# Chevron said on Thursday it expected a $1.6 billion boost to its first-quarter upstream earnings.

*business · news · 2026-04-09 · MarketScreener*

## Key points

- Chevron expects a $1.6 to $2.2 billion increase in Q1 upstream earnings versus Q4 2025.
- Oil prices surged up to 65% after the Strait of Hormuz closure due to the Iran war.
- Chevron's net oil-equivalent production will be 3.8–3.9 million barrels per day, impacted by project downtime.
- Chevron anticipates a $2.7 to $3.7 billion after-tax reduction in Q1 earnings from hedging and accounting effects.

**Companies:** Chevron, Exxon Mobil
**Countries:** Iran, Kazakhstan

[Read the full story on MarketScreener](https://www.marketscreener.com/news/chevron-forecasts-up-to-2-2-bln-boost-to-upstream-earnings-from-higher-prices-in-q1-ce7e50dbd18df720)

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