Chevron expects up to 6% production drop from Middle East disruptions

Like ExxonMobil, Chevron is anticipating a decline in oil-equivalent production tied to conflict in the Middle East.

April 9, 2026

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Chevron Corp. flagged that Iran war‑related impacts could reduce its quarter-over-quarter production by as much as 6%

Chevron Corp. flagged a potential 6% reduction in quarterly oil-equivalent production from Iran-war disruptions.

In an Apr. 9 filing to the US Securities and Exchange Commission, the operator outlined certain expected first‑quarter 2026 financial and operational impacts, some tied the ongoing conflict in the Middle East.

Chevron projects upstream net worldwide production of 3.8–3.9 MMboe/d in this year’s first-quarter, reflecting reduced production in parts of the Middle East, and downtime at Tengizchevroil in Kazakhstan. In fourth-quarter 2025, Chevron produced a record 4.05 MMboe/d, partially through projects in the Permian basin, Tengiz, and the US Gulf of Mexico.

While production is expected to decrease, upstream earnings for this year’s first quarter are expected to increase due to higher commodity prices. Chevron projects first-quarter 2026 upstream earnings to increase by $1.6-2.2 billion. In fourth-quarer 2025, the operator reported upstream earning of $3.04 billion.

The news comes as ExxonMobil Corp. filed a similar report to the SEC noting its anticipated 6% drop in global oil-equivalent production for the quarter, also due to disruptions of Middle East assets caused by the Iran war.