 |
Louisiana Light • 4 days | 71.34 | -0.47 | -0.65% | ||
|
Bonny Light • 28 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 5 days | 72.42 | +1.58 | +2.23% | ||
|
Mars US • 318 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 15 mins | 1.985 | +0.017 | +0.86% |
|
Bonny Light • 28 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 28 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 5 days | 72.42 | +1.58 | +2.23% |
|
Peace Sour • 35 mins | 66.02 | +0.37 | +0.56% | ||
|
Light Sour Blend • 35 mins | 65.27 | +0.37 | +0.57% | ||
|
Syncrude Sweet Premium • 35 mins | 70.02 | +0.37 | +0.53% | ||
|
Central Alberta • 35 mins | 67.02 | +0.37 | +0.56% |
|
Eagle Ford • 4 days | 65.13 | -0.37 | -0.56% | ||
|
Oklahoma Sweet • 4 days | 65.25 | -0.25 | -0.38% | ||
|
Kansas Common • 5 days | 59.25 | +1.75 | +3.04% | ||
|
Buena Vista • 5 days | 75.72 | +1.41 | +1.90% |
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Chevron Misses Q2 Earnings Estimates
Chevron Corporation (NYSE: CVX) booked second-quarter earnings below analyst expectations, weighed down by lower refining margins and weak natural gas prices, as it announced the relocation of the company’s headquarters from San Ramon, California, to Houston, Texas.
The U.S. oil and gas supermajor reported on Friday earnings of $4.4 billion, for second quarter 2024, or $2.43 per diluted share, down from $6.0 billion in earnings and $3.20 EPS for the same period of 2023.
The Q2 2024 earnings per share came in below the analyst consensus view of $2.93 compiled by The Wall Street Journal.
Record oil and gas production in the Permian and higher U.S. output for Chevron after the integration of PDC Energy couldn’t offset weak refining margins in both the U.S. and globally.
Chevron’s U.S. net oil-equivalent production was up by 353,000 barrels per day from a year earlier primarily due to the successful integration of PDC and record high production in the Permian Basin, the company said.
However, U.S. and international downstream earnings were lower compared to last year, primarily due to lower margins on refined product sales.
After the earnings miss, Chevron’s stock fell in pre-market trade in New York early on Friday.
“This quarter, we delivered strong production, enhanced our global exploration portfolio and extended our track record of consistent shareholder returns with over $50 billion of distributions in the last two years,” chairman and CEO Mike Wirth said.
“Despite recent operational downtime and softer margins, we remain poised to deliver significant longterm earnings and cash flow growth.”
The earnings miss adds another headache to Chevron, which is looking to buy Hess Corporation in a deal that could be delayed to 2025 due to regulatory scrutiny and an arbitration procedure with the other U.S. giant, Exxon, regarding Exxon’s right to first refusal for Hess’s stake in the Exxon-led huge oil projects offshore Guyana.
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By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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