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

*business · news · 2026-04-09 · Bnn Bloomberg*

## Key points

- Chevron expects a $1.6 to $2.2 billion increase in Q1 upstream earnings versus Q4 2025.
- The Iran war caused oil prices to surge up to 65% and shut some Middle East production.
- Chevron's net oil-equivalent production will be 3.8–3.9 million barrels per day, affected by project downtime.
- Chevron anticipates a $2.7 to $3.7 billion after-tax hit from hedging and accounting timing effects.

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

[Read the full story on Bnn Bloomberg](https://www.bnnbloomberg.ca/business/2026/04/09/chevron-forecasts-up-to-us22-billion-rise-in-upstream-earnings-from-higher-first-quarter-prices/)

---

Canonical: https://newsio.io/n/579c579b-4071-4c4b-8ad8-eb042c1cbd9f/chevron-said-on-thursday-it-expected-a-us1-6-billion-boost-to-its-first-quarter
Summarized by Newsio from Bnn Bloomberg. https://newsio.io/how-it-works