Chevron (CVX) news that moved the stock

What happened

Berkshire Hathaway reported third-quarter 2026 results on Saturday, November 7. Operating earnings fell 5.8% to $12.705 billion ($8,954 per Class A share, roughly in line with the $8,822 FactSet consensus) from $13.485 billion a year earlier, while revenue rose 11% to $105.65 billion, above estimates of about $101 billion. Net earnings, which include swings in the stock portfolio, fell 28% to $22.11 billion. The headline move was capital allocation: Berkshire bought back about $9.6 billion of its own stock in the quarter, more than double the $4.5-4.8 billion spent in the first half of the year and a quarterly record topping the $9.3 billion set in Q3 2020, plus roughly another $2 billion in the first four weeks of October. Insurance drove the earnings weakness: underwriting profit fell 43% to $1.352 billion and insurance investment income fell 14%, with GEICO's pretax profit down about 45% on higher accident losses, more advertising and price cuts.

What happened

The AI-spending selloff extended into a third straight day of tech declines on Monday, November 2. The Nasdaq Composite fell 1.07% to 25,164.32 and the S&P 500 slipped 0.51% to 7,541.40, while the Dow Jones Industrial Average rose 0.41% to 51,983.98 — the only major index to finish higher. Technology was the worst sector at -2.66%, and the Philadelphia Semiconductor Index dropped 3.37%. Intel tumbled another 8.8% after its ~30% Friday collapse; Marvell Technology plunged 12.72% and Lumentum 18.59% as the market punished the $115B all-stock merger; Oracle sank 8.85% to $119.10 after filing a $20B stock-and-bond raise; Micron fell 5.7% and Seagate 8%.

What happened

Oil prices plunged Monday on the strongest signs yet of U.S.-Iran diplomatic progress: WTI crude fell as much as 8.1% to $95.70 a barrel and Brent as much as 8.5% to $108.83, wiping out Friday's late surge and more as WTI slipped back under $100. The catalyst was a burst of diplomatic signals: the Wall Street Journal reported that Vice President JD Vance sent a message to Mohsen Rezaei, secretary of Iran's Supreme National Security Council, to restart peace talks; Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had granted the government 'certain authorities' to pursue negotiations; and Iranian negotiators circulated a draft proposal after days of talks with Qatari mediators, with a follow-up meeting possible. The slide was reinforced on the supply side when seven OPEC+ producers agreed Sunday to keep December production targets unchanged, declining to add cuts that would have supported prices.

What happened

ExxonMobil and Chevron both beat analyst expectations for quarterly profit Friday, as soaring refining margins made their fuel-making businesses rival their upstream segments. Exxon reported Q3 adjusted EPS of $4.23 (topping the ~$4.12 consensus), net income more than doubled to $3.72/share, and revenue of $113.16B (+33% y/y) — also beating estimates. It raised the quarterly dividend to $1.07, repurchased aggressively (debt cut by $8B in Q3), and set a $20B 2027 buyback plan. Chevron earned $9.9B ($5.06/share GAAP; $5.28 adjusted) as revenue surged 36% to $67.8B, easily topping estimates. Both ran U.S. refineries near full rates (Exxon's Gulf Coast at 100%), profiting from margins inflated by the wars with Iran and Ukraine, the effective closure of the Strait of Hormuz, and refinery attacks in Saudi Arabia and Russia. Chevron's results include one month of Venezuelan production; it plans $7B of Venezuelan investment over five years and signed deals cutting Bakken midstream costs ~50%. Exxon pledged more refinery investment (Baytown, Texas) plus ~100K bbl/day of additional distillate capacity.

What happened

ExxonMobil said in an SEC filing Friday that changes in oil (liquids) prices will lower its third-quarter upstream earnings by $1.3 billion versus the second quarter, when upstream earnings were $7.9 billion. But the same filing showed changes in refining margins adding roughly $4.5 billion to Q3 earnings on top of $4.1 billion in Q2, plus about a $0.3 billion boost from natural gas prices — more than offsetting the upstream hit. Exxon shares rose 1.5% to $177.32 on Friday, on pace to close at a record high, after gaining 45% year-to-date through Thursday as elevated oil prices from the U.S.-Iran conflict lifted the energy complex. The company will report official Q3 earnings on October 30.

What happened

NBC News, citing three US officials, disclosed Monday, Sept. 28 that an Iranian anti-ship cruise missile struck a vessel in the Strait of Hormuz on Sept. 14, injuring eight US Marines (seven enlisted, one officer) with smoke inhalation and possible traumatic brain injuries; all returned to duty shortly after, and the Pentagon had never publicly announced it. The vessel was not a Navy ship — officials called it a "maritime vessel" with a battalion landing team aboard. In parallel, per Saudi Press Agency statements carried by the WSJ's Sept. 28 oil report, Houthi ballistic missiles and drones were launched toward Riyadh and Khamis Mushait; Saudi air defenses intercepted and destroyed a ballistic missile toward Khamis Mushait on Saturday. This follows the Sept. 19 Houthi missile-and-drone attack on Riyadh that set a jet-fuel depot ablaze near King Khalid International Airport, triggering flight cancellations and terminal clearances.

What happened

A US official told CNN (reported Monday, Sept. 28, by Kristen Holmes and Alayna Treene) that President Donald Trump is willing to give Iran sanctions relief and release frozen funds as part of a final deal — but only if Tehran delivers "concrete progress" on the nuclear issue. The official said the US and Iran are holding "positive and constructive discussions through the mediators" ahead of more talks expected this week, with special envoy Steve Witkoff, Jared Kushner, Vice President JD Vance, and Secretary of State Marco Rubio leading the US side. After the report hit, crude gave up nearly all of Monday's 4%+ gains — WTI reversed to a low of $91.31 and Brent to $103.80 — and US stock indexes recovered part of their early losses, though they still closed lower: S&P 500 -0.77%, Dow -0.67%, Nasdaq 100 -1.08%.