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Chevron's Q2 Earnings: Refining Woes Weigh On Profit, Relocates HQ To Texas
Oil giant Chevron Corp (NYSE:CVX) shares are trading slightly lower after the company reported second-quarter 2024 results.
Revenues and other income of $51.181 billion beat the consensus of $50.795 billion.
Worldwide net oil-equivalent production rose to 3,292 MBOED from 2,959 MBOED a year ago, driven by the successful integration of PDC Energy and strong performance in the Permian and Denver-Julesburg (DJ) Basins.
Chevron also secured agreements in Namibia, Brazil, Equatorial Guinea, and Angola to expand its global exploration acreage.
Adjusted net earnings were $4.68 billion, with adjusted EPS being $2.55 (down from $3.08 YoY) in the quarter, missing the consensus of $2.93.
Second-quarter earnings decreased due to reduced margins on refined product sales, the lack of favorable tax items from the previous year, and adverse foreign currency impacts.
Read: Chevron Gears Up For Q2 Print; These Most Accurate ...