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Chevron Misses Q2 Earnings Estimates

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Earnings,Oil And Gas,Production

Chevron reported lower-than-expected second-quarter earnings due to weak refining margins, despite record oil and gas production, and announced the company's headquarters relocation to Houston.

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.

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.

 

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