Big Oil is making billions from Iran war prices. Here how they're spending it.

Chevron (CVX) reported Q3 earnings, with net oil-equivalent production of 3.98 billion barrels, slightly above estimates. Liquids and natural gas production varied compared to analyst forecasts. Sales revenue in downstream U.S. and international segments exceeded estimates, while U.S. upstream revenue fell short. Other income and equity affiliate income showed mixed results.

Greg Abel, successor to Warren Buffett at Berkshire Hathaway, has maintained a concentrated portfolio, with seven stocks making up 71% of its $362 billion investments. Key holdings include Apple, American Express, and Coca-Cola, which have been long-term Buffett favorites. Abel has also significantly increased Berkshire's stake in Alphabet and focuses on energy stocks like Chevron and Occidental Petroleum.

South32 has secured a 5-year, 55 PJ natural gas supply agreement with Chevron Australia for its Worsley Alumina Refinery, starting in 2028. This deal supports the refinery's energy transition strategy and operational needs, reducing emissions by replacing coal with natural gas. Chevron's Western Australian gas facilities will supply the fuel, strengthening the companies' long-term partnership.

Chevron reported 3Q 2026 revenue of $65.24B, up 35.4% YoY, and net income of $9.92B, up 180.4% YoY. Higher oil prices and downstream margins drove growth, while timing effects and lower crude sales volumes had an impact. Upstream and downstream earnings both increased significantly.

Exxon and Chevron reported their highest quarterly profits in four and eight years, respectively, driven by supply shortages and high oil prices. Exxon's profit reached $17.1 billion, while Chevron's was $11.6 billion. Both companies benefited from increased oil and gas production and higher refining margins.

Freedom Broker upgraded Chevron (CVX) to Hold from Sell, raising its price target to $218 from $175. The oil company reported Q3 2026 adjusted EPS of $5.28, beating estimates by 8.4%. Chevron's revenue was $67.8B, exceeding forecasts. Wells Fargo and Morgan Stanley also raised their price targets to $268 and $230, respectively, citing strong performance. The company's net debt declined 27.4% QoQ to $20.7B.