 2026, and about 1.7 million gross barrels a day of capacity from eight vessels by 2030.
Kaieteur News writes that four projects produce oil today and a fifth is due before the end of this year, which fits the annual report’s 2026 timing for Uaru. Earlier Rio Times coverage reports a Bechtel manager’s claim that Chevron declined to fund design work for a Guyana port, which Chevron and the Guyanese government have not been quoted on.
Where the Guyana Headline Overreaches
Kaieteur News writes that net oil-equivalent production rose by 382,000 barrels a day, but Chevron’s release gives that number for its US upstream business alone. Group production rose by 674,000 barrels a day, from 3.396 million to 4.070 million, and international production rose by 292,000 barrels a day to 1.993 million.
Chevron ties the international increase “primarily” to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict. The US increase came from the Hess acquisition and growth in the Permian Basin and Gulf of America, so Hess assets in the United States contributed too.
What It Means for You
For Chevron shareholders, the quarter is a story of US$104 oil, strong refining and a larger production base after Hess, with Guyana a growing but unquantified part. Cash from operations was US$22.633 billion in the quarter, against capital spending of US$4.538 billion.
Investors who want the Guyana detail should wait for Chevron’s third-quarter filing, because the regulator’s filing index showed no third-quarter results by Tuesday 27 October 2026. For the wider picture of who profits from the block, the Rio Times guide to Guyana’s economy names the main players, and the Guyana country page collects the coverage.
What Is Not Known
Chevron’s release gives no figure for Guyana’s share of production, revenue or profit, so any “billions from Guyana” number is an estimate and not a published result. The sections of Chevron’s quarterly report that might list production by country could not be read in full for this article.
It is also not known how much of the 120,000-barrel annual figure for Guyana was earned before Chevron’s ownership began, or whether the fifth project has started producing. Guyana’s government revenue from the block depends on contract terms and costs, and Chevron’s release does not address it.
Frequently Asked Questions
How much did Chevron earn in the second quarter of 2026?
Chevron earned US$12.072 billion, up from US$2.490 billion a year earlier. Adjusted earnings were US$11.977 billion.
How much of the Stabroek Block does Chevron own?
Chevron owns 30% of the Stabroek Block offshore Guyana, gained by completing its Hess purchase on 18 July 2025. Its annual report calls the stake nonoperated.
Does Chevron say how much Guyana contributed?
No, the 31 July 2026 release does not mention Guyana or Stabroek. The 2025 annual report lists Guyana net production of 120,000 barrels of oil equivalent a day.
Why did Chevron’s profit jump?
Brent averaged US$104 a barrel against US$68, and upstream and downstream earnings both rose. Production also rose 20%, largely from legacy Hess assets and US growth.
Did production rise by 382,000 barrels a day worldwide?
No, Chevron gives that figure for its US upstream business. Worldwide production rose by 674,000 barrels a day to 4.070 million.
Sources: Chevron results release, Exhibit 99.1 to the Form 8-K, 31 July 2026; Chevron news release on completing the Hess acquisition, 18 July 2025; Chevron annual report on Form 10-K for 2025, filed 24 February 2026; US Securities and Exchange Commission filing index for Chevron, checked 27 October 2026; Kaieteur News, 25 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief