Key Points
When comparing these overall top-line financial figures, Chevron consistently generated higher absolute revenue than Occidental Petroleum across all measured periods within this specific dataset, continuously maintaining a wide baseline scale advantage in every single reported quarter.
The two companies registered slightly fluctuating quarter-over-quarter revenue totals throughout the vast majority of the provided timeline before both entities recorded distinct, notable upward spikes for the specific quarter ended June 2026.
Investors evaluating these distinct financial reporting patterns should carefully monitor whether the two companies can sustain their recent upward revenue trajectories or if their incoming quarterly totals will eventually regress to their prior historical baselines over the upcoming calendar quarters.
Chevron: A Sharp Upward Jump in Recent Revenue
Chevron Corp. (NYSE:CVX) primarily generates revenue by exploring for, developing, producing, and refining crude oil and natural gas globally, while simultaneously managing a multifaceted operational network that manufactures and distributes bulk petrochemicals, liquid fuels, and specialized industrial lubricants to a broad international customer base.
It recently signed formal international agreements intended to update multiple joint venture operating provisions in Venezuela and independently confirmed a new oil and gas condensate discovery at an active offshore exploration well located in Angola.
Occidental Petroleum: Reversing a Gradual Recent Revenue Downtrend
Occidental Petroleum Corp. (NYSE:OXY) primarily earns revenue by acquiring, exploring, and developing conventional oil and natural gas properties across the globe, alongside operating a distinct, specialized midstream marketing segment that purchases, processes, stores, and transports gathered carbon dioxide and power resources for various commercial applications.
It recently appointed a new general counsel to manage legal affairs and experienced ongoing production suspensions at a natural gas field in the United Arab Emirates.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, which tracks incoming money and helps investors evaluate overall baseline business scale.
Comparing Quarterly Revenue for Chevron and Occidental Petroleum
| Calendar quarter | Chevron Revenue | Occidental Petroleum Revenue |
|---|---|---|
| Q3 2024 | $48.9 billion (quarter ended Sept. 30, 2024) | $7.1 billion (quarter ended Sept. 30, 2024) |
| Q4 2024 | $48.3 billion (quarter ended Dec. 31, 2024) | $6.9 billion (quarter ended Dec. 31, 2024) |
| Q1 2025 | $46.1 billion (quarter ended March 31, 2025) | $6.8 billion (quarter ended March 31, 2025) |
| Q2 2025 | $44.4 billion (quarter ended June 30, 2025) | $6.3 billion (quarter ended June 30, 2025) |
| Q3 2025 | $48.2 billion (quarter ended Sept. 30, 2025) | $6.6 billion (quarter ended Sept. 30, 2025) |
| Q4 2025 | $45.8 billion (quarter ended Dec. 31, 2025) | $5.0 billion (quarter ended Dec. 31, 2025) |
| Q1 2026 | $47.6 billion (quarter ended March 31, 2026) | $5.2 billion (quarter ended March 31, 2026) |
| Q2 2026 | $67.2 billion (quarter ended June 30, 2026) | $8.3 billion (quarter ended June 30, 2026) |
Foolish Take
Normally, the first thing to note when examining a company's revenue trend is seasonality: some times of the year have stronger buying patterns than others. For most stocks, compare revenue year over year by quarter. In normal times, that holds true for energy stocks as well--typically revenue rises in summertime as demand peaks because people, especially Americans, are driving more on holidays.
The chart above shows something else: mainly, the oil price shock brought on by the unexpected U.S. war with Iran, starting in February this year, has padded revenue figures for two of the U.S. oil giants.
The comparison is a bit hard to read because Chevron is so much larger in scale than Occidental, but it is apparent for both. Chevron's revenue jumped more than 50% in the second quarter of 2026 compared to the same quarter of 2025; Oxy's sales were up more than 30% in the same comparative period.
The chart shows how economic shocks can benefit some businesses, while harming others. The danger in the long run for both Occidental and Chevron is that persistently high oil prices tend to destroy demand by pushing consumers to cut travel and/or switch to alternatives, such as mass transportation or EVs.
Data source: Financial Modeling Prep. Data as of Sept. 25, 2026.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.