Chevron expects $3 billion-$4 billion after-tax charge in Q4 on Hess Midstream deal
CVX•Chevron expects a one-time after-tax charge of $3 billion-$4 billion in the fourth quarter of 2026 tied to the anticipated Hess Midstream transaction closing. It expects 2026 organic capital spending near the low end of its $18 billion-$19 billion range and forecasts fourth-quarter buybacks of $2.5 billion-$3 billion.
1. Fourth-quarter outlook
Chevron expects a one-time after-tax charge of $3 billion-$4 billion in the fourth quarter of 2026 tied to the anticipated Hess Midstream transaction closing. Downstream turnarounds and downtime are expected to reduce after-tax earnings by $400 million-$500 million.
2. Spending and production
Full-year 2026 organic capital spending is expected near the low end of Chevron’s $18 billion-$19 billion guidance range. Production guidance remains 3,980,000-4,100,000 barrels of oil equivalent daily, compared with 3,980,000 in the third quarter. Share buybacks are forecast at $2.5 billion-$3 billion, versus $2.5 billion in the third quarter.
