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Disney has embraced TikTok's Live feature to do red-carpet interviews for premieres, featuring personalities like Carter Kench. Julian Hamilton/Getty Images Creators are jumping among an ever-wider mix of platforms and formats — and brands are scrambling to follow them.

We asked the most innovative marketers working with influencers which platforms and tactics have their attention right now — and why.

Marketers from Disney, e.l.f. Beauty, and others told us they're using platforms like TikTok to own the red carpet, Substack to align with tastemakers, and Threads to experiment.

"YouTube is a home for creators. TikTok is a great way to get discovery," said Ian Trombetta, the National Football League's senior vice president of global social, creator, and content marketing. "And then Instagram is another big one for us as it relates to discovery. Even platforms like X and Reddit have a really important role to play."

Beyond platforms, brands like Keurig Dr Pepper are also exploring ways to work directly with creators, involving them earlier in the campaign process.

"A major shift has been pivoting away from rented reach to true collaboration," said Samim Sadrzadeh, Disney's director of creator content and partnerships. "For a long time, the industry treated creators as ad placements. We think that significantly undersells the value they actually bring."

Substack, Threads, and moreYouTube and creators are taking over the living room, and marketers like e.l.f. Beauty and St. Jude's fundraising organization ALSAC are leaning in, not wanting to be left behind.

"We have a lot of plans around long-form content, and that's a great place to show up," said Patrick O'Keefe, e.l.f. Beauty's chief integrated marketing officer. "We've been on YouTube for years. We're now looking at it from the lens of entertainment."

Others, like Poppi and Rothy's, are embracing the newsletter platform Substack to partner with creators. For some creators, Substack has become a way for them to get more personal with their biggest fans. That helps Poppi plan collaborations, said Sophia Sesto, Poppi's vice president of culture.

Under creator marketer Kemma Kefalas, Yahoo has leaned into Threads to try out new things.  Yahoo Yahoo has found value in Meta's Threads as a way to try out ideas in a lower-key environment before putting them out on bigger platforms, especially if it's jumping on a cultural moment and isn't sure how the effort will go over. When Taylor Swift released "Patient Zero," Yahoo riffed on it with a Thread that tied the "Os" in its name to the song.

"I think it's a little less precious over there, and it feels like a fun place to kind of gut check certain things, see how they'll perform," said Kemma Kefalas, Yahoo's senior director and head of Creative Lab. "It's just been a nice kind of litmus test for us."

Disney has especially found success with TikTok's Live feature, finding it a customizable way to build excitement for premieres. For "Zootopia 2," it had the viral squirrel character Nibs interview cast on the red carpet, while internet personality Carter Kench played host for the "Hannah Montana 20th Anniversary Special."

"Those moments work because we treated the platform as a canvas for a new kind of storytelling that connects directly to audiences in real time," Sadrzadeh said.

Brands are going directPlatforms may always be a necessary part of doing business with creators. But going direct has become a bigger buzzword as many brands seek to bypass platforms entirely.

Keurig Dr Pepper, for one, wouldn't typically hire a creator through a platform's marketplace, said Lindsay Burstein, senior director of integrated social and communications, using TikTok as an example.

"We would hire the creator, have them post on TikTok. Then we have the ability to use that content and distribute it across multiple channels, but slice it up in different ways that make sense for that channel."

Influencers spent a long time trying to convince marketers to take them seriously. This year, marketers are expected to spend $44 billion with creators, more than tripling in five years, per the Interactive Advertising Bureau.

As brands increasingly treat creators as long-term partners, they're engaging with them earlier in the marketing process.

Yahoo's approach is to find creators who are entertaining and figure out how to insert itself into their work, rather than vice versa, as it did with TV persona Kyle Cooke to promote its new Yahoo Weather app.

"We're working with them for the entertainment that they bring to people, and we'll Yahooify it," Kefalas said. "Our briefs are often loose in those regards. We're not doing a lot of 'talk to camera, promote products' kind of thing. We've gotten a lot of positive feedback from creators that they've loved that opportunity to just do what they do best."

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Business Insider tells the innovative stories you want to know

Business Insider tells the innovative stories you want to know

Business Insider tells the innovative stories you want to know

Business Insider tells the innovative stories you want to know

Lucia Moses You're currently following this author! Click to unsubscribe from email alerts.

Lucia Moses covers the media and entertainment business, with a focus on how creators build businesses, how media companies intersect with creators, and how marketers adopt entertainment tools. She's broken stories about MrBeast's ambitions, Google's movie initiative, and Netflix's push into podcasts.She previously reported on media and managed teams at Digiday and Adweek.

Creator economy Disney NFL More TikTok

FILE PHOTO: Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Purchase Licensing Rights, opens new tab

CompaniesHOUSTON, Oct 30 (Reuters) - ExxonMobil (XOM.N), opens new tab beat Wall Street expectations for third-quarter profit on Friday, as soaring refining margins driven by the US-Israeli war on Iran ​and Ukrainian strikes on Russian refineries boosted the largest US oil producer’s ‌earnings.

Adjusted earnings per share for the quarter were $4.23, surpassing the average analyst expectation of $4.08 that was compiled by LSEG.

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Here are more details from the third quarter:

Adjusted total earnings were $17.5 billion, ​beating the average analyst estimate of $16.6 billion as compiled by LSEG

Adjusted ​upstream earnings were $7.3 billion, a 20% decline from the second quarter, ⁠as benchmark Brent crude prices were lower than in the previous three months

Fighting ​across the Middle East and the Russia-Ukraine war have knocked out fuel-making capacity and ​caused global supply shortages of diesel

Resulting higher fuel prices have led to booming profits for all the Western oil majors, including Shell and TotalEnergies, which reported higher-than-expected earnings on Thursday

Adjusted downstream earnings totaled $9 ​billion, a 120% surge from the previous quarter, due to higher refining margins

Exxon ​produced 4.5 million barrels of oil equivalent per day, roughly flat from the second quarter

Exxon ‌earned $1.3 ⁠billion in adjusted earnings from specialty products, up 32% from the previous quarter

The company paid $4.3 billion in dividends and repurchased shares worth $5.1 billion

The company announced a 2027 share repurchase program of $20 billion, the same amount as in 2026

Company says its ​US Gulf Coast refineries ​reached the second-highest ⁠diesel production level on record and also operated at 100% crude-unit utilization

"We continued to rise to the challenge of meeting ​global energy needs, drawing on unmatched scale, integration and technical ​capabilities,” Exxon ⁠CEO Darren Woods said

Exxon has a higher percentage of production located in the Middle East compared with rivals and has been on the hunt for more oil ⁠resources in ​other parts of the world

Firm signed an ​agreement last month to explore, develop and produce shale in Azerbaijan and has held talks for a possible ​return to Venezuela

Reporting by Sheila Dang in Houston; Editing by Nathan Crooks and Thomas Derpinghaus

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Earnings from the chipmaker and Amazon further stoke fears around AI trade

Advanced Micro Devices Inc. (NASDAQ:AMD) shares are down about 8% Friday in premarket trading as chip stocks slide in sympathy with Intel Corporation (NASDAQ:INTC), which reported earnings and issued guidance on Thursday after the market closed. Intel was down 25.51% premarket today, weighing on other semiconductor names, including ASE Technology Holding Co. Ltd. (NYSE:ASX), SK Hynix Inc. (NASDAQ:SKHY) and Astera Labs Inc. (NASDAQ:ALAB).

AMD stock is taking a hit today. What’s pressuring AMD stock? Intel Beats on Earnings and Revenue but Guides Q4 Well Below EstimatesIntel reported third-quarter earnings of 52 cents per share, beating the consensus estimate of 40 cents. It reported revenue of $16.51 billion, beating the consensus estimate of $16.47 billion. The fourth-quarter outlook is what moved the stock. Intel expects adjusted earnings per share of 25 cents, against the consensus estimate of 43 cents, and revenue of $15 billion to $16 billion, against the consensus estimate of $17.05 billion.

"Despite near-term headwinds across the PC industry, demand for our CPUs remains robust," said Lip-Bu Tan, Intel’s CEO. "Our immediate priority is to unlock additional supply to meet extraordinary demand for our Xeon family."

Why Intel’s Report Is a Read-Through for AMD and Other Chip StocksIntel and AMD compete in the same markets, PC processors and server CPUs, so Intel’s weak outlook speaks to demand and supply conditions that affect both. Intel pointed to headwinds in the PC industry and said it is working to unlock more supply, which could raise questions about PC demand and about how much chip supply is constrained across the sector. AMD sells in the same PC market and has its own client business, though its growth has recently come from data center. A drop of this size in a large chipmaker also tends to pull the group lower, as investors reduce exposure to stocks that have run up. AMD shares are up about 170% this year, according to TIKR.

AMD and Meta Advance Their Partnership as Helios Racks Run at MetaOn Oct. 27, AMD said its Helios rack-scale solutions are installed and being tested at Meta, on the path to a broader deployment in the near future. AMD EPYC processors power the computing environments behind Meta’s Muse AI agent, and AMD technologies provide Day-0 support for Meta models including Muse Spark Open and Muse Glimmer. Meta has deployed millions of EPYC processors and is a lead customer for the 6th Gen EPYC, and AMD Instinct GPUs are used in production in Meta’s training, ranking and recommendation systems. Meta will also deploy a custom AMD Instinct GPU based on the MI450 architecture. AMD will invest $1 billion in Meta’s equity offering. The partnership builds on a February agreement for Meta to deploy up to 6 gigawatts of AMD Instinct GPUs, which included a performance-based warrant for up to 160 million AMD shares.

"With Helios now running at Meta, we are taking that partnership to a new scale in the superintelligence era," said Lisa Su, AMD’s chair and CEO.

AMD Set to Report Nov. 3 Following Record-Revenue QuarterIn the second quarter, AMD reported revenue of $11.54 billion, up 50%, and data center revenue of $6.7 billion, which more than doubled. AMD reports third-quarter results after the market closes on Nov. 3. Analysts estimate earnings per share of $1.95 and revenue of $13.09 billion.

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AMD Shares SlideAMD Price Action: At the time of publication, AMD shares are trading 8.02% lower at $521.00, according to data from Benzinga Pro.

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For the first time in well over half a century, Berkshire Hathaway (BRKA +0.68%)(BRKB +0.30%) entered the year in uncharted territory. Longtime CEO Warren Buffett retired at the end of last year, paving the way for his protégé, Greg Abel, to oversee the company's day-to-day operations and its closely watched $365 billion investment portfolio.

Abel wasted little time making his mark. During the first quarter, he sent 16 stocks packing! But amid this change, one investment trait remains the same: portfolio concentration. Between the Oracle of Omaha's legacy investments and the new apple of Abel's eye, four proven winners -- Apple (AAPL +1.48%), American Express (AXP +1.81%), Coca-Cola (KO +1.19%), and Alphabet (GOOGL -12.64%)(GOOG -12.29%) -- now account for 54% ($196.7 billion) of Berkshire's invested assets.

Warren Buffett and Greg Abel both favor highly concentrated portfolios. Image source: Getty Images.

Apple: $78.38 billion (21.5% of invested assets)Even though Warren Buffett sold 75% of Berkshire's Apple stake in the nine quarters leading up to his retirement, it remains the undisputed No. 1 holding. While Buffett has always appreciated customers' loyalty to the brand and Apple's otherworldly share repurchase program, totaling $879 billion since the start of 2013, it's the company's innovations that likely have Berkshire's new boss intrigued.

In addition to emphasizing its higher-margin subscription services, which can enhance customer loyalty, Apple has leaned into the evolution of artificial intelligence (AI) by rolling out its generative AI platform, Apple Intelligence, for its physical devices.

Abel sees Apple as a multidecade compounder.

AXP American Express$323.71+$5.77 (+1.81%)

NYSE · As of 4:00 PM ET 10/29/26

American Express: $47.76 billion (13.1% of invested assets)Credit-services titan American Express is another Buffett legacy investment, and the second-longest-tenured stock in Berkshire's portfolio (held continuously since 1991).

Amex's not-so-subtle secret to success is its ability to double-dip at the transaction counter. Not only is it a well-recognized payment processor that collects merchant fees, but it's also a lender generating annual fees and interest income from its cardholders.

Furthermore, Amex has historically attracted well-to-do clientele. High-income individuals are less likely to alter their spending habits or fail to pay their bills during minor economic disruptions.

Image source: Getty Images.

Coca-Cola: $37.08 billion (10.2% of invested assets)While Amex is Berkshire's second-longest holding, beverage giant Coca-Cola is No. 1 (held since 1988). Coca-Cola's 64-year streak of raising its dividend, coupled with Berkshire's ultra-low cost basis of $3.2475 per share, works out to a tidy 65% annual yield on cost!

In a world fueled by AI ambitions, Coca-Cola reminds investors that a well-known consumer brand can still deliver. With the exception of North Korea, Cuba, and Russia, it has operations in every country. This allows Coca-Cola to generate predictable cash flow in developed countries while moving the organic growth needle in faster-growing emerging markets.

Coca-Cola and Amex were labeled as "indefinite" holdings by Buffett in his 2023 letter to shareholders, so neither is going anywhere.

GOOGL Alphabet$283.82-$41.07 (-12.64%)

NASDAQ · As of 4:00 PM ET 10/29/26

Alphabet: $33.5 billion (9.1% of invested assets)Lastly, we have the stock Buffett's successor has piled into since the beginning of the year, Alphabet.

Google maintains its virtual monopoly in global internet search traffic, providing Alphabet with a boatload of operating cash flow and meaningful ad-pricing power. But it's Alphabet's AI ambitions that have Abel excited.

Since Alphabet integrated generative AI and large language model capabilities into Google Cloud, the world's No. 3 cloud infrastructure services platform, sales growth has gone parabolic. Sales for this considerably higher-margin segment soared 82% in the June-ended quarter from the previous year. There's no question about it: Alphabet is the new "Apple" of Abel's eye.

HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) reported earnings of $9.9 billion ($5.06 per share - diluted) for third quarter 2026. Included in the quarter were a legal reserve of $160 million, an impairment of $110 million, and pension settlement costs of $24 million. Foreign currency effects decreased earnings by $143 million. Adjusted earnings were $10.4 billion ($5.28 per share - diluted) for third quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings.

Earnings & Cash Flow Summary

Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Total Earnings / (Loss)

$ MM

$

9,924

$

12,072

$

3,539

$

24,206

$

9,529

Upstream

$ MM

$

5,698

$

8,182

$

3,302

$

17,789

$

9,787

Downstream

$ MM

$

4,931

$

4,868

$

1,137

$

8,982

$

2,199

All Other

$ MM

$

(705

)

$

(978

)

$

(900

)

$

(2,565

)

$

(2,457

)

Earnings Per Share - Diluted

$/Share

$

5.06

$

6.11

$

1.82

$

12.26

$

5.27

Adjusted Earnings (1)

$ MM

$

10,361

$

11,977

$

3,627

$

25,131

$

10,493

Adjusted Earnings Per Share - Diluted (1)

$/Share

$

5.28

$

6.06

$

1.85

$

12.73

$

5.80

Timing Effects (1)

$ MM

$

(1,580

)

$

1,540

$

110

$

(2,980

)

$

200

Cash Flow From Operations (CFFO)

$ B

$

16.0

$

22.6

$

9.4

$

41.2

$

23.2

CFFO Excluding Working Capital (1)

$ B

$

16.6

$

19.7

$

9.9

$

43.4

$

25.8

Avg. Brent Spot Price (Source: Platts)

$/BBL

$

97

$

104

$

69

$

94

$

71

(1) See definitions in “Notice” below and non-GAAP reconciliations in the attachments

“We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,” said Mike Wirth, Chevron’s chairman and chief executive officer. In the United States, for third quarter 2026, upstream production exceeded 2 million barrels of oil equivalent per day for the fifth consecutive quarter, the company’s refineries achieved record crude throughput, and new production records were achieved for assets in the Eastern Mediterranean, and Australia.

“We’re reinvesting to bring more energy to a supply-constrained market,” Wirth continued. In Venezuela, Chevron’s joint ventures plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long-duration production growth. Also, in the United States, the company signed agreements to reduce Bakken midstream costs by approximately 50 percent, strengthening the asset’s competitiveness. “Building on our performance this quarter, we're focused on delivering the reliable energy the world needs today, while positioning Chevron for the future,” Wirth concluded.

Financial and Business Highlights

  Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Return on Capital Employed (ROCE)

%

17.7

%

21.4

%

7.6

%

14.5

%

6.7

%

Capital Expenditures (Capex)

$ B

$

4.0

$

4.5

$

4.4

$

12.6

$

12.1

Affiliate Capex

$ B

$

0.4

$

0.3

$

0.4

$

0.9

$

1.4

Free Cash Flow (FCF) (1)

$ B

$

12.0

$

18.1

$

4.9

$

28.5

$

11.1

Adjusted Free Cash Flow (1)

$ B

$

14.2

$

15.4

$

7.0

$

33.8

$

16.0

Debt-to-CFFO

Ratio

0.6x

0.8x

1.3x

0.6x

1.3x

Net debt-to-CFFO (1)

Ratio

0.4x

0.6x

1.1x

0.4x

1.1x

Net Oil-Equivalent Production

MBOED

3,980

4,070

4,086

3,970

3,614

(1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments

Financial Highlights

Reported earnings increased compared to third quarter 2025 primarily due to reliable operations with higher margins on refined product sales and higher crude oil realizations, partially offset by unfavorable timing effects resulting from the rising price environment. Production in the third quarter of 2026 was lower than a year ago primarily due to lower entitlements from higher prices and impacts from the Middle East conflict, partly offset by record production at operated assets in Australia, higher production in the Gulf of America and the inclusion of one month of Venezuela production following a change to equity accounting in the quarter. U.S. refinery crude unit throughput set a new record of 1.09 million barrels per day, reflecting reliable crude unit capacity utilization of nearly 98 percent. Cash flow from operations in the third quarter of 2026 was higher than a year ago, driven by higher earnings and increased cash distributions from Tengizchevroil LLP (TCO). Adjusted free cash flow benefited from a $1 billion loan repayment from TCO and proceeds from asset sales. Capex in the third quarter of 2026 was lower than last year largely due to lower spend in the Permian Basin. Total debt was reduced by an additional $3.5 billion and net debt was down $7.8 billion in the quarter, further strengthening Chevron’s balance sheet. The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable December 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2026. Business Highlights and Milestones

Improved commercial terms and expanded acreage in Venezuela, supporting future investments and the potential to more than double production over the next five years. Announced plans to continue to strengthen the competitiveness of the company’s Bakken upstream operations by reducing midstream costs by approximately 50 percent and increasing operational flexibility. Announced an offshore crude oil and natural gas condensate discovery in Angola’s prolific Lower Congo Basin, demonstrating the potential of the company’s exploration program in sub-Saharan Africa. Signed an exploration agreement with Libya’s National Oil Corporation in the Sirte Basin, advancing Chevron’s North Africa upstream growth strategy and exploration portfolio. Started production at the new Bunge Chevron Ag Renewables LLC oilseed-processing facility in Destrehan, Louisiana, supplying additional feedstocks for transportation fuels. Completed the sale of the Cambodia downstream fuels business. Segment Highlights

Upstream

U.S. Upstream

Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Earnings / (Loss)

$ MM

$

3,293

$

3,541

$

1,282

$

8,946

$

4,558

Net Oil-Equivalent Production

MBOED

2,043

2,077

2,040

2,048

1,792

Liquids Production

MBD

1,456

1,491

1,496

1,469

1,292

Natural Gas Production

MMCFD

3,522

3,520

3,265

3,474

2,997

Liquids Realization

$/BBL

$

62.72

$

70.80

$

48.12

$

61.92

$

50.12

Natural Gas Realization

$/MCF

$

1.88

$

0.91

$

1.77

$

1.74

$

1.99

U.S. upstream earnings were higher than a year ago primarily due to higher liquids realizations and lower operating expenses, including the absence of prior year severance and transaction costs related to the Hess Corporation (Hess) acquisition. Net oil-equivalent production during the quarter was up 3,000 barrels per day from the year-ago period. The increase was primarily due to higher production in the Gulf of America following project ramp-ups at Ballymore, Whale and Anchor, partly offset by lower production in the Bakken. International Upstream

Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Earnings / (Loss) (1)

$ MM

$

2,405

$

4,641

$

2,020

$

8,843

$

5,229

Net Oil-Equivalent Production

MBOED

1,937

1,993

2,046

1,922

1,822

Liquids Production

MBD

1,010

1,094

1,099

1,026

925

Natural Gas Production

MMCFD

5,563

5,390

5,674

5,373

5,382

Liquids Realization

$/BBL

$

86.09

$

96.41

$

63.16

$

86.94

$

63.14

Natural Gas Realization

$/MCF

$

9.44

$

7.84

$

6.88

$

8.14

$

7.06

(1) Includes foreign currency effects

$ MM

$

(133

)

$

(77

)

$

89

$

(443

)

$

(283

)

International upstream earnings were higher than a year ago primarily due to higher realizations and higher liftings in Venezuela, partly offset by unfavorable timing effects, unfavorable taxes, unfavorable foreign currency effects, a legal reserve and an impairment charge. Net oil-equivalent production during the quarter was down 109,000 barrels per day from the year-ago period primarily due to lower entitlements from higher prices and impacts from the conflict in the Middle East, partly offset by record production at operated assets in Australia and the inclusion of one month of Venezuela production following the switch to equity accounting. Downstream

U.S. Downstream

Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Earnings / (Loss)

$ MM

$

3,585

$

2,411

$

638

$

6,192

$

1,145

Refinery Crude Unit Inputs

MBD

1,093

1,070

1,064

1,072

1,043

Refined Product Sales

MBD

1,304

1,320

1,303

1,297

1,325

U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales. Refinery crude unit inputs increased 3 percent from the year-ago period as refineries operated reliably at record levels near capacity. Refined product sales were relatively flat compared to the year-ago period. International Downstream

Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Earnings / (Loss) (1)

$ MM

$

1,346

$

2,457

$

499

$

2,790

$

1,054

Refinery Crude Unit Inputs

MBD

665

598

663

626

648

Refined Product Sales

MBD

1,388

1,287

1,517

1,388

1,463

(1) Includes foreign currency effects

$ MM

$

(9

)

$

31

$

42

$

30

$

(57

)

International downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales, despite unfavorable timing effects. Refinery crude unit inputs were relatively flat from the year-ago period. Refined product sales decreased 9 percent from the year-ago period due to supply disruptions from the Middle East conflict. All Other

All Other

Unit

3Q 2026

2Q 2026

3Q 2025

YTD 2026

YTD 2025

Net charges (1)

$ MM

$

(705

)

$

(978

)

$

(900

)

$

(2,565

)

$

(2,457

)

(1) Includes foreign currency effects

$ MM

$

(1

)

$

(3

)

$

16

$

(2

)

$

1

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. Net charges decreased compared to a year ago primarily due to favorable tax items and lower interest expense, partly offset by the absence of a prior-year favorable fair value adjustment for Hess shares. Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com.

NOTICE

Chevron’s discussion of third quarter 2026 earnings with security analysts will take place on Friday, October 30, 2026, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Timing effects - Timing effects include timing mismatches in earnings recognition related to the mark‑to‑market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting.

Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. The company believes it is useful for investors to consider this measure in comparing the underlying performance of its business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.

This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Attachment 3 shows reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow.

This news release also includes net debt ratio and net debt-to-CFFO ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities (net debt) as a percentage of net debt plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net debt divided by CFFO for the trailing 12 months, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes these measures are useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO ratio is shown in Attachment 2.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; potential litigation relating to the transaction with Hess Midstream LP that could be instituted against the company or its respective directors; the possibility that any of the anticipated benefits of the transaction with Hess Midstream LP will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Attachment 1

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars, Except Per-Share Amounts)

(unaudited)

  CONSOLIDATED STATEMENT OF INCOME

Three Months Ended
September 30,

Nine Months Ended
September 30,

REVENUES AND OTHER INCOME

2026

2025

2026

2025

Sales and other operating revenues

$

65,237

$

48,169

$

179,992

$

138,645

Income (loss) from equity affiliates

2,097

981

4,967

2,337

Other income (loss)

464

576

1,501

1,176

Total Revenues and Other Income

67,798

49,726

186,460

142,158

COSTS AND OTHER DEDUCTIONS

Purchased crude oil and products

36,534

27,398

101,406

82,866

Operating expenses (1)

9,494

9,128

27,079

24,414

Exploration expenses

259

288

720

727

Depreciation, depletion and amortization

6,272

5,781

18,162

14,248

Taxes other than on income

1,310

1,347

3,837

3,903

Interest and debt expense

304

370

1,001

856

Total Costs and Other Deductions

54,173

44,312

152,205

127,014

Income (Loss) Before Income Tax Expense

13,625

5,414

34,255

15,144

Income tax expense (benefit)

3,577

1,801

9,700

5,504

Net Income (Loss)

10,048

3,613

24,555

9,640

Less: Net income (loss) attributable to noncontrolling interests

124

74

349

111

NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION

$

9,924

$

3,539

$

24,206

$

9,529

(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.

PER SHARE OF COMMON STOCK

Net Income (Loss) Attributable to Chevron Corporation

- Basic

$

5.07

$

1.83

$

12.29

$

5.29

- Diluted

$

5.06

$

1.82

$

12.26

$

5.27

Weighted Average Number of Shares Outstanding (000's)

- Basic

1,956,743

1,938,922

1,968,833

1,801,623

- Diluted

1,962,905

1,946,035

1,974,547

1,808,004

Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,951 million and 1,980 million at September 30, 2026, and December 31, 2025, respectively.

EARNINGS BY MAJOR OPERATING AREA

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

Upstream

United States

$

3,293

$

1,282

$

8,946

$

4,558

International

2,405

2,020

8,843

5,229

Total Upstream

5,698

3,302

17,789

9,787

Downstream

United States

3,585

638

6,192

1,145

International

1,346

499

2,790

1,054

Total Downstream

4,931

1,137

8,982

2,199

All Other

(705

)

(900

)

(2,565

)

(2,457

)

NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION

$

9,924

$

3,539

$

24,206

$

9,529

Attachment 2

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)

September 30,
2026

December 31,
2025

Cash and cash equivalents

$

12,804

$

6,293

Time deposits

$

—

$

4

Total assets

$

333,786

$

324,012

Total debt

$

33,534

$

40,758

Total Chevron Corporation stockholders’ equity

$

194,327

$

186,450

Noncontrolling interests

$

5,650

$

5,726

SELECTED FINANCIAL RATIOS

Total debt plus total stockholders’ equity

$

227,861

$

227,208

Debt ratio (Total debt / Total debt plus stockholders’ equity)

14.7

%

17.9

%

Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities)

$

20,730

$

34,461

Net debt plus total stockholders’ equity

$

215,057

$

220,911

Net debt ratio (Net debt / Net debt plus total stockholders’ equity)

9.6

%

15.6

%

Cash flow from operations (CFFO) (1)

$

51,950

$

33,939

Debt-to-CFFO ratio (1)

0.6x

1.2x

Net debt-to-CFFO ratio (1)

0.4x

1.0x

(1) CFFO is presented on a trailing 12-month basis.

  RETURN ON CAPITAL EMPLOYED (ROCE)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

2025

2026

2025

Total reported earnings

$

9,924

$

3,539

$

24,206

$

9,529

Noncontrolling interest

124

74

349

111

Interest expense (A/T)

244

329

872

771

ROCE earnings

10,292

3,942

25,427

10,411

Annualized ROCE earnings

41,168

15,768

33,903

13,881

Average capital employed (1)

233,072

206,935

233,223

207,421

ROCE

17.7

%

7.6

%

14.5

%

6.7

%

(1) Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period.

Three Months Ended
September 30,

Nine Months Ended
September 30,

CAPEX BY SEGMENT

2026

2025

2026

2025

United States

Upstream

$

1,667

$

2,383

$

6,046

$

7,209

Downstream

250

133

490

442

Other

95

112

244

286

Total United States

2,012

2,628

6,780

7,937

International

Upstream

1,920

1,732

5,632

3,967

Downstream

64

72

163

139

Other

15

12

37

40

Total International

1,999

1,816

5,832

4,146

CAPEX

$

4,011

$

4,444

$

12,612

$

12,083

AFFILIATE CAPEX (not included above)

Upstream

$

155

$

214

$

381

$

593

Downstream

205

215

537

766

AFFILIATE CAPEX

$

360

$

429

$

918

$

1,359

Attachment 3

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

  SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)

Three Months Ended
September 30,

Nine Months Ended
September 30,

OPERATING ACTIVITIES

2026

2025

2026

2025

Net Income (Loss)

$

10,048

$

3,613

$

24,555

$

9,640

Adjustments

Depreciation, depletion and amortization

6,272

5,781

18,162

14,248

Distributions more (less) than income from equity affiliates

323

626

797

1,802

Loss (gain) on asset retirements and sales

(129

)

(3

)

(361

)

(302

)

Net foreign currency effects

99

(26

)

267

444

Deferred income tax provision

136

200

170

709

Net decrease (increase) in operating working capital

(538

)

(555

)

(2,218

)

(2,685

)

Other operating activity

(197

)

(251

)

(211

)

(706

)

Net Cash Provided by Operating Activities (CFFO)

$

16,014

$

9,385

$

41,161

$

23,150

INVESTING ACTIVITIES

Acquisition of businesses, net of cash acquired

—

1,056

—

1,056

Acquisition of Hess Corporation common stock

—

—

—

(2,225

)

Capital expenditures (Capex)

(4,011

)

(4,444

)

(12,612

)

(12,083

)

Proceeds and deposits related to asset sales and returns of investment

710

483

1,065

1,473

Net repayment (borrowing) of loans by equity affiliates

992

974

1,971

798

Other investing activity

2

2

3

2

Net Cash Provided by (Used for) Investing Activities

$

(2,307

)

$

(1,929

)

$

(9,573

)

$

(10,979

)

FINANCING ACTIVITIES

Net change in debt

(3,530

)

2,059

(7,294

)

6,790

Cash dividends — common stock

(3,482

)

(3,429

)

(10,512

)

(9,347

)

Shares issued for share-based compensation

274

84

1,483

313

Shares repurchased (1)

(2,502

)

(2,566

)

(8,191

)

(9,227

)

Distributions to noncontrolling interests

(148

)

(190

)

(417

)

(220

)

Net Cash Provided by (Used for) Financing Activities

$

(9,388

)

$

(4,042

)

$

(24,931

)

$

(11,691

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH

18

(6

)

(23

)

41

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

$

4,337

$

3,408

$

6,634

$

521

RECONCILIATION OF NON-GAAP MEASURES

Net Cash Provided by Operating Activities

$

16,014

$

9,385

$

41,161

$

23,150

Less: Net decrease (increase) in operating working capital

(538

)

(555

)

(2,218

)

(2,685

)

Cash Flow from Operations Excluding Working Capital

$

16,552

$

9,940

$

43,379

$

25,835

Net Cash Provided by Operating Activities

$

16,014

$

9,385

$

41,161

$

23,150

Less: Capital expenditures

4,011

4,444

12,612

12,083

Free Cash Flow

$

12,003

$

4,941

$

28,549

$

11,067

Less: Net decrease (increase) in operating working capital

(538

)

(555

)

(2,218

)

(2,685

)

Plus: Proceeds and deposits related to asset sales and returns of capital

710

483

1,065

1,473

Plus: Net repayment (borrowing) of loans by equity affiliates

992

974

1,971

798

Adjusted Free Cash Flow

$

14,243

$

6,953

$

33,803

$

16,023

(1) Includes $114 million and $146 million for the nine months ended September 30, 2026 and 2025, respectively, related to excise tax payments for prior year repurchases.

Attachment 4

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

  RECONCILIATION OF NON-GAAP MEASURES

Three Months Ended
September 30, 2026

Three Months Ended
September 30, 2025

Nine Months Ended
September 30, 2026

Nine Months Ended
September 30, 2025

  REPORTED EARNINGS

Pre-Tax

Income Tax

After-Tax

Pre-Tax

Income Tax

After-Tax

Pre-Tax

Income Tax

After-Tax

Pre-Tax

Income Tax

After-Tax

U.S. Upstream

$

3,293

$

1,282

$

8,946

$

4,558

Int'l Upstream

2,405

2,020

8,843

5,229

U.S. Downstream

3,585

638

6,192

1,145

Int'l Downstream

1,346

499

2,790

1,054

All Other

(705

)

(900

)

(2,565

)

(2,457

)

Net Income (Loss) Attributable to Chevron Corporation

$

9,924

$

3,539

$

24,206

$

9,529

SPECIAL ITEMS

U.S. Upstream

Asset sale gains

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

172

$

(57

)

$

115

Hess severance and transaction costs

—

—

—

(325

)

80

(245

)

—

—

—

(325

)

80

(245

)

Legal reserves

—

—

—

—

—

—

—

—

—

(130

)

—

(130

)

Int'l Upstream

Write-offs & impairments

(110

)

—

(110

)

—

—

—

(110

)

—

(110

)

—

—

—

Hess transaction costs

—

—

—

(88

)

18

(70

)

—

—

—

(88

)

18

(70

)

Legal reserve

(160

)

—

(160

)

—

—

—

(160

)

—

(160

)

—

—

—

Tax items

—

—

—

—

—

—

—

—

—

—

(55

)

(55

)

U.S. Downstream

Pension settlement costs

—

—

—

—

—

—

—

—

—

—

—

—

Asset sale gains

—

—

—

—

—

—

—

—

—

—

—

—

Write-offs & impairments

—

—

—

—

—

—

—

—

—

—

—

—

Legal reserves

—

—

—

—

—

—

(470

)

110

(360

)

(226

)

56

(170

)

Int'l Downstream

Asset sale gains

—

—

—

—

—

—

230

—

230

—

—

—

All Other

Pension settlement & curtailment costs (including Hess)

(32

)

8

(24

)

(55

)

15

(40

)

(145

)

35

(110

)

(126

)

31

(95

)

Hess transaction costs

—

—

—

(51

)

11

(40

)

—

—

—

(51

)

11

(40

)

Fair value adjustment of Hess common stock

—

—

—

160

—

160

—

—

—

65

—

65

Total Special Items

$

(302

)

$

8

$

(294

)

$

(359

)

$

124

$

(235

)

$

(655

)

$

145

$

(510

)

$

(709

)

$

84

$

(625

)

FOREIGN CURRENCY EFFECTS

Int'l Upstream

$

(133

)

$

89

$

(443

)

$

(283

)

Int'l Downstream

(9

)

42

30

(57

)

All Other

(1

)

16

(2

)

1

Total Foreign Currency Effects

$

(143

)

$

147

$

(415

)

$

(339

)

ADJUSTED EARNINGS/(LOSS) (1)

U.S. Upstream

$

3,293

$

1,527

$

8,946

$

4,818

Int'l Upstream

2,808

2,001

9,556

5,637

U.S. Downstream

3,585

638

6,552

1,315

Int'l Downstream

1,355

457

2,530

1,111

All Other

(680

)

(996

)

(2,453

)

(2,388

)

Total Adjusted Earnings/(Loss)

$

10,361

$

3,627

$

25,131

$

10,493

Total Adjusted Earnings/(Loss) per share

$

5.28

$

1.85

$

12.73

$

5.80

(1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.

More News From Chevron Corporation

Chevron and Exxon Mobil on Friday reported profits that surged in the third quarter, as their U.S. refineries ran at full capacity to take advantage of high diesel fuel prices.

Chevron's net income surged nearly 200% to $9.9 billion, or $5.06 a share, compared to $3.5 billion, or $1.82 a share, in the same period last year. When adjusted for one-time items, it reported earnings of $5.28 per share, soundly beating Wall Street's expectations of $4.89.

Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East. U.S. refiners have ramped up production to fill the supply gap.

Exxon Mobil's profits doubled to $15.4 billion, or $3.72 a share, compared to $7.5 billion, or $1.76 a share, in the same period in 2025. When adjusted for one-time items, it posted earnings of $4.23 a share, beating the Street's expectations.

Chevron shares are up about 2% in premarket trading, while Exxon is trading about 1.5% higher.

Here's how Chevron and Exxon did, compared with estimates from analysts polled by LSEG:

Chevron's earnings per share: $5.28 adjusted, vs. $4.89 expectedChevron's revenue: $67.8 billion, vs. $61.6 billion expectedExxon's earnings per share: $4.23 adjusted, vs. $4.08 expectedExxon's revenue: $113.2 billion, vs. $103.1 billion expectedChevron's U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, as the facilities ran at 98% capacity. Diesel and jet fuel yields rose more than 10%, the company said.

Exxon said its Gulf Coast refineries operated at 100% utilization with the second-high diesel production on record at those facilities.

Profits from Chevron's refining division surged more than 300% to $4.9 billion compared to $1.1 billion in the same period in 2025.

Profits from Chevron's oil and gas production rose about 70% to $5.7 billion compared to $3.3 billion in the year-ago period. Its output actually declined slightly to 3.9 million bpd compared to about 4 million bpd in the same period last year. The decline was in its international segment due in part to the conflict in the Middle East, while output was largely flat in the U.S. year over year.

FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy... Purchase Licensing Rights, opens new tab Read more

CompaniesOct 30 (Reuters) - US oil major ​Chevron (CVX.N), opens new tab said on ‌Friday turnaround and downtime ​were expected ​to reduce its upstream ⁠production ​by 175,000 to ​225,000 barrels of oil equivalent per ​day (boepd) ​in the fourth quarter.

The ‌company ⁠also said disruptions during the fourth ​quarter ​were ⁠expected to weigh ​on downstream ​earnings ⁠by $400 million to $500 million.

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We initiated a position in 908 Devices, a maker of portable chemical detection instruments used by hazmat teams, law enforcement, firefighters, and the military. We initiated a position in Bowhead Specialty Holdings, a specialty insurer founded in 2020 by industry veteran Stephen Sills. We exited Coastal Financial in July. Our thesis rested on its role as a banking partner to fintech companies and the operating leverage those partnerships were expected to deliver this year.

Nejnovější výsledky společností Amazon a Intel ukázaly, že samotný růst už trhu nestačí, pokud je vykoupen rekordními investicemi a zhoršujícím se cash flow.

Článek se odemkne 30.10.2026 12:58

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Net income: $758 million, $828 million excluding identified items1Diluted earnings per share: $2.32 per share, $2.54 per share excluding identified itemsEBITDA: $1.4 billion, $1.5 billion excluding identified itemsContinued strong EBITDA margin reflecting the resilience of our global, cost-advantaged portfolio, ongoing execution of our Value Enhancement Program and diversified end market exposureDemonstrated operational excellence through improved asset reliability and completion of the Clinton turnaround on time and under budgetIncreased cash by approximately $600 million during the quarter including planned €500 million debt repaymentProgressed our Cash Improvement Plan including reducing global structural fixed costs HOUSTON and LONDON, Oct. 30, 2026 (GLOBE NEWSWIRE) -- LyondellBasell Industries (NYSE: LYB) (the "company") today announced results for the third quarter 2026. Comparisons with the prior quarter and third quarter 2025 are available in the following table:

Table 1 - Earnings Summary

Millions of U.S. dollars (except share data)
 Three Months EndedNine Months Ended September 30, 2026 June 30, 2026 September 30, 2025September 30, 2026 September 30, 2025Sales and other operating revenues $8,499 $9,177 $7,727 $24,873 $23,062 Net income (loss)  758  559  (890) 1,442  (598)Diluted earnings (loss) per share  2.32  1.71  (2.77) 4.42  (1.89)Weighted average diluted share count  323  323  322  323  322 EBITDA1  1,420  1,252  (480) 3,240  781 
Excluding Identified Items1

Net income excluding identified items $828 $1,401 $330 $2,392 $642 Diluted earnings per share excluding identified items  2.54  4.30  1.01  7.34  1.96 Loss on sale of business, pre-tax  —  734  6  734  6 Asset write-downs, pre-tax  —  74  1,202  89  1,234 Cash Improvement Plan costs, pre-tax  2  31  7  33  27 Site closure costs, pre-tax  77  30  —  111  117 European transaction costs, net of transition service agreement income, pre-tax  (9) (11) 17  (10) 27 (Income) loss from discontinued operations, pre-tax  22  17  83  57  (66)EBITDA excluding identified items  1,512  2,127  835  4,254  2,126                   (1) See “Information Related to Financial Measures” for a discussion of the company’s use of non-GAAP financial measures and Tables 2-4 for reconciliations or calculations of these financial measures. “Identified items” include adjustments for lower of cost or market ("LCM"), gain/loss on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, site closure costs, European transaction costs, net of transition service agreement income, and discontinued operations.

“In an evolving macroeconomic environment, we delivered another quarter of strong earnings and robust cash conversion through disciplined execution underscored by the strength of our global, cost-advantaged portfolio,” said Peter Vanacker, LYB chief executive officer. “We are leveraging the flexibility and resilience of our leaner structure by optimizing feedstocks, directing products to the most attractive markets and aligning operating rates with demand. The strength of our oxyfuels business and materially higher Intermediates and Derivatives profitability highlight the benefits of our diversified portfolio. We continue to prioritize safety, reliability and cost discipline, to maximize margins, generate cash and deliver sustainable value for our shareholders.”

THIRD QUARTER 2026 RESULTS
The company reported net income for the third quarter 2026 of $758 million, or $2.32 per diluted share. During the quarter, the company recognized $70 million of identified items, net of tax. These items, which impacted third quarter earnings by $0.22 per diluted share, included closure costs for a European propylene oxide (PO) joint venture. Third quarter 2026 EBITDA was $1.4 billion, or $1.5 billion excluding identified items.

Market conditions remained dynamic throughout the third quarter, as ongoing geopolitical uncertainty led to diverging impacts in our key markets. Compared with the second quarter, profitability fell in the Olefins and Polyolefins (O&P) – Americas segment, driven by lower prices for polymers and olefin products. However, the industry's integrated polyethylene margins ended the third quarter at approximately 50% above 2025 levels, supported by positive polyethylene price momentum in September. The company completed the planned turnaround at Clinton on time and under budget, reflecting the ongoing focus on operational excellence. In the O&P – Europe, Asia and International segment, polymer prices fell which pressured margins. Volumes in the third quarter were also lower sequentially, reflecting the sale of certain European assets in May 2026.

Intermediates and Derivatives (I&D) delivered materially higher quarterly profitability, largely driven by oxyfuels. Through the Value Enhancement Program, LYB increased utilization of the Channelview PO/TBA asset to approximately 110%. Bayport PO/TBA operated at full rates after a successful restart in June, leveraging strong customer demand and providing additional support to earnings. Global supply disruptions led to higher crack spreads, and favorable gasoline blend economics boosted octane values. These factors significantly expanded Europe and U.S. oxyfuel margins. Acetyls also benefited from improved reliability at La Porte.

LYB generated $1.7 billion in cash from operating activities during the third quarter, including a release of working capital. Capital allocation was balanced between capital expenditures of $303 million and $224 million of shareholder returns through dividends. The company also repaid its €500 million note maturity in September as planned. At the end of the quarter, LYB held $3.2 billion in cash and cash equivalents and $7.7 billion in available liquidity.

OUTLOOK
Conditions in the Middle East are likely to remain fluid and a potential return to pre-conflict conditions is likely to be non-linear and take longer than anticipated. Customer buying patterns have been impacted by inventory levels and price volatility, however polyethylene domestic and export demand is strong and polymer pricing improved through the end of the third quarter. Additionally, oxyfuels margins and demand remain strong. As markets continue to adjust, reliable supply and operational flexibility are expected to remain important differentiators. The company's cost-advantaged assets and exposure to diverse end markets are well positioned to underpin future earnings and cash flow.

In the fourth quarter, we expect normal seasonal demand patterns along with ongoing supply uncertainty. The company has a planned maintenance project in a North American polypropylene asset. To align with global demand and the company's planned maintenance, LYB expects fourth quarter operating rates of 85% for North American O&P assets, 60% for European O&P assets and 75% for I&D assets. The fourth quarter is expected to deliver a seasonal release of working capital.

LYB remains focused on commercial and operational agility in this dynamic market while continuing to execute the Cash Improvement Plan. The company's capital allocation priorities remain unchanged: safely operate and maintain assets, strengthen the balance sheet through disciplined deleveraging, maintain an attractive dividend and invest selectively in opportunities that enhance long-term shareholder value.

CONFERENCE CALL
LYB will host a conference call Oct. 30 at 11 a.m. EDT. Participants on the call will include CEO Peter Vanacker, Executive Vice President (EVP) and Chief Financial Officer Agustin Izquierdo, EVP of Global O&P Kim Foley, EVP of I&D Aaron Ledet, EVP of Advanced Polymer Solutions Torkel Rhenman and Head of Investor Relations David Dennison. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the CallMe link. The slides and webcast that accompany the call will be available at investors.lyondellbasell.com/earnings. A replay of the call will be available from 1 p.m. EDT Oct. 30 until Nov. 30, 2026. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13746219.

ABOUT LYONDELLBASELL
We are LyondellBasell (NYSE: LYB), a global leader in the chemical industry. We develop, manufacture and market innovative products for applications ranging from transportation and infrastructure to food safety, clean water and quality healthcare.

We hold leading positions in polyolefins, oxyfuels, propylene oxide and acetyls. Our focus on safe and reliable operations, proprietary technologies and strong portfolio positions us for success. Through disciplined investments, we strengthen our core businesses, and build profitable circular and low-carbon solutions that create long-term value for our customers, investors and other stakeholders.

Our commitment to an inclusive global workplace enables employees to do their best work as they create solutions for everyday sustainable living. For more information, please visit https://lyondellbasell.com or follow @LyondellBasell on LinkedIn.

FORWARD-LOOKING STATEMENTS
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, market conditions, including the prolonged industry downturn, the business cyclicality of the chemical and polymers industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to successfully implement initiatives identified pursuant to our Value Enhancement Program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures’ products; industry production capacities, operating rates, and the pace of global capacity rationalizations; the impacts and scope of the global supply disruption resulting from the conflict in Ukraine and the Middle East; our ability to manage costs; future financial and operating results; our ability to complete capital projects on time and on budget and successfully operate the asset; our ability to align our assets and grow and upgrade our core; our ability to reduce our fixed costs and increase cash flow; legal and environmental proceedings; tax rulings and related consequences or proceedings; the impacts of tariffs and trade disruptions; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; our ability to improve the business performance of our Advanced Polymer Solutions segment and its ability to secure new customers; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; our ability to maintain our investment-grade credit rating and execute our capital allocation strategy, including our ability to pay dividends; and our ability to comply with debt covenants and to repay our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2025, which can be found at www.LyondellBasell.com on the Investors page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

INFORMATION RELATED TO FINANCIAL MEASURES
This release makes reference to certain non-GAAP financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended.

We report our financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), but believe that certain non-GAAP financial measures, such as EBITDA, and EBITDA, net income and diluted EPS exclusive of identified items provide useful supplemental information to investors regarding the underlying business trends and performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

We calculate EBITDA as net income (loss) plus interest expense, net, provision for (benefit from) income taxes, and depreciation and amortization. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as an alternative to operating cash flows as a measure of our liquidity. We also present EBITDA, net income and diluted EPS exclusive of identified items. Identified items include adjustments for lower of cost or market (“LCM”), gain/loss on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, site closure costs, European transaction costs, net of transition service agreement income, and discontinued operations. Asset write-downs include impairments of goodwill and impairments of long-lived assets. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (“LIFO”) inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the same fiscal year as the charge, as market prices recover. A gain/loss on sale of a business is calculated as the consideration received from the sale less its carrying value. We evaluate property, plant and equipment and definite-lived intangible assets whenever impairment indicators are present. If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other-than-temporary, the investment is written down to its estimated fair value. In June 2025, we announced the divestiture of select olefins and polyolefins assets and the associated businesses in Europe, in May 2026 we completed the divestiture. In connection with the divestiture we recognized selling expenses, separation costs and employee-related charges (collectively referred to as "European transaction costs"), income from the transition service agreement and loss on sale of business. In April 2025, the company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments. In March 2025, we announced the permanent closure of our Dutch PO joint venture asset, resulting in the recognition of shutdown-related charges in our Intermediates & Derivatives ("I&D") segment. Additionally, we recognized shutdown and employee-related charges related to sites in our Advanced Polymer Solutions ("APS") and Olefins & Polyolefins – Europe, Asia, International ("O&P-EAI") segments. In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation.

These non-GAAP financial measures as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way the measures are calculated. In addition, we include calculations for certain other financial measures to facilitate understanding. This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change.

LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law.

Additional operating and financial information may be found on our website at investors.lyondellbasell.com.

Source: LyondellBasell Industries

Investor Contact: David Dennison +1 713-309-4987
Media Contact: Barrie Lee +1 713-309-4791

Table 2 - Reconciliations of Net Income (Loss) to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items  Three Months Ended Nine Months EndedMillions of U.S. dollars September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025Net income (loss) $758  $559  $(890) $1,442  $(598)Identified items          add: Loss on sale of business, pre-tax(a)  —   734   6   734   6 add: Asset write-downs, pre-tax(b)  —   74   1,202   89   1,234 add: Cash Improvement Plan costs, pre-tax(c)  2   31   7   33   27 add: Site closure costs, pre-tax(d)  77   30   —   111   117 add: European transaction costs, net of transition service agreement income, pre-tax(e)  (9)  (11)  17   (10)  27 less: (Income) loss from discontinued operations, pre-tax  22   17   83   57   (66)less: Benefit from income taxes related to identified items  (22)  (33)  (95)  (64)  (105)Net income excluding identified items $828  $1,401  $330  $2,392  $642            Net income (loss) $758  $559  $(890) $1,442  $(598)Provision for (benefit from) income taxes  183   232   (49)  409   91 Depreciation and amortization  370   347   350   1,059   1,005 Interest expense, net  109   114   109   330   283 EBITDA  1,420   1,252   (480)  3,240   781 Identified items          add: Loss on sale of business(a)  —   734   6   734   6 add: Asset write-downs(b)  —   74   1,202   89   1,234 add: Cash Improvement Plan costs(c)  2   31   7   33   27 add: Site closure costs(d)  77   30   —   111   117 add: European transaction costs, net of transition service agreement income(e)  (9)  (11)  17   (10)  27 less: EBITDA from discontinued operations  22   17   83   57   (66)EBITDA excluding identified items $1,512  $2,127  $835  $4,254  $2,126                       (a) In May 2026, we disposed of select European O&P assets and the associated businesses, resulting in the recognition of a loss in our O&P-EAI segment. In September 2025, we sold our U.S. specialty powders business, resulting in the recognition of a loss in our APS segment.
(b) Includes asset write-downs in excess of $10 million in aggregate for the period. For the nine months ended September 30, 2026, we recognized non-cash asset write-downs of $89 million, including a $74 million impairment charge recognized in the second quarter related to a plastic waste sorting facility in Houston, Texas, within our Olefins & Polyolefins – Americas segment and $15 million related to property, plant and equipment ("PP&E") in the O&P-EAI segment. For the nine months ended September 30, 2025, we recognized non-cash asset write-downs of $1,234 million, which included non-cash goodwill impairment charges of $400 million in our O&P-EAI segment and $572 million in our APS segment, non-cash impairment charges of $111 million for intangible assets and $99 million for PP&E in our APS segment, and non-cash impairment charges of $43 million for PP&E related to the European assets classified as held for sale within our O&P-EAI segment.
(c) In April 2025, the company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments.
(d) In March 2025, we announced the permanent closure of our Dutch PO joint venture asset, resulting in shutdown-related charges of $76 million and $117 million for the nine months ended September 30, 2026 and 2025, respectively, within our I&D segment. Additionally, for the nine months ended September 30, 2026, we recognized $31 million of employee-related charges related to the planned closure of our polypropylene asset in Brindisi, Italy, within our O&P-EAI segment.
(e) In June 2025, we announced plans to sell select European O&P assets and the associated businesses, resulting in selling expenses, separation costs and employee-related charges in our O&P-EAI segment. Transition service agreement income was $10 million and $18 million, for the three and nine months ended September 30, 2026, respectively.

Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items  Three Months Ended Nine Months Ended  September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025Diluted earnings (loss) per share $2.32  $1.71  $(2.77) $4.42  $(1.89)Identified items          add: Loss on sale of business  —   2.27   0.02   2.27   0.02 add: Asset write-downs(a)  —   0.18   3.51   0.21   3.58 add: Cash Improvement Plan costs  0.01   0.07   0.01   0.08   0.06 add: Site closure costs  0.17   0.06   —   0.24   0.27 add: European transaction costs, net of transition service agreement income  (0.02)  (0.03)  0.05   (0.02)  0.08 less: (Income) loss from discontinued operations  0.06   0.04   0.19   0.14   (0.16)Diluted earnings per share excluding identified items $2.54  $4.30  $1.01  $7.34  $1.96                       (a) Includes asset write-downs in excess of $10 million in aggregate for the period.

Table 4 - Calculation of Cash and Liquid Investments and Total Liquidity Millions of U.S. dollars September 30,
2026
Cash and cash equivalents $3,227 Restricted cash  8 Short-term investments  — Cash and liquid investments  3,235 add:   Availability under Senior Revolving Credit Facility  3,750 Availability under U.S. Receivables Facility  700 Total liquidity $7,685      

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Halloween was the busiest single day for ride-hailing companies in 2025, according to Gridwise. Robert Gauthier/Los Angeles Times via Getty Images The busiest day of the year for Uber and Lyft drivers is almost here.

While you might guess that New Year's Eve or St. Patrick's Day would draw the most rider demand as people go out partying, Halloween actually wins the prize for ride-hailing drivers in the US, according to ride volume data and comments from executives.

The culmination of spooky season is likely to be big again this year, with Halloween falling on a Saturday, giving people more time to party — and creating more demand for rides.

Last year, the most ride-hailing trips occurred on October 31, according to Gridwise, a data analytics company. Ride volumes were 23% higher than median rideshare volume for the year, adjusted for day of the week and quarterly seasonal variation, Gridwise said.

The next-busiest days were November 1 and July 3, the day before Independence Day. Ride-hailing volumes were about 20% above the median on each day, Gridwise said. The day after Halloween may be big because rides run late into the night.

How Uber uses AI to charge you more

Halloween kicks off the busiest season of the year for Uber and Lyft. Besides getting a ride home from Halloween parties, riders also request trips to the airport for flights home around Thanksgiving and Christmas.

Earlier this month, Uber offered some drivers hundreds of dollars in bonuses for driving more — a potential sign that the company needs more drivers working as ride demand ramps up.

For Lyft, Halloween 2025 was "our biggest day" and "our biggest week, and not by a little bit," CEO David Risher said a few days after Halloween 2025 on an earnings call last November.

A company spokesperson declined to say how many trips Lyft drivers completed on Halloween but said that it amounted to "millions of rides."

Uber, meanwhile, "hit a new record over Halloween weekend" in 2025, with about 130 million ride-hailing and delivery trips worth $2 billion, CEO Dara Khosrowshahi said on an earnings call last November.

While lucrative, working on Halloween also comes with risks for drivers.

Raymundo Rodriguez, who drives for Uber on the island of Oahu in Hawaii, said he started driving for the app around Halloween two years ago.

There were plenty of riders, he said, but some trips involved dealing with rowdy or drunk passengers. Costumes can also pose risks: One rider dressed as a stripper left glitter on the black leather seats of his car after she got out — a mess that Rodriguez said he had to clean up himself.

This year, Rodriguez said, he's planning to skip driving for the app and take his kids trick-or-treating.

"I don't want nobody throwing up in my car," he said.

Do you have a story idea about Uber? Contact this reporter at [email protected] or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

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Alex Bitter You're currently following this author! Click to unsubscribe from email alerts.

Alex Bitter is a senior retail reporter covering Uber, Lyft, DoorDash, Instacart, and related companies. His coverage ranges from the experiences of gig workers to what's happening inside the world's biggest ride-hailing and delivery companies.Alex has also written about the retail and food industries. Convenience store chain Sheetz ended its "smile policy" after his reporting. Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at [email protected] or via encrypted messaging app Signal at +1 (808) 854-4501.

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Eli Lilly delivered standout 3Q26 results, with 39% revenue growth to $24.4B, driven by Mounjaro and Zepbound franchises. LLY's growth story is increasingly diversified, with Foundayo, Retatrutide, and the Medicare Bridge program offering additional revenue expansion paths. Management raised FY26 revenue guidance by $5.5B, but valuation remains demanding at 37.4x forward earnings and 13.5x forward sales.